California Financial Code

§ 6701

FIN § 6701Div. 2 · Ch. 5 · Art. 3

Statute text

An association may contract with any employer, as follows:

(a)With respect to the solicitation, collection, and receipt of savings by payroll deduction to be credited to a designated account or accounts of its employees who voluntarily elect to participate.

(b)With respect to the direct deposit of wages or salary paid to the account of the employee by electronic or other medium upon authorization in writing by the employee and designation of the association as the recipient of the deposits.

Legislative history

Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.