California Government Code

§ 16522

GOV § 16522 Effective Jan 1, 2022Div. 4 · Title 2 · Part 2 · Ch. 4 · Art. 2

Statute text

The following securities may be received as security for demand and time deposits:

(a)Bonds, notes, or other obligations of the United States, or those for which the faith and credit of the United States are pledged for the payment of principal and interest, including the guaranteed portions of small business administration loans, so long as those loans are obligations for which the faith and credit of the United States are pledged for the payment of principal and interest.

(b)Notes or bonds or any obligations of a local public agency (as defined in the United States Housing Act of 1949) (42 U.S.C. Sec. 1441 et seq.) or any obligations of a public housing agency (as defined in the United States Housing Act of 1937) (42 U.S.C. Sec. 1437 et seq.) for which the faith and credit of the United States are pledged for the payment of principal and interest.

…

Legislative history

Amended by Stats. 2021, Ch. 635, Sec. 2. (SB 239) Effective January 1, 2022.