Fin. Code, § 14406 · Article 1. General
Fin. Code, § 14406
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
The savings capital, as defined in Section 14400, undivided profits, and reserve funds of a credit union shall be deposited only in the following:
(a) Commercial banks or trust companies, incorporated under the laws of this state.
(b) National banks doing business in this state.
(c) Shares or periodic certificates for funds received by or any form of evidence of interest or indebtedness issued by any credit union organized under this division or by any other credit union if its member accounts are insured as provided for by Subchapter II of the Federal Credit Union Act (12 U.S.C. Sec. 1781 et seq.), or, alternatively, are insured by other means determined acceptable by the commissioner.
(d) Accounts with, investment certificates or withdrawable shares of, any savings and loan association doing business in this state that is an insured institution pursuant to the Federal Deposit Insurance Corporation Act (12 U.S.C. Sec. 1811 et seq.).
Notes and commentary — not statutory text
History
Amended by Stats. 2024, Ch. 305, Sec. 2. (AB 2062) Effective January 1, 2025.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FIN§ionNum=14406.
- Text hash
- sha256 e3a0c6c705257381c328897812f0f663da4b3860bb7db041393b81bb91c36314
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
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