Fin. Code, § 7054 · Article 11. Interest
Fin. Code, § 7054
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
The board of directors, by resolution, may determine any of the following:
(a) That interest shall not be paid on designated types of savings accounts from which withdrawals may be made upon demand or by negotiable and transferable order or authorization.
(b) That an association may establish minimum balance requirements for savings accounts to be eligible for distribution of interest.
(c) That, subject to applicable maximum regulatory limitations, an association may pay interest on a savings account at a rate or anticipated rate of return determined at the time that the account is accepted.
Notes and commentary — not statutory text
History
Added by Stats. 1983, Ch. 1091, Sec. 2.
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=7054.
- Text hash
- sha256 6360d3b4ee0ea28b80aa2e78a50cc3cc5e8186f471d5975bf61746f863555460
- 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
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.