California Government Code 16600 – (a) As used in this chapter, the following definitions shall …
(a) As used in this chapter, the following definitions shall apply:
(1) “Eligible savings and loan association” means a state or federal savings association, as defined in § 5102 of the Financial Code, located in this state, insured by the Federal Savings and Loan Insurance Corporation, and selected by the Treasurer for the safekeeping of money belonging to or in the custody of the state. An “eligible savings and loan association” must have received an overall rating of not less than “satisfactory” in its most recent evaluation by the appropriate federal financial supervisory agency of the association’s record of meeting the credit needs of the state’s communities, including low- and moderate-income neighborhoods, pursuant to Section 2906 of Title 12 of the United States Code.
Terms Used In California Government Code 16600
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Eligible savings and loan association: means a state or federal savings association, as defined in §. See California Government Code 16600
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
(2) “Eligible credit union” means a state or federal credit union located in this state, insured by the National Credit Union Administration, and selected by the Treasurer for the safekeeping of money belonging to or in the custody of the state.
(b) An eligible savings and loan association or credit union is eligible to receive deposits only to the extent it furnishes the security required by this chapter.
(Amended by Stats. 2000, Ch. 1036, first Sec. 3. Effective January 1, 2001.)