§ 6157 Savings Association Notice Requirements

Financial Code·California

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Key Takeaways

•If a savings bank is in trouble or has big changes, they must tell the government.
•They have to send a copy of that notice to the state commissioner too.
•This rule is for banks that are new, have new bosses, or don’t have enough money.

Example

A small savings bank is struggling and doesn’t have enough money to stay open safely.

The bank has to tell the federal government about its problems. At the same time, it must send a copy of that notice to the state commissioner.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 6157 Savings Association Notice Requirements

Every savings association subject to the new director or senior executive officer notice requirements of Section 32 of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1831i) based upon recent chartering or change of control or failure to maintain the minimum required capital or otherwise troubled condition shall provide the commissioner, at the same time the notice is submitted to the appropriate federal agency, with a copy of the notification submitted in compliance with that requirement. (Added by Stats. 1990, Ch. 1118, Sec. 29.)

Last verified: January 23, 2026

Key Terms

ownership compliance insurance commission director a new association condition

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 6157.

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Key Takeaways

Example

Key Terms

Related Statutes

References