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HomeFinancial CodeDiv. 2Ch. 10§ 10001 Savings Association Business Restrictions

§ 10001 Savings Association Business Restrictions

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 10001 Savings Association Business Restrictions

This law says only certain approved groups can run a savings association in California, and foreign banks or foreign holding companies can’t take control of one.

Key Takeaways

  • •Only California savings associations or others approved by the state can do association business.
  • •Foreign savings associations cannot control a California savings association.
  • •Foreign holding companies cannot control a California savings association.
  • •The state commissioner can get a court order to stop anyone breaking these rules.

Example

A bank from another country tries to buy a controlling share of a California savings association.

Because the law says foreign savings associations and foreign holding companies can’t control a California savings association, the state can stop the purchase and may go to court to block it.

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

Official Source
View on CA.gov

§ 10001 Savings Association Business Restrictions

(a) No person, other than a California savings association or other person authorized by this division, shall do any business of an association. (b) No foreign savings association may control a California savings association. (c) No foreign holding company may control a California savings association. (d) The commissioner shall obtain an injunction or take other action necessary to prevent any person from unlawfully doing any business of an association in this state. (Added by Stats. 1987, Ch. 1162, Sec. 19. Effective September 26, 1987. Section operative January 1, 1991, pursuant to Section 10009.)

Last verified: January 10, 2026

Key Terms

California savings associationforeign savings associationforeign holding companycommissionerinjunction

Related Statutes

  • § 10002 Foreign Savings Association Control
  • § 10003 Foreign Association Approval
  • § 10006 Foreign Savings Association Application
  • § 10007 Foreign Holding Company Requirements
  • § 10004 Unlicensed Foreign Savings Solicitation

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 10001.
View Official Source