Cal. FIN § 5400
This is the official text of Cal. FIN § 5400, part of California’s Financial Code — regulates banks, credit unions, lenders, and other financial institutions.
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Official statutory text
(a) No funds from proposed stockholders, members, or organizers of any proposed association may be collected until a verified application for an organizing permit has been filed and a permit has been issued by the commissioner authorizing collection of funds, and then only in accordance with the terms of the permit.
(b) As used in this chapter, the term “organizer” means a person who agrees to contribute funds to a proposed association to be used for its organization expenses.
(b) As used in this chapter, the term “organizer” means a person who agrees to contribute funds to a proposed association to be used for its organization expenses.
Status: in_force · Read it on the official government site
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