Cal. Code Regs. tit. 10 § 10.16101

Current through Register 2024 Notice Reg. No. 52, December 27, 2024

Section 10.16101 - Amount

Unless the Commissioner provides otherwise:

(a) In the case of a subject institution which maintains one or more California state agencies, has one or more approved but unopened California state agencies, or has closed one or more California state agencies with respect to which it is still required to maintain eligible assets on deposit with an approved depository, the applicable minimum for any maintenance period shall be $1,000,000.

(b) In the case of a subject institution which maintains one or more California state branch offices, has one or more approved but unopened California state branch offices, or has closed one or more California state branch offices with respect to which it is still required to maintain eligible assets on deposit with an approved depository, the applicable minimum for any maintenance period shall be the greater of:

(1) $2,000,000, or

(2) five percent of the subject institution's adjusted liabilities computed in accordance with Section 10.16076 of this Chapter. However, if the first of such offices was established less than one year before the beginning of the maintenance period, the applicable minimum shall be not less than the greater of $2,000,000 or five percent of the amount which the subject institution estimated in its application for approval to establish such office would be the adjusted liabilities of the office at the end of the first year of operation of the office.

Cal. Code Regs. Tit. 10, § 10.16101

1. Certificate of Compliance including amendment transmitted to OAL 2-11-82 and filed 3-12-82 (Register 82, No. 11).
2. Change without regulatory effect amending section filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).
3. Amendment filed 4-14-98; operative 5-14-98 (Register 98, No. 16).

Note: Authority cited: Section 215, Financial Code. Reference: Section 1761, Financial Code.