California Financial Code

§ 14409

FIN § 14409 Effective Jan 1, 2022Div. 5 · Ch. 4 · Art. 1

Statute text

(a)Every credit union shall obtain adequate bond or insurance coverage, for each director, officer, supervisory committee member, audit committee member, and credit committee member, for the credit manager, and for each employee.

(b)The commissioner may adopt regulations setting forth guidelines with respect to the minimum amount of the bond or insurance coverage deemed adequate. The regulations may be based upon the gross assets of the credit union and may contain a formula or schedule for the calculation of minimum bond or insurance coverage.

Legislative history

Amended by Stats. 2021, Ch. 762, Sec. 2. (SB 269) Effective January 1, 2022.