California Statutes
§ 14409. — 14409. (Amended by Stats. 2021, Ch. 762, Sec. 2.)
California § 14409.
JurisdictionCalifornia
Code FINFinancial Code - FIN
Div. 5.DIVISION 5. CREDIT UNIONS
Ch. 4.CHAPTER 4. Management and Operations
Art. 1.ARTICLE 1. General
This text of California § 14409. (14409. (Amended by Stats. 2021, Ch. 762, Sec. 2.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Cal. Financial Code - FIN Code § 14409. (2026).
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.
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Legislative History
Amended by Stats. 2021, Ch. 762, Sec. 2. (SB 269) Effective January 1, 2022.
Nearby Sections
2
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Bluebook (online)
California § 14409., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/FIN/14409..