(a) In this Section, “delinquent,” when used to describe an obligation, means:
(1) In the case of an obligation repayable in monthly installments, an obligation for which payment in full of a monthly contractual installment is not received within one month after the installment is due and such payment has not yet been received.
(2) In the case of an obligation repayable in other than monthly installments or repayable in a single payment, an obligation for which payment in full of a contractual payment has not been received within one month after the payment is due and such payment has not yet been received.
(b) Within twenty-one (21) days after the close of each calendar month a credit union shall prepare and submit to its board of directors and to the supervisory committee the following:
(1) A statement of financial condition as of the last day of the calendar month.
(2) A statement of income for the current period.
(3) A report of the total number and total unpaid balance of obligations, aggregated in each of the following categories, as of the end of the calendar month:
(A) Obligations which are at least two but less than six months delinquent.
(B) Obligations which are at least six but less than twelve months delinquent.
(C) Obligations which are twelve or more months delinquent.
(D) Obligations, which may or may not be delinquent, but where any one of the following applies:
1. The obligor has filed for relief under the Bankruptcy Code (other than under Chapter 11 or Chapter 13 of the Bankruptcy Code) (Title 11 of the United States Code).
2. The board of directors or an officer has determined that the location of the obligor is unknown.
3. The obligation has been assigned to an agent or attorney for collection.
(c) The credit union shall post copies of its statement of financial condition and statement of income in a conspicuous place in each office of the credit union or at a place convenient to the members as designated by the board of directors, where they shall remain posted until replaced by the financial statements of the next succeeding month. In lieu of posting copies of such financial statements, a credit union may post a notice in a conspicuous place in each office of the credit union stating that copies of the financial statements are available upon request, and the credit union shall make copies of the financial statements available to members upon request.
Credits
Note: Authority cited: Section 14201, Financial Code. Reference: Sections 14453, 14551 and 14553, Financial Code.
1. Change without regulatory effect renumbering and amending former section 967 to new section 30.701 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).
2. Amendment of section heading, section and Note filed 2-27-2003; operative 3-29-2003 (Register 2003, No. 9).
This database is current through 4/26/24 Register 2024, No. 17.
Cal. Admin. Code tit. 10, § 30.701, 10 CA ADC § 30.701
