This law states that savings accounts, unless they're in a form that can be sold or transferred like a physical object, should only be recorded in the association's books. You can transfer ownership of these accounts only through these records, with a written application, and if the board of directors approves the new owner.

If a savings account holder loses or destroys proof of their account, they or their legal representative can file an affidavit with their financial institution to say so. This affidavit must state that the account hasn't been used as collateral. Then, the financial institution can issue new account evidence for the holder.

The new document might note it's a replacement for the lost one and that the institution isn't responsible for the original's loss. Additionally, the institution may ask for a compensation guarantee or insurance to protect itself from potential loss due to the new issuance.

This law prohibits financial associations from giving or selling anything with a value exceeding a certain limit when someone opens or increases a savings account, unless such actions are approved by a regulation from the commissioner. Additionally, the commissioner can set rules about giveaways and their advertising for these associations, similar to those applied to federal associations operating in the state.

This law section explains that troubled savings associations, which are those not meeting minimum capital requirements, cannot accept deposits from deposit brokers, who are generally individuals or entities that place funds with financial institutions. Renewals and rollovers of accounts are considered fund acceptance under this rule. However, the commissioner has the authority to waive this restriction if it is deemed safe and may impose additional restrictions as needed.

Deposit brokers do not include certain entities like savings associations handling their own funds, employees placing funds with their employing association, and trustees of certain plans. However, those offering higher than normal interest rates are still considered deposit brokers. The section also clarifies what constitutes an employee in this context.

This section sets rules for when an association (like a bank) can use a customer's funds to offset a debt the customer owes. Firstly, the association can't bring the account balance below $1,000. If a setoff is made, the bank must notify the customer immediately, providing details like the amount taken and the remaining balance. The customer has the right to dispute the setoff, especially if they believe the debt was paid or the money in the account is protected by law (like certain benefits or insurance money). If the customer disputes within 20 days, the bank must reverse the setoff. Exceptions to these rules include if there's a security interest or if the customer has agreed in writing to automatic payments. The law aims to protect customers while allowing banks to reclaim debts owed.

This section outlines what happens when someone makes a claim against a savings account or personal property held by an association or federal association. Generally, the association will ignore such claims and continue allowing the account holder to access their funds or property. However, there are two exceptions where the association must respond to an adverse claim:

(a) If the claimant provides an affidavit claiming that the account holder is a fiduciary (someone trusted to manage the property for them) and is likely to misuse the account, the association will temporarily freeze the account for up to three court days.

(b) If the claimant gets a court order like an injunction, the association will follow the court's instructions. This applies even if the account is labeled with terms like "agent" or "trustee," suggesting fiduciary involvement. This rule is not limited by the California Multiple-Party Accounts Law.

This section states that associations (including federal ones) are allowed to offer various types of savings accounts, like tenancy in common or community property accounts, if such accounts are permitted by law.

This law says that if someone's savings account or other property held at a bank or federal bank is being seized ('attachment'), the bank must be officially notified by delivering the necessary paperwork ('writ and notice of attachment') directly to a manager or officer at the branch where the account is held, or at the main office if the branch isn't open. If the bank isn't served properly, the seizure isn't valid for that account or property, no matter what else the law may say about the process.