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CU System
Calif law CUs must report central site for legal process
SACRAMENTO, Calif. (12/3/12)--As of Jan. 1, certain credit unions in California, like other financial institutions in the state, will be required to provide their regulator with information about locations designated to receive certain legal notices involving accounts.

Gov. Edmund G. Brown Jr.  signed Assembly Bill 2364 into law. It requires financial institutions to provide the California Department of Financial Institutions (DFI) a list of one or more central locations that would be served notices of levy or attachment against deposit accounts, the contents of safe deposit boxes, and other property held by institutions.

"This new law applies to all banks, credit unions and corporations engaged in safe deposit businesses with branches or offices in California, whether they are licensed by the DFI, federally chartered, or headquartered in another state," said DFI's Monthly Bulletin (October).

Specifically, credit unions and financial institutions with 10 or more California branches or offices must designate one or more central locations for service of the legal process, said the DFI. "Failure to designate a central location will result in all of the institution's branches or offices being deemed as central locations," the DFI said.

Those institutions with fewer than 10 branches or offices in the state have the option to designate one or more central locations as their legal process service location.

The state statute requires the DFI to maintain the information. DFI is also mandated to make the information accessible to the public by providing it to anyone who requests it or by posting the information online.

DFI is developing an electronic form to collect the information, which would include the address and hours of operation of the designated locations.  DFI licensees will receive an e-mail to their designated e-mail address with a link to a secure form to fill out.  Institutions not licensed by DFI may receive an e-mail with the link by subscribing to the "AB2364" e-mail top on DFI's subscription manager. Use the link.
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