Article 3. Contracts For Savings Programs of California Financial Code >> Division 2. >> Chapter 5. >> Article 3.
An association may contract with the proper authorities of
any public or nonpublic elementary or secondary school or institution
of higher learning, or any public or charitable institution caring
for minors, for the participation and implementation by the
association in any school or institutional thrift or savings plan,
and it may accept savings accounts at the school or institution,
either by its own collector or by any representative of the school or
institution that becomes the agent of the association for that
An association may contract with any employer, as follows:
(a) With respect to the solicitation, collection, and receipt of
savings by payroll deduction to be credited to a designated account
or accounts of its employees who voluntarily elect to participate.
(b) With respect to the direct deposit of wages or salary paid to
the account of the employee by electronic or other medium upon
authorization in writing by the employee and designation of the
association as the recipient of the deposits.
An association may pay commissions or fees in cash or
merchandise for soliciting deposits to any employee of the
association or to any broker or agent as determined by the