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Can you summarize Fin Code CACL Division 1.1 Chapter 13 Article 2?
Withdrawals and Collections [1450. - 1456.] > Certified Checks [1455. - 1456.]
Short Summary
The provided legal document content pertains to the certification of checks by banks. According to the document, when a bank certifies a check, the amount of the check is immediately charged against the account of the drawer. It is unlawful for any officer or employee of a bank to certify a check unless the drawer has sufficient funds on deposit with the bank at the time of certification. The document states that any bank officer or employee who willfully violates this provision or attempts to evade it by resorting to any device or receiving fictitious obligations is guilty of a felony. The document was added to the California Codes under the Financial Code, specifically under the section related to Withdrawals and Collections. The document was added by Stats. 2011, Ch. 243, Sec. 3 (SB 664) and became effective on January 1, 2012.
Whom does it apply to?
Banks, bank officers, and bank employees
What does it govern?
Certified Checks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Felony charge for bank officers or employees who wilfully violate the provisions of this section or resort to any device or receive any fictitious obligations to evade the provisions
Jurisdiction
California