California Financial Code

§ 1781

FIN § 1781 Effective Jan 1, 2012Div. 1.1 · Ch. 20 · Art. 2

Statute text

(a)(1) No foreign (other nation) bank shall establish or maintain a representative office unless the commissioner shall have first approved the establishment of the office and issued a license authorizing the bank to maintain the office.

(2)Paragraph (1) shall not be deemed to prohibit a foreign (other nation) bank that maintains a federal agency or federal branch in this state from establishing or maintaining one or more representative offices in this state.

(b)If the commissioner finds the following with respect to an application by a foreign (other nation) bank for approval to establish a representative office, the commissioner shall approve the application:

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Legislative history

Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.