California Government Code

§ 57603

GOV § 57603 Effective Jan 1, 2023Div. 5 · Title 5

Statute text

(a)Before engaging in business, a public bank shall obtain a certificate of authorization to transact business as a bank pursuant to Division 1.1 of the Financial Code (commencing with Section 1000).

(b)A local agency shall comply with the requirements of Section 53638 with respect to its deposits in a public bank unless, with the prior approval of the Commissioner of Financial Protection and Innovation, the public bank and the local agency depositor agree otherwise.

(c)Notwithstanding Section 23010, a county may lend any of its available funds to any public bank.

…

Legislative history

Amended by Stats. 2022, Ch. 452, Sec. 189. (SB 1498) Effective January 1, 2023.