California Government Code

§ 57606

GOV § 57606 Effective Jan 1, 2023Div. 5 · Title 5

Statute text

(a)Before submitting an application to organize and establish a public bank pursuant to Section 1020 of the Financial Code, a local agency shall conduct a study to assess the viability of the proposed public bank. The study shall include, but is not limited to, all of the following elements:

(1)A discussion of the purposes of the bank including, but not limited to, achieving cost savings, strengthening local economies, supporting community economic development, and addressing infrastructure and housing needs for localities.

(2)A fiscal analysis of costs associated with starting the proposed public bank.

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Legislative history

Amended by Stats. 2022, Ch. 452, Sec. 190. (SB 1498) Effective January 1, 2023.