California Financial Code

§ 1805

FIN § 1805 Effective Jan 1, 2014Div. 1.1 · Ch. 20 · Art. 3

Statute text

(a)A foreign (other nation) bank that is licensed to maintain an agency or branch office may transact commercial banking business at the office, subject to the following:

(1)In case the office is a nondepositary agency, the bank shall not transact the business of accepting deposits.

(2)In case the office is a depositary agency, the bank shall not transact the business of accepting any deposits other than deposits of (A) a foreign nation, (B) an agency or instrumentality of a foreign nation, or (C) a person which resides, is domiciled, and maintains its principal place of business in a foreign nation. For purposes of this paragraph, “person” means any individual, proprietorship, joint venture, partnership, trust, business trust, syndicate, association, joint stock company, corporation, limited liability company, or any other organization or any branch or division thereof.

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Legislative history

Amended by Stats. 2013, Ch. 334, Sec. 42. (SB 537) Effective January 1, 2014.