Banking Law.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Pending Referral
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill makes a minor change to the process for establishing new banks and trust companies in California. Currently, the commissioner of Financial Protection and Innovation must approve the articles of incorporation before they are filed with the Secretary of State. This bill simply clarifies that a certified copy of the articles must be submitted to the commissioner after filing with the Secretary of State.
Key provisions
- Requires submission of certified articles of incorporation to the commissioner.
- Specifies the need for a statement of contributed capital and funds deposited.
- Mandates payment of a $2,500 fee to the commissioner.
- Clarifies the process after articles are filed with the Secretary of State.
Who is affected
- Banks
- Trust Companies
- Individuals seeking to establish new financial institutions
- California Commissioner of Financial Protection and Innovation
Notable changes
- No substantive changes to the approval process are introduced.
Bill text
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Sponsors
Official sponsors from legislative records.
1 on record
Primary sponsor
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