Bill Text: CA AB1933 | 2015-2016 | Regular Session | Amended

California Assembly Bill 1933 (Prior Session Legislation)

CA State Legislature page for AB1933

Bill Title: Banking.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2016-11-30 - From committee without further action. [AB1933 Detail]

Download: California-2015-AB1933-Amended.html

BILL NUMBER: AB 1933	AMENDED
	BILL TEXT

	AMENDED IN ASSEMBLY  MARCH 15, 2016

INTRODUCED BY   Assembly Member  Travis Allen  
Travis Allen 

                        FEBRUARY 12, 2016

   An act to amend Section 1100 of the Financial Code, relating to
banking.



	LEGISLATIVE COUNSEL'S DIGEST


   AB 1933, as amended,  Travis Allen   Travis
Allen  . Banking. 
   Existing law 
    The Banking Law  regulates the practice of banking in
California and classifies these institutions as  a 
commercial banks, industrial banks, and trust companies. 
Existing   That  law prescribes requirements for
the articles of different classes of  banks.  
banks and requires the articles to specify the classification of the
bank. Existing law authorizes the Commissioner of Business Oversight
to enforce, among other provisions, compliance with the requirements
of the Banking Law.  
   This bill would make nonsubstantive changes to the requirements
for bank articles, as described above.  
   This bill would require a bank to post its classification in a
prominent location on the bank's Internet Web site. 
   Vote: majority. Appropriation: no. Fiscal committee:  no
  yes  . State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 1100 of the Financial Code is amended to read:
   1100.   The   (a)     The
 articles of each bank shall contain the applicable one of the
following statements: 
   (a) 
    (1)  In case the bank is, or is proposed to be, a
commercial bank not authorized to engage in trust business, that the
purpose of the corporation is to engage in commercial banking
business and any other lawful activities that are not, by applicable
laws or regulations, prohibited to a commercial bank. 
   (b) 
    (2)  In case the bank is, or is proposed to be, a
commercial bank authorized to engage in trust business, that the
purpose of the corporation is to engage in commercial banking
business and trust business and any other lawful activities that are
not, by applicable laws or regulations, prohibited to a commercial
bank authorized to engage in trust business. 
   (c) 
    (3)  In case the bank is, or is proposed to be, an
industrial bank not authorized to engage in trust business, that the
purpose of the corporation is to engage in industrial banking
business and any other lawful activities that are not, by applicable
laws or regulations, prohibited to an industrial bank. 
   (d) 
    (4)  In case the bank is, or is proposed to be, an
industrial bank authorized to engage in trust business, that the
purpose of the corporation is to engage in industrial banking
business and trust business and any other lawful activities that are
not, by applicable laws or regulations, prohibited to an industrial
bank authorized to engage in trust business. 
   (e) 
    (5)  In case the bank is, or is proposed to be, a trust
company, other than a commercial bank authorized to engage in trust
business, that the purpose of the corporation is to engage in trust
business and any other lawful activities that are not, by applicable
laws or regulations, prohibited to a trust company. 
   (b) A bank shall post the applicable statement included in the
articles of the bank from subdivision (a) in a prominent location on
the Internet Web site of the bank.