Bill Text: CA AB2017 | 2023-2024 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Banks and credit unions: nonsufficient funds fees.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2024-09-24 - Chaptered by Secretary of State - Chapter 509, Statutes of 2024. [AB2017 Detail]

Download: California-2023-AB2017-Introduced.html

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CALIFORNIA LEGISLATURE— 2023–2024 REGULAR SESSION

Assembly Bill

No. 2017

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Introduced by Assembly Member Grayson

January 31, 2024

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An act to amend Section 1780 of the Financial Code, relating to financial institutions.

LEGISLATIVE COUNSEL'S DIGEST

AB 2017, as introduced, Grayson. Banking.

Existing law prohibits a foreign bank from establishing or maintaining an office in California at which it engages in representational functions unless it is licensed to maintain a representative office, agency, or branch office at that place. Existing law also prohibits a person from establishing or maintaining an office in California as representative of a foreign bank unless the bank is licensed to maintain the office as a representative office.

This bill would make nonsubstantive changes to those provisions.

Digest Key

Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

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Bill Text

The people of the State of California do enact as follows:

SECTION 1.

 Section 1780 of the Financial Code is amended to read:

1780.

 (a) No A foreign (other nation) bank shall not establish or maintain an office in this state at which it engages in representational functions unless it is licensed to maintain a representative office, agency, or branch office at that place.

(b) (1) No A person shall not establish or maintain an office in this state as representative of a foreign (other nation) bank unless the bank is licensed to maintain the office as a representative office.

(2) For purposes of this chapter, if any person establishes or maintains an office in this state as representative of a foreign (other nation) bank, the bank shall be deemed to establish and maintain the office as a representative office.

(c) Neither subdivision (a) nor subdivision (b) shall be deemed to prohibit a foreign (other nation) bank that maintains a federal agency or federal branch in this state from establishing or maintaining one or more representative offices in this state.