Bill Text: CA AB2621 | 2025-2026 | Regular Session | Introduced

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Bill Title: Banking Law.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced) 2026-02-21 - From printer. May be heard in committee March 23. [AB2621 Detail]

Download: California-2025-AB2621-Introduced.html

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CALIFORNIA LEGISLATURE— 2025–2026 REGULAR SESSION

Assembly Bill

No. 2621

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Introduced by Assembly Member Michelle Rodriguez

February 20, 2026

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An act to amend Section 1041 of the Financial Code, relating to banking.

LEGISLATIVE COUNSEL'S DIGEST

AB 2621, as introduced, Michelle Rodriguez. Banking Law.

Existing law, the Banking Law, authorizes a corporation to be formed by one or more persons in accordance with the laws of this state for the purpose of conducting a commercial banking business or a trust business, or both of them, when authorized by the Commissioner of Financial Protection and Innovation, as provided. As part of the authorization process, existing law requires the articles of incorporation of the proposed bank or trust company to be submitted to the commissioner for their approval.

This bill would make a nonsubstantive change to the provision requiring the articles of incorporation to be submitted to the commissioner for their approval.

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 1041 of the Financial Code is amended to read:

1041.

 The articles of incorporation of the proposed bank or trust company shall be submitted to the commissioner for his or her their approval before they are filed with the Secretary of State pursuant to the Corporations Code. After the articles have been filed with the Secretary of State the proposed bank or trust company shall:

(a) File with the commissioner a copy of its articles of incorporation, certified by the Secretary of State.

(b) File with the commissioner a statement in the form and with any supporting data as the commissioner may require showing that the entire contributed capital has been fully paid in lawful money, unconditionally, and that the funds representing the contributed capital, less sums spent as authorized by this article for preopening expenditures are on deposit in a state or national bank in this state, subject to withdrawal on demand.

(c) Pay to the commissioner a fee of two thousand five hundred dollars ($2,500).