DIVISION 5. Public Banks [57600. - 57607.]

Division 5 added by Stats. 2019, Ch. 442, Sec. 16.

§§ 57600–57607 · 8 sections

• § 57600 For purposes of this division: (a) “Local financial institution” means a certified community development financial institution, a credit union, as defined in…
• § 57601 (a) If a public bank is organized as a nonprofit mutual benefit corporation, the articles of incorporation shall include the following purpose statement: “This…
• § 57602 (a) A public bank shall obtain and maintain deposit insurance provided by the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act (12…
• § 57603 (a) Before engaging in business, a public bank shall obtain a certificate of authorization to transact business as a bank pursuant to Division 1.1 of the…
• § 57604 (a) As used in this section: (1) “Conducted in partnership with” means pursuant to a written agreement with a local financial institution to provide financial…
• § 57605 For the purposes of Section 1280 of the Financial Code, any person or entity, including a local agency, that owns, controls, or holds an ownership interest in…
• § 57606 (a) Before submitting an application to organize and establish a public bank pursuant to Section 1020 of the Financial Code, a local agency shall conduct a…
• § 57607 (a) The Commissioner of Financial Protection and Innovation shall not issue more than two public bank licenses in a calendar year. (b) The Commissioner of…