AB1392:v99#DOCUMENTBill Start
CALIFORNIA LEGISLATURE—
2021–2022 REGULAR SESSION
Assembly Bill
No. 1392
Introduced by Assembly Member Levine
|
February 19, 2021 |
An act to amend Section 1022 of the Financial Code, relating to financial institutions.
LEGISLATIVE COUNSEL'S DIGEST
AB 1392, as introduced, Levine.
Proposed banks and trust companies: application.
Existing law establishes the Department of Financial Protection and Innovation, headed by the Commissioner of Financial Protection and Innovation, and charges the department with administering various laws relating to financial institutions, including banks and trust companies. Existing law requires the commissioner, upon the filing of an application to establish a bank or trust company, to make or cause to be made a careful investigation and examination relative to, among other things, the character, reputation, and financial standing of the organizers or incorporators, as specified.
This bill would make a nonsubstantive change to these provisions.
Digest Key
Vote:
MAJORITY
Appropriation:
NO
Fiscal Committee:
NO
Local Program:
NO
Bill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 1022 of the Financial Code is amended to read:1022.
Upon the filing of an application the commissioner shall make or cause to be made a careful investigation and examination relative to all of the following:(a) The character, reputation, and financial standing of the organizers or incorporators and their motives in seeking to organize the proposed bank or trust company.
(b) The need for banking or trust facilities or additional banking or trust facilities, as the case may be, giving particular consideration to the adequacy of existing banking or trust facilities and the need for further banking or trust facilities.
(c) The character, financial responsibility, banking or trust experience, and business qualifications of the proposed officers of the bank or trust company.
(d) The character, financial responsibility, business experience, and standing of the proposed stockholders and directors.
(e) Other facts and circumstances bearing on the proposed bank or trust company and its relation to the locality as in the opinion of the commissioner may be relevant.