California Assembly Bill AB1933 Latest Draft

 BILL NUMBER: AB 1933AMENDED 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.