CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 1307Introduced by Assembly Member WicksFebruary 16, 2023 An act to amend Section 1320 of the Financial Code, relating to financial institutions. LEGISLATIVE COUNSEL'S DIGESTAB 1307, as introduced, Wicks. Banks or trust companies: property interests. Under existing law, a bank or trust company may purchase, acquire, hold, or lease real property or an interest therein only in specified circumstances, including, among others, as may be necessary or convenient for the use, operation, or housing of its head office and branch offices.This bill would make a nonsubstantive change to these provisions.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 1320 of the Financial Code is amended to read:1320. A bank or trust company may purchase, acquire, hold, or lease real property or an interest therein only as follows:(a) Such as may be necessary or convenient for the use, operation operation, or housing of its head office and branch offices, or for the storage of records or other personal property, or for office space for use by its officers or employees, or which may be reasonably necessary for future expansion of its business, or which is otherwise reasonably related to the conduct of its business. Real property used by a bank as its banking premises may include in addition to the space required for the transaction of its business other space which may be let as a source of income.(b) Such as may be conveyed to it in satisfaction in whole or in part of debts previously contracted in the course of its business.(c) Such as it may purchase or acquire at foreclosure sales under mortgages or deeds of trust held by it, or under judgments or decrees in its favor.(d) Such as it may purchase or otherwise acquire when necessary to minimize or prevent the loss or destruction of any lien or interest therein.(e) Such as it may purchase or otherwise acquire pursuant to Section 1322.A bank or trust company may sell, lease, or encumber real property or any interest therein owned by it, or, with the written approval of the commissioner, exchange the same for other real property.
CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 1307Introduced by Assembly Member WicksFebruary 16, 2023 An act to amend Section 1320 of the Financial Code, relating to financial institutions. LEGISLATIVE COUNSEL'S DIGESTAB 1307, as introduced, Wicks. Banks or trust companies: property interests. Under existing law, a bank or trust company may purchase, acquire, hold, or lease real property or an interest therein only in specified circumstances, including, among others, as may be necessary or convenient for the use, operation, or housing of its head office and branch offices.This bill would make a nonsubstantive change to these provisions.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION
Assembly Bill
No. 1307
Introduced by Assembly Member WicksFebruary 16, 2023
Introduced by Assembly Member Wicks
February 16, 2023
An act to amend Section 1320 of the Financial Code, relating to financial institutions.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 1307, as introduced, Wicks. Banks or trust companies: property interests.
Under existing law, a bank or trust company may purchase, acquire, hold, or lease real property or an interest therein only in specified circumstances, including, among others, as may be necessary or convenient for the use, operation, or housing of its head office and branch offices.This bill would make a nonsubstantive change to these provisions.
Under existing law, a bank or trust company may purchase, acquire, hold, or lease real property or an interest therein only in specified circumstances, including, among others, as may be necessary or convenient for the use, operation, or housing of its head office and branch offices.
This bill would make a nonsubstantive change to these provisions.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 1320 of the Financial Code is amended to read:1320. A bank or trust company may purchase, acquire, hold, or lease real property or an interest therein only as follows:(a) Such as may be necessary or convenient for the use, operation operation, or housing of its head office and branch offices, or for the storage of records or other personal property, or for office space for use by its officers or employees, or which may be reasonably necessary for future expansion of its business, or which is otherwise reasonably related to the conduct of its business. Real property used by a bank as its banking premises may include in addition to the space required for the transaction of its business other space which may be let as a source of income.(b) Such as may be conveyed to it in satisfaction in whole or in part of debts previously contracted in the course of its business.(c) Such as it may purchase or acquire at foreclosure sales under mortgages or deeds of trust held by it, or under judgments or decrees in its favor.(d) Such as it may purchase or otherwise acquire when necessary to minimize or prevent the loss or destruction of any lien or interest therein.(e) Such as it may purchase or otherwise acquire pursuant to Section 1322.A bank or trust company may sell, lease, or encumber real property or any interest therein owned by it, or, with the written approval of the commissioner, exchange the same for other real property.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Section 1320 of the Financial Code is amended to read:1320. A bank or trust company may purchase, acquire, hold, or lease real property or an interest therein only as follows:(a) Such as may be necessary or convenient for the use, operation operation, or housing of its head office and branch offices, or for the storage of records or other personal property, or for office space for use by its officers or employees, or which may be reasonably necessary for future expansion of its business, or which is otherwise reasonably related to the conduct of its business. Real property used by a bank as its banking premises may include in addition to the space required for the transaction of its business other space which may be let as a source of income.(b) Such as may be conveyed to it in satisfaction in whole or in part of debts previously contracted in the course of its business.(c) Such as it may purchase or acquire at foreclosure sales under mortgages or deeds of trust held by it, or under judgments or decrees in its favor.(d) Such as it may purchase or otherwise acquire when necessary to minimize or prevent the loss or destruction of any lien or interest therein.(e) Such as it may purchase or otherwise acquire pursuant to Section 1322.A bank or trust company may sell, lease, or encumber real property or any interest therein owned by it, or, with the written approval of the commissioner, exchange the same for other real property.
SECTION 1. Section 1320 of the Financial Code is amended to read:
### SECTION 1.
1320. A bank or trust company may purchase, acquire, hold, or lease real property or an interest therein only as follows:(a) Such as may be necessary or convenient for the use, operation operation, or housing of its head office and branch offices, or for the storage of records or other personal property, or for office space for use by its officers or employees, or which may be reasonably necessary for future expansion of its business, or which is otherwise reasonably related to the conduct of its business. Real property used by a bank as its banking premises may include in addition to the space required for the transaction of its business other space which may be let as a source of income.(b) Such as may be conveyed to it in satisfaction in whole or in part of debts previously contracted in the course of its business.(c) Such as it may purchase or acquire at foreclosure sales under mortgages or deeds of trust held by it, or under judgments or decrees in its favor.(d) Such as it may purchase or otherwise acquire when necessary to minimize or prevent the loss or destruction of any lien or interest therein.(e) Such as it may purchase or otherwise acquire pursuant to Section 1322.A bank or trust company may sell, lease, or encumber real property or any interest therein owned by it, or, with the written approval of the commissioner, exchange the same for other real property.
1320. A bank or trust company may purchase, acquire, hold, or lease real property or an interest therein only as follows:(a) Such as may be necessary or convenient for the use, operation operation, or housing of its head office and branch offices, or for the storage of records or other personal property, or for office space for use by its officers or employees, or which may be reasonably necessary for future expansion of its business, or which is otherwise reasonably related to the conduct of its business. Real property used by a bank as its banking premises may include in addition to the space required for the transaction of its business other space which may be let as a source of income.(b) Such as may be conveyed to it in satisfaction in whole or in part of debts previously contracted in the course of its business.(c) Such as it may purchase or acquire at foreclosure sales under mortgages or deeds of trust held by it, or under judgments or decrees in its favor.(d) Such as it may purchase or otherwise acquire when necessary to minimize or prevent the loss or destruction of any lien or interest therein.(e) Such as it may purchase or otherwise acquire pursuant to Section 1322.A bank or trust company may sell, lease, or encumber real property or any interest therein owned by it, or, with the written approval of the commissioner, exchange the same for other real property.
1320. A bank or trust company may purchase, acquire, hold, or lease real property or an interest therein only as follows:(a) Such as may be necessary or convenient for the use, operation operation, or housing of its head office and branch offices, or for the storage of records or other personal property, or for office space for use by its officers or employees, or which may be reasonably necessary for future expansion of its business, or which is otherwise reasonably related to the conduct of its business. Real property used by a bank as its banking premises may include in addition to the space required for the transaction of its business other space which may be let as a source of income.(b) Such as may be conveyed to it in satisfaction in whole or in part of debts previously contracted in the course of its business.(c) Such as it may purchase or acquire at foreclosure sales under mortgages or deeds of trust held by it, or under judgments or decrees in its favor.(d) Such as it may purchase or otherwise acquire when necessary to minimize or prevent the loss or destruction of any lien or interest therein.(e) Such as it may purchase or otherwise acquire pursuant to Section 1322.A bank or trust company may sell, lease, or encumber real property or any interest therein owned by it, or, with the written approval of the commissioner, exchange the same for other real property.
1320. A bank or trust company may purchase, acquire, hold, or lease real property or an interest therein only as follows:
(a) Such as may be necessary or convenient for the use, operation operation, or housing of its head office and branch offices, or for the storage of records or other personal property, or for office space for use by its officers or employees, or which may be reasonably necessary for future expansion of its business, or which is otherwise reasonably related to the conduct of its business. Real property used by a bank as its banking premises may include in addition to the space required for the transaction of its business other space which may be let as a source of income.
(b) Such as may be conveyed to it in satisfaction in whole or in part of debts previously contracted in the course of its business.
(c) Such as it may purchase or acquire at foreclosure sales under mortgages or deeds of trust held by it, or under judgments or decrees in its favor.
(d) Such as it may purchase or otherwise acquire when necessary to minimize or prevent the loss or destruction of any lien or interest therein.
(e) Such as it may purchase or otherwise acquire pursuant to Section 1322.
A bank or trust company may sell, lease, or encumber real property or any interest therein owned by it, or, with the written approval of the commissioner, exchange the same for other real property.