CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 2017Introduced by Assembly Member GraysonJanuary 31, 2024 An act to amend Section 1780 of the Financial Code, relating to financial institutions. LEGISLATIVE COUNSEL'S DIGESTAB 2017, as introduced, Grayson. Banking.Existing law prohibits a foreign bank from establishing or maintaining an office in California at which it engages in representational functions unless it is licensed to maintain a representative office, agency, or branch office at that place. Existing law also prohibits a person from establishing or maintaining an office in California as representative of a foreign bank unless the bank is licensed to maintain the office as a representative office. This bill would make nonsubstantive changes to those 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 1780 of the Financial Code is amended to read:1780. (a) No A foreign (other nation) bank shall not establish or maintain an office in this state at which it engages in representational functions unless it is licensed to maintain a representative office, agency, or branch office at that place.(b) (1) No A person shall not establish or maintain an office in this state as representative of a foreign (other nation) bank unless the bank is licensed to maintain the office as a representative office.(2) For purposes of this chapter, if any person establishes or maintains an office in this state as representative of a foreign (other nation) bank, the bank shall be deemed to establish and maintain the office as a representative office.(c) Neither subdivision (a) nor subdivision (b) shall be deemed to prohibit a foreign (other nation) bank that maintains a federal agency or federal branch in this state from establishing or maintaining one or more representative offices in this state.
CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 2017Introduced by Assembly Member GraysonJanuary 31, 2024 An act to amend Section 1780 of the Financial Code, relating to financial institutions. LEGISLATIVE COUNSEL'S DIGESTAB 2017, as introduced, Grayson. Banking.Existing law prohibits a foreign bank from establishing or maintaining an office in California at which it engages in representational functions unless it is licensed to maintain a representative office, agency, or branch office at that place. Existing law also prohibits a person from establishing or maintaining an office in California as representative of a foreign bank unless the bank is licensed to maintain the office as a representative office. This bill would make nonsubstantive changes to those provisions.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION
Assembly Bill
No. 2017
Introduced by Assembly Member GraysonJanuary 31, 2024
Introduced by Assembly Member Grayson
January 31, 2024
An act to amend Section 1780 of the Financial Code, relating to financial institutions.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 2017, as introduced, Grayson. Banking.
Existing law prohibits a foreign bank from establishing or maintaining an office in California at which it engages in representational functions unless it is licensed to maintain a representative office, agency, or branch office at that place. Existing law also prohibits a person from establishing or maintaining an office in California as representative of a foreign bank unless the bank is licensed to maintain the office as a representative office. This bill would make nonsubstantive changes to those provisions.
Existing law prohibits a foreign bank from establishing or maintaining an office in California at which it engages in representational functions unless it is licensed to maintain a representative office, agency, or branch office at that place. Existing law also prohibits a person from establishing or maintaining an office in California as representative of a foreign bank unless the bank is licensed to maintain the office as a representative office.
This bill would make nonsubstantive changes to those provisions.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 1780 of the Financial Code is amended to read:1780. (a) No A foreign (other nation) bank shall not establish or maintain an office in this state at which it engages in representational functions unless it is licensed to maintain a representative office, agency, or branch office at that place.(b) (1) No A person shall not establish or maintain an office in this state as representative of a foreign (other nation) bank unless the bank is licensed to maintain the office as a representative office.(2) For purposes of this chapter, if any person establishes or maintains an office in this state as representative of a foreign (other nation) bank, the bank shall be deemed to establish and maintain the office as a representative office.(c) Neither subdivision (a) nor subdivision (b) shall be deemed to prohibit a foreign (other nation) bank that maintains a federal agency or federal branch in this state from establishing or maintaining one or more representative offices in this state.
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 1780 of the Financial Code is amended to read:1780. (a) No A foreign (other nation) bank shall not establish or maintain an office in this state at which it engages in representational functions unless it is licensed to maintain a representative office, agency, or branch office at that place.(b) (1) No A person shall not establish or maintain an office in this state as representative of a foreign (other nation) bank unless the bank is licensed to maintain the office as a representative office.(2) For purposes of this chapter, if any person establishes or maintains an office in this state as representative of a foreign (other nation) bank, the bank shall be deemed to establish and maintain the office as a representative office.(c) Neither subdivision (a) nor subdivision (b) shall be deemed to prohibit a foreign (other nation) bank that maintains a federal agency or federal branch in this state from establishing or maintaining one or more representative offices in this state.
SECTION 1. Section 1780 of the Financial Code is amended to read:
### SECTION 1.
1780. (a) No A foreign (other nation) bank shall not establish or maintain an office in this state at which it engages in representational functions unless it is licensed to maintain a representative office, agency, or branch office at that place.(b) (1) No A person shall not establish or maintain an office in this state as representative of a foreign (other nation) bank unless the bank is licensed to maintain the office as a representative office.(2) For purposes of this chapter, if any person establishes or maintains an office in this state as representative of a foreign (other nation) bank, the bank shall be deemed to establish and maintain the office as a representative office.(c) Neither subdivision (a) nor subdivision (b) shall be deemed to prohibit a foreign (other nation) bank that maintains a federal agency or federal branch in this state from establishing or maintaining one or more representative offices in this state.
1780. (a) No A foreign (other nation) bank shall not establish or maintain an office in this state at which it engages in representational functions unless it is licensed to maintain a representative office, agency, or branch office at that place.(b) (1) No A person shall not establish or maintain an office in this state as representative of a foreign (other nation) bank unless the bank is licensed to maintain the office as a representative office.(2) For purposes of this chapter, if any person establishes or maintains an office in this state as representative of a foreign (other nation) bank, the bank shall be deemed to establish and maintain the office as a representative office.(c) Neither subdivision (a) nor subdivision (b) shall be deemed to prohibit a foreign (other nation) bank that maintains a federal agency or federal branch in this state from establishing or maintaining one or more representative offices in this state.
1780. (a) No A foreign (other nation) bank shall not establish or maintain an office in this state at which it engages in representational functions unless it is licensed to maintain a representative office, agency, or branch office at that place.(b) (1) No A person shall not establish or maintain an office in this state as representative of a foreign (other nation) bank unless the bank is licensed to maintain the office as a representative office.(2) For purposes of this chapter, if any person establishes or maintains an office in this state as representative of a foreign (other nation) bank, the bank shall be deemed to establish and maintain the office as a representative office.(c) Neither subdivision (a) nor subdivision (b) shall be deemed to prohibit a foreign (other nation) bank that maintains a federal agency or federal branch in this state from establishing or maintaining one or more representative offices in this state.
1780. (a) No A foreign (other nation) bank shall not establish or maintain an office in this state at which it engages in representational functions unless it is licensed to maintain a representative office, agency, or branch office at that place.
(b) (1) No A person shall not establish or maintain an office in this state as representative of a foreign (other nation) bank unless the bank is licensed to maintain the office as a representative office.
(2) For purposes of this chapter, if any person establishes or maintains an office in this state as representative of a foreign (other nation) bank, the bank shall be deemed to establish and maintain the office as a representative office.
(c) Neither subdivision (a) nor subdivision (b) shall be deemed to prohibit a foreign (other nation) bank that maintains a federal agency or federal branch in this state from establishing or maintaining one or more representative offices in this state.