(a) No foreign (other nation) bank shall 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 person shall 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.

Terms Used In California Financial Code 1780

  • Agency: means a depositary agency or a nondepositary agency. See California Financial Code 1750
  • Branch office: means a limited branch office, a retail branch office, or a wholesale branch office. See California Financial Code 1750
  • Federal agency: has the meaning set forth in Section 1(b) of the International Banking Act of 1978. See California Financial Code 1750
  • Federal branch: has the meaning set forth in Section 1(b) of the International Banking Act of 1978. See California Financial Code 1750
  • licensed: means to be issued or to hold a license. See California Financial Code 1750
  • Office: when used with respect to a foreign (other nation) bank, means any agency, branch office, or representative office of the bank. See California Financial Code 1750
  • Person: includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind. See California Financial Code 18
  • Representative office: when used with respect to a foreign (other nation) bank, means an office in this state at which the bank engages in representational functions but at which it does not transact commercial banking business. See California Financial Code 1750

(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.

(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

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