(a) No foreign (other nation) bank shall transact business in this state except at an agency or branch office that it is licensed to maintain and at which it is permitted by this chapter to transact the business transacted.

(b) Subdivision (a) shall not be deemed to prohibit:

Terms Used In California Financial Code 1800

  • 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
  • Business in this state: when used with respect to a foreign (other nation) bank which is licensed to maintain one or more agencies or branch offices, includes (without limitation) the aggregate business of all the offices. 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
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

(1) Any foreign (other nation) bank that maintains a federal agency or federal branch in this state from transacting at the federal agency or federal branch any business that it may be authorized to transact under applicable federal laws and regulations;

(2) Any foreign (other nation) bank from carrying on the activities described in subdivision (d) of § 191 of the Corporations Code;

(3) Any foreign (other nation) bank that does not maintain an agency or branch office from making in this state loans secured by liens on real property located in this state; or

(4) Any foreign (other nation) bank that does not maintain an agency or branch office from transacting trust business as permitted under Section 1555.

(c) For purposes of subdivision (a), no foreign (other nation) bank shall be deemed to be transacting business in this state merely because a majority-owned subsidiary transacts business in this state.

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

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