For the purposes of Section 1280 of the Financial Code, any person or entity, including a local agency, that owns, controls, or holds an ownership interest in a public bank is not a bank holding company by reason of that ownership interest.

(Added by Stats. 2019, Ch. 442, Sec. 16. (AB 857) Effective January 1, 2020.)

Terms Used In California Government Code 57605

  • Person: includes any person, firm, association, organization, partnership, limited liability company, business trust, corporation, or company. See California Government Code 17