Banking Law.

Plain English Breakdown

The official source material does not provide details about the nature of the nonsubstantive change, only that such a change is being made to an existing provision.

Banking Law Changes

The bill makes a minor, non-substantive change to how new banks or trust companies need to get approval from the Commissioner of Financial Protection and Innovation.

What This Bill Does

• Makes a nonsubstantive change to the requirement that articles of incorporation for proposed banks or trust companies must be submitted to the commissioner for their approval.

Who It Names or Affects

• People who want to start new banks or trust companies in California
• The Commissioner of Financial Protection and Innovation

Terms To Know

Commissioner of Financial Protection and Innovation

A person responsible for ensuring financial institutions, like banks, comply with the rules.

Limits and Unknowns

• The bill does not specify what the nonsubstantive change is or how it will affect people starting new banks.
• It only mentions that there is a minor, non-substantive change to an existing requirement.

Official Summary Text

AB 2621, as introduced, Michelle Rodriguez.
Banking Law.
Existing law, the Banking Law, authorizes a corporation to be formed by one or more persons in accordance with the laws of this state for the purpose of conducting a commercial banking business or a trust business, or both of them, when authorized by the Commissioner of Financial Protection and Innovation, as provided. As part of the authorization process, existing law requires the articles of incorporation of the proposed bank or trust company to be submitted to the commissioner for their approval.
This bill would make a nonsubstantive change to the provision requiring the articles of incorporation to be submitted to the commissioner for their approval.

Current Bill Text

Download Bill PDF