State Codes and Statutes

Statutes > California > Fin > 800-802

FINANCIAL CODE
SECTION 800-802



800.  In this chapter, unless the context otherwise requires:
   (a) "Authorized agency activities" means receiving deposits,
renewing time deposits, closing loans, servicing loans, and receiving
payments on loans and other obligations. "Authorized agency
activities" includes ministerial functions such as providing loan
applications, assembling documents, providing a location for
returning documents necessary for making a loan, providing loan
account information, receiving payments, disbursing loan funds,
evaluating loan applications, and other activities that the
commissioner may specify by order or regulation. However, "authorized
agency activities" does not include any other activities that the
commissioner may specify by order or regulation.
   (b) "Insured depository institution" means any bank, savings and
loan association, savings association, savings bank, or industrial
loan company the deposits of which are insured by the Federal Deposit
Insurance Corporation. "Insured depository institution" includes any
depository institution affiliate within the meaning of Section 18(r)
of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1828(r)).



801.  This chapter does not apply to a California state bank having
an insured depository institution engage in authorized agency
activities as its agent or to a California state bank engaging in
authorized agency activities as agent for an insured depository
institution in any case other than a case where, but for the
provisions of Sections 815 and 825, an office of the agent would for
regulatory purposes be considered to be an office of the principal.



802.  (a) In this section, "affiliated," when used with respect to a
California state bank and an insured depository institution, means
that the California state bank controls the insured depository
institution, the insured depository institution controls the
California state bank, or the California state bank and the insured
depository institution are under common control, directly or
indirectly through one or more intermediaries. For purposes of this
subdivision, "control" has the meaning set forth in Section 700.
   (b) In case a California state bank and an insured depository
institution are affiliated, the prior approval requirement set forth
in Section 810 or 820 is deemed to be satisfied if the California
state bank files a notice with the commissioner and, within 30 days
or any longer period to which the California state bank consents, the
commissioner either (1) issues a written statement not objecting to
the notice or (2) does not issue a written objection to the notice.
   (c) (1) A notice filed by a California state bank under
subdivision (b) shall contain the following information:
   (A) The name of the California state bank.
   (B) The name and location of the main or head office of the
affiliated insured depository institution.
   (C) A description of the proposed agency, including identification
of the institution that is to be the principal, identification of
the institution that is to be the agent, and specification of the
activities in which the agent is to engage on behalf of the
principal.
   (D) Any other information that the commissioner may require.
   (2) A notice filed by a California state bank under subdivision
(b) shall be in the form, shall be signed in the manner, and shall,
if the commissioner requires by regulation or order, be verified in
the manner that the commissioner may by regulation or order require.
   (3) A notice filed by a California state bank under subdivision
(b) shall be accompanied by a filing fee of two hundred fifty dollars
($250).
   (d) For purposes of subdivision (b), a notice by a California
state bank is deemed to be filed with the commissioner at the time
when the complete notice, including any amendments or supplements,
containing all the information required by the commissioner, and
otherwise complying with subdivision (c) is received by the
commissioner.
   (e) In determining whether or not to object to a notice by a
California state bank, the commissioner shall consider the factors
set forth in Section 813 or 823, as the case may be.


State Codes and Statutes

Statutes > California > Fin > 800-802

FINANCIAL CODE
SECTION 800-802



800.  In this chapter, unless the context otherwise requires:
   (a) "Authorized agency activities" means receiving deposits,
renewing time deposits, closing loans, servicing loans, and receiving
payments on loans and other obligations. "Authorized agency
activities" includes ministerial functions such as providing loan
applications, assembling documents, providing a location for
returning documents necessary for making a loan, providing loan
account information, receiving payments, disbursing loan funds,
evaluating loan applications, and other activities that the
commissioner may specify by order or regulation. However, "authorized
agency activities" does not include any other activities that the
commissioner may specify by order or regulation.
   (b) "Insured depository institution" means any bank, savings and
loan association, savings association, savings bank, or industrial
loan company the deposits of which are insured by the Federal Deposit
Insurance Corporation. "Insured depository institution" includes any
depository institution affiliate within the meaning of Section 18(r)
of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1828(r)).



801.  This chapter does not apply to a California state bank having
an insured depository institution engage in authorized agency
activities as its agent or to a California state bank engaging in
authorized agency activities as agent for an insured depository
institution in any case other than a case where, but for the
provisions of Sections 815 and 825, an office of the agent would for
regulatory purposes be considered to be an office of the principal.



802.  (a) In this section, "affiliated," when used with respect to a
California state bank and an insured depository institution, means
that the California state bank controls the insured depository
institution, the insured depository institution controls the
California state bank, or the California state bank and the insured
depository institution are under common control, directly or
indirectly through one or more intermediaries. For purposes of this
subdivision, "control" has the meaning set forth in Section 700.
   (b) In case a California state bank and an insured depository
institution are affiliated, the prior approval requirement set forth
in Section 810 or 820 is deemed to be satisfied if the California
state bank files a notice with the commissioner and, within 30 days
or any longer period to which the California state bank consents, the
commissioner either (1) issues a written statement not objecting to
the notice or (2) does not issue a written objection to the notice.
   (c) (1) A notice filed by a California state bank under
subdivision (b) shall contain the following information:
   (A) The name of the California state bank.
   (B) The name and location of the main or head office of the
affiliated insured depository institution.
   (C) A description of the proposed agency, including identification
of the institution that is to be the principal, identification of
the institution that is to be the agent, and specification of the
activities in which the agent is to engage on behalf of the
principal.
   (D) Any other information that the commissioner may require.
   (2) A notice filed by a California state bank under subdivision
(b) shall be in the form, shall be signed in the manner, and shall,
if the commissioner requires by regulation or order, be verified in
the manner that the commissioner may by regulation or order require.
   (3) A notice filed by a California state bank under subdivision
(b) shall be accompanied by a filing fee of two hundred fifty dollars
($250).
   (d) For purposes of subdivision (b), a notice by a California
state bank is deemed to be filed with the commissioner at the time
when the complete notice, including any amendments or supplements,
containing all the information required by the commissioner, and
otherwise complying with subdivision (c) is received by the
commissioner.
   (e) In determining whether or not to object to a notice by a
California state bank, the commissioner shall consider the factors
set forth in Section 813 or 823, as the case may be.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 800-802

FINANCIAL CODE
SECTION 800-802



800.  In this chapter, unless the context otherwise requires:
   (a) "Authorized agency activities" means receiving deposits,
renewing time deposits, closing loans, servicing loans, and receiving
payments on loans and other obligations. "Authorized agency
activities" includes ministerial functions such as providing loan
applications, assembling documents, providing a location for
returning documents necessary for making a loan, providing loan
account information, receiving payments, disbursing loan funds,
evaluating loan applications, and other activities that the
commissioner may specify by order or regulation. However, "authorized
agency activities" does not include any other activities that the
commissioner may specify by order or regulation.
   (b) "Insured depository institution" means any bank, savings and
loan association, savings association, savings bank, or industrial
loan company the deposits of which are insured by the Federal Deposit
Insurance Corporation. "Insured depository institution" includes any
depository institution affiliate within the meaning of Section 18(r)
of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1828(r)).



801.  This chapter does not apply to a California state bank having
an insured depository institution engage in authorized agency
activities as its agent or to a California state bank engaging in
authorized agency activities as agent for an insured depository
institution in any case other than a case where, but for the
provisions of Sections 815 and 825, an office of the agent would for
regulatory purposes be considered to be an office of the principal.



802.  (a) In this section, "affiliated," when used with respect to a
California state bank and an insured depository institution, means
that the California state bank controls the insured depository
institution, the insured depository institution controls the
California state bank, or the California state bank and the insured
depository institution are under common control, directly or
indirectly through one or more intermediaries. For purposes of this
subdivision, "control" has the meaning set forth in Section 700.
   (b) In case a California state bank and an insured depository
institution are affiliated, the prior approval requirement set forth
in Section 810 or 820 is deemed to be satisfied if the California
state bank files a notice with the commissioner and, within 30 days
or any longer period to which the California state bank consents, the
commissioner either (1) issues a written statement not objecting to
the notice or (2) does not issue a written objection to the notice.
   (c) (1) A notice filed by a California state bank under
subdivision (b) shall contain the following information:
   (A) The name of the California state bank.
   (B) The name and location of the main or head office of the
affiliated insured depository institution.
   (C) A description of the proposed agency, including identification
of the institution that is to be the principal, identification of
the institution that is to be the agent, and specification of the
activities in which the agent is to engage on behalf of the
principal.
   (D) Any other information that the commissioner may require.
   (2) A notice filed by a California state bank under subdivision
(b) shall be in the form, shall be signed in the manner, and shall,
if the commissioner requires by regulation or order, be verified in
the manner that the commissioner may by regulation or order require.
   (3) A notice filed by a California state bank under subdivision
(b) shall be accompanied by a filing fee of two hundred fifty dollars
($250).
   (d) For purposes of subdivision (b), a notice by a California
state bank is deemed to be filed with the commissioner at the time
when the complete notice, including any amendments or supplements,
containing all the information required by the commissioner, and
otherwise complying with subdivision (c) is received by the
commissioner.
   (e) In determining whether or not to object to a notice by a
California state bank, the commissioner shall consider the factors
set forth in Section 813 or 823, as the case may be.


Categories