SECTIONS 689 - California Statutes

FINANCIAL CODE

SECTION 689

689. (a) Paragraph (1) of subdivision (b) of Section 1501 of the
Corporations Code does not apply to the annual report of any bank
with respect to any transaction consisting of an extension of credit
by such bank or by any of its majority-owned subsidiaries.
(b) The annual report of a bank which would, but for the
provisions of subdivision (a), be subject to paragraph (1) of
subdivision (b) of Section 1501 of the Corporations Code, shall
disclose such information regarding debts owing to such bank or to
any of its majority-owned subsidiaries and transactions consisting of
extensions of credit by the bank or by any of its majority-owned
subsidiaries, as the commissioner may by regulation require. In
issuing any such regulation, the commissioner shall give due
consideration to regulations regarding such matters issued by federal
bank regulatory agencies under the Securities Exchange Act of 1934.