SECTIONS 810-816 - California Statutes

FINANCIAL CODE

SECTION 810-816

810. Notwithstanding the provisions of Chapter 4 (commencing with
Section 500) and Section 776, a California state bank may, with the
prior approval of the commissioner and subject to any regulations
that the commissioner may prescribe, have an insured depository
institution engage in authorized agency activities as its agent.

811. An application by a California state bank for approval to have
an insured depository institution engage in authorized agency
activities as its agent shall be in the form, shall contain the
information, shall be signed in the manner, and shall, if the
commissioner so requires by regulation or order, be verified in the
manner that the commissioner may, by regulation or order, require.

812. An application by a California state bank for approval to have
an insured depository institution engage in authorized agency
activities as its agent shall be accompanied by a filing fee of two
hundred fifty dollars ($250).

813. In determining whether to approve or deny an application by a
California state bank for approval to have an insured depository
institution engage in authorized agency activities as its agent, the
commissioner shall consider both of the following:
(a) Whether the proposed agency arrangement is consistent with the
safe and sound operation of the California state bank.
(b) Any other factors that the commissioner deems relevant.

814. No California state bank may have an insured depository
institution conduct as its agent any activity that the California
state bank is prohibited from conducting itself.

815. No office of an insured depository institution that is
performing authorized agency activities as agent for a California
state bank in accordance with this article shall, on that account, be
deemed to be an office of the California state bank.

816. If the commissioner finds that any activity performed by an
insured depository institution as agent for a California state bank
is not an authorized agency activity or that the agency arrangement
is inconsistent with safe and sound banking practices, the
commissioner may order the California state bank to terminate the
agency arrangement.