AB 469, as introduced, Travis Allen. Banking.
The Banking Law provides for the formation and regulation of state organized banks, and makes it unlawful for any person, corporation, limited liability company, partnership, firm, or any other form of business entity allowed by law to engage in or transact commercial banking business, industrial banking business, or trust business within this state, except by means of a corporation duly organized for that purpose.
This bill would make nonsubstantive changes to these provisions.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 1005 of the Financial Code is amended
2to read:
It shall be unlawful for any person,begin insert partnership, firm,end insert
4 corporation, limited liability company,begin delete partnership, firm,end delete or any
5other form of business entity allowed by law, to engage in or
6transact commercial banking business, industrial banking business,
P2 1or trust business within this statebegin insert,end insert except by means of a corporation
2duly organized for that purpose.
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