20250AB__262199INT INTRODUCED 2026-02-20 AB INT Introduced by Assembly Member Michelle Rodriguez LEAD_AUTHOR ASSEMBLY Michelle Rodriguez

An act to amend

Section of the Financial Code, relating to banking. banking 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. MAJORITY NO NO NO NO NO NO NO NO NO NO The people of the State of California do enact as follows:

SECTION 1.

Section of the Financial Code is amended to read: 1041. The articles of incorporation of the proposed bank or trust company shall be submitted to the commissioner for their approval before they are filed with the Secretary of State pursuant to the Corporations Code. After the articles have been filed with the Secretary of State the proposed bank or trust company shall: (

a) File with the commissioner a copy of its articles of incorporation, certified by the Secretary of State. (

b) File with the commissioner a statement in the form and with any supporting data as the commissioner may require showing that the entire contributed capital has been fully paid in lawful money, unconditionally, and that the funds representing the contributed capital, less sums spent as authorized by this

article for preopening expenditures are on deposit in a state or national bank in this state, subject to withdrawal on demand. (

c) Pay to the commissioner a fee of two thousand five hundred dollars ($2,500).