Bill Text: CA AB2556 | 2019-2020 | Regular Session | Introduced
Bill Title: Securities: permits.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2020-02-20 - From printer. May be heard in committee March 21. [AB2556 Detail]
Download: California-2019-AB2556-Introduced.html
CALIFORNIA LEGISLATURE—
2019–2020 REGULAR SESSION
Assembly Bill
No. 2556
Introduced by Assembly Member Chen |
February 19, 2020 |
An act to amend Section 1205 of the Financial Code, relating to banking.
LEGISLATIVE COUNSEL'S DIGEST
AB 2556, as introduced, Chen.
Securities: permits.
Existing law prohibits a bank organized under the laws of the state to offer or sell any security issued by it unless the Commissioner of Financial Institutions has issued a permit authorizing such sale. Existing law requires the commissioner to issue a permit authorizing an applicant to offer and sell securities, as specified, if the commissioner finds that the proposed sale of securities is fair, just, and equitable.
This bill would make nonsubstantive changes to that latter provision.