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.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 1205 of the Financial Code is amended to read:

1205.
 If the commissioner finds that the proposed sale of securities is fair, just, and equitable, he or she the commissioner shall issue to the applicant a permit authorizing it to offer and sell the securities in such amount and upon such terms and conditions as he or she the commissioner may provide in the permit. If the commissioner finds otherwise, he or she the commissioner shall deny the application.

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