Amended by Stats. 2018, Ch. 92, Sec. 113. (SB 1289) Effective January 1, 2019.
(a)The definitions in Section 1670 of, and Chapter 1 (commencing with Section 99) of Division 1 of, the Financial Code apply to this section.
(b)In this article, for purposes of being a depository of moneys belonging to or being in the custody of a local agency, the phrases “state or national bank located in this state,” “state or national bank,” “state or national bank in this state,” and “state or national banks in the state” include, without limitation, any of the following:
(1)A California branch office of a foreign (other state) state bank that the bank is authorized to maintain under the law of its domicile and federal law.
(2)A California branch office of a foreign (other state) national bank that the bank is authorized to maintain under federal law.
(3)A California branch office of a foreign (other nation) bank that the bank is licensed to maintain under Article 3 (commencing with Section 1800) of Chapter 20 of Division 1.1 of the Financial Code.
(4)A California federal branch of a foreign (other nation) bank that the bank is authorized to maintain under federal law.
Cite this section