LawWiki
HomeCodesSearchGlossaryAPIAbout
LawWiki

Plain English summaries of California law with zero-hallucination AI. Every summary is verified against official source text.

Product

  • Search
  • Codes
  • About

Legal

  • Privacy Policy
  • Terms of Service
  • Disclaimer

© 2026 LawWiki. All rights reserved.

HomeFinancial CodeDiv. 2Ch. 10§ 10004 Unlicensed Foreign Savings Solicitation

§ 10004 Unlicensed Foreign Savings Solicitation

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 10004 Unlicensed Foreign Savings Solicitation

This law says you can't sell or try to sell savings accounts from a foreign bank in this state unless that foreign bank has followed all the state’s rules.

Key Takeaways

  • •You may only sell foreign savings accounts if the foreign bank has met every state requirement.
  • •The rule applies to anyone acting as a principal, agent, salesperson, solicitor, or any similar role.
  • •Breaking the rule can lead to up to one year in jail, a $10,000 fine, or both.

Example

A person in California advertises a savings account from a foreign bank that hasn't met the state’s requirements and tries to get a customer to open it.

Because the foreign bank didn’t follow the state rules, the person can be arrested and face up to a year in jail, a $10,000 fine, or both.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 10004 Unlicensed Foreign Savings Solicitation

Except as expressly provided for in this chapter, any person who, as principal, agent, salesperson, solicitor, or in any other capacity, solicits or conducts in this state the business of selling, disposing of, taking, or soliciting savings accounts of any foreign savings association that has not complied with all the requirements of this chapter, is guilty of a public offense punishable by imprisonment pursuant to subdivision (h) of Section 1170 of the Penal Code, or in a county jail not exceeding one year, or by a fine not exceeding ten thousand dollars ($10,000), or by both that fine and imprisonment. (Amended by Stats. 2011, Ch. 15, Sec. 106. (AB 109) Effective April 4, 2011. Operative October 1, 2011, by Sec. 636 of Ch. 15, as amended by Stats. 2011, Ch. 39, Sec. 68.)

Last verified: January 10, 2026

Key Terms

foreign savings associationpublic offensesavings accounts

Related Statutes

  • § 10001 Savings Association Business Restrictions
  • § 10002 Foreign Savings Association Control
  • § 10003 Foreign Association Approval
  • § 10006 Foreign Savings Association Application
  • § 10007 Foreign Holding Company Requirements

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 10004.
View Official Source