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. 1.1Ch. 1§ 1003 Division Applicability Corporations

§ 1003 Division Applicability Corporations

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

§ 1003 Division Applicability Corporations

This law says that the rules in this part apply to banks, national banks, other companies that sign up for the special rules, and anyone who breaks those rules.

Key Takeaways

  • •All corporations that do commercial, industrial, or trust banking are covered.
  • •National banking associations operating in the state must follow these rules unless they clash with higher federal law.
  • •Any other corporation that chooses to follow the special provisions is also covered.
  • •Anyone who breaks the rules can be penalized under this division.

Example

A local commercial bank that offers checking accounts in the state.

Because the bank does commercial banking, it must follow all the rules in this division. If it does something the rules forbid, it can be punished under this law.

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

Official Source
View on CA.gov

§ 1003 Division Applicability Corporations

Except where explicitly stated or the context provides otherwise, this division is applicable to the following: (a) All corporations engaging in commercial banking, industrial banking, or the trust business. (b) All national banking associations authorized to transact business in this state to the extent that the provisions of this division are not inconsistent with and do not infringe paramount federal laws governing national banking associations. (c) All other corporations that subject themselves to the special provisions and sections of this division. (d) All other persons, associations, copartnerships, or corporations who, by violating any of its provisions, become subject to the penalties provided for in this division. (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

Last verified: January 10, 2026

Key Terms

commercial bankingindustrial bankingtrust businessnational banking associationspenalties

Related Statutes

  • § 103 Bank Definition In Law
  • § 1000 Bank And Trust Formation
  • § 1005 Banking Business Requirements
  • § 117 Trust Company Definition
  • § 1044 Banking Business Authorization Requirements

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 1003.
View Official Source