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HomeFinancial CodeDiv. 1Ch. 1§ 107 Commercial Bank Definition

§ 107 Commercial Bank Definition

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

§ 107 Commercial Bank Definition

This law tells us that a "commercial bank" is a corporation that exists to do commercial banking business.

Key Takeaways

  • •A commercial bank must be organized as a corporation.
  • •Its main purpose has to be doing commercial banking activities.
  • •This definition is used by other laws to decide which rules apply to a bank.

Example

A company like Bank of America is set up as a corporation and its main job is to take deposits and make loans.

Because it is a corporation whose purpose is commercial banking, it fits the definition in this law.

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

Official Source
View on CA.gov

§ 107 Commercial Bank Definition

“Commercial bank” means a corporation organized for the purpose of engaging in the commercial banking business. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

Last verified: January 10, 2026

Key Terms

commercial bankcorporationcommercial banking business

Related Statutes

  • § 117 Trust Company Definition
  • § 1000 Bank And Trust Formation
  • § 100002 Debt Collection Definitions
  • § 1004 State Bank Incorporation Rules
  • § 1005 Banking Business Requirements

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 107.
View Official Source