§ 1257 Bank Control Approval Changes

Financial Code·California

AI SummaryVerified

This law lets the commissioner change or cancel approval for someone trying to take control of a bank if there's a good reason.

Key Takeaways

•The commissioner can change or cancel approvals for bank takeovers.
•This only happens if there's a good reason, like lying or breaking rules.
•It applies to anyone trying to control a bank or a person in charge.

Example

A company wants to buy a bank, but later the commissioner finds out the company lied about their finances.

The commissioner can take back the approval because the company was dishonest.

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

Official Source

View on CA.gov

§ 1257 Bank Control Approval Changes

The commissioner may, for good cause, amend, alter, suspend, or revoke any approval of a proposal to acquire control of a bank or a controlling person issued pursuant to Section 1254. (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

Last verified: January 10, 2026

Key Terms

commissioner good cause amend alter suspend revoke approval proposal to acquire control bank controlling person Section 1254

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 1257.

Key Takeaways

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Key Terms

Related Statutes

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Key Takeaways

Example

Key Terms

Related Statutes

References