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HomeFinancial CodeDiv. 1.1Ch. 15Art. 2§ 1542 Industrial Bank Commercial Rules

§ 1542 Industrial Bank Commercial Rules

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

§ 1542 Industrial Bank Commercial Rules

This law says that certain parts of the banking code that normally apply to regular California banks also apply to industrial banks, treating them the same as state commercial banks.

Key Takeaways

  • •Industrial banks must follow the same rules as state commercial banks for many chapters of the banking code.
  • •The rule covers chapters that deal with things like loans, deposits, and banking supervision.
  • •The change took effect on January 1, 2012.

Example

A small business wants to open an account at an industrial bank and use its online payment system.

Because of this law, the industrial bank must follow the same deposit and payment rules that regular banks must follow, such as limits on interest rates and reporting requirements.

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

Official Source
View on CA.gov

§ 1542 Industrial Bank Commercial Rules

In addition to other provisions of this division that are otherwise applicable to an industrial bank, the following provisions of this division apply to the industrial bank as if it were a California state commercial bank: (a) Chapter 4 (commencing with Section 1070). (b) Chapter 4.5 (commencing with Section 1090). (c) Chapter 5 (commencing with Section 1100). (d) Chapter 8 (commencing with Section 1280). (e) Chapter 10 (commencing with Section 1320). (f) Chapter 11 (commencing with Section 1380). (g) Chapter 12 (commencing with Section 1400). (h) Chapter 13 (commencing with Section 1450). (i) Chapter 14 (commencing with Section 1460). (j) Chapter 16 (commencing with Section 1550). (k) Chapter 17 (commencing with Section 1620). (l) Chapter 18 (commencing with Section 1660). (m) Chapter 19 (commencing with Section 1670). (n) Chapter 5 (commencing with Section 500) of Division 1. (o) Chapter 6 (commencing with Section 550) of Division 1. (p) Division 1.6 (commencing with Section 4800). (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

Last verified: January 11, 2026

Key Terms

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Related Statutes

  • § 1533 Industrial Bank Assessment
  • § 1540 Industrial Bank Insurance Requirement
  • § 1541 Industrial Bank Deposit Rules
  • § 1561 Bank And Fiduciary Definitions
  • § 18021 Industrial Loan Deposit Rules

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 1542.
View Official Source