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HomeFinancial CodeDiv. 1.1Ch. 16Art. 1§ 1550 Corporate Trust Business Requirements

§ 1550 Corporate Trust Business Requirements

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

§ 1550 Corporate Trust Business Requirements

This law says a corporation can only do trust business if it meets three simple rules: its paperwork follows certain rules, it gets a special permission from the commissioner (or, if it’s a bank, the commissioner’s okay), and it puts money or securities with the State Treasurer.

Key Takeaways

  • •The corporation’s articles must follow specific parts of Section 1100.
  • •It must receive a certificate of authority (or bank approval) from the commissioner.
  • •It must deposit money or securities with the State Treasurer as required by Article 3 of the chapter.

Example

A new company wants to start a trust service that holds money for people’s estates.

The company must first make sure its articles match the required parts of Section 1100, then apply to the commissioner and get a certificate of authority (or, if it’s a bank, get the commissioner’s approval), and finally deposit the required funds or securities with the State Treasurer before it can start the trust business.

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

Official Source
View on CA.gov

§ 1550 Corporate Trust Business Requirements

No corporation shall engage in the trust business unless: (a) Its articles comply with the requirements of subdivision (b), (d), or (e) of Section 1100; and (b) It has received from the commissioner a certificate of authority pursuant to Section 1042 to engage in the trust business, or, if it is a bank, has received the authorization of the commissioner to engage in the trust business; and (c) It has deposited with the State Treasurer money or securities in compliance with Article 3 (commencing with Section 1570) of this chapter. (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

Last verified: January 11, 2026

Key Terms

trust businesscertificate of authorityState TreasurerArticle 3

Related Statutes

  • § 1608 Trust Business Withdrawal Rules
  • § 1551 Bank Trust Business Authorization
  • § 1552 Bank Trust Business Locations
  • § 1554 National Bank Trust Requirements
  • § 1556 Trust Business Interest Exemption

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 1550.
View Official Source