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HomeFinancial CodeDiv. 1.1Ch. 20Art. 1§ 1759 Foreign Bank Recordkeeping Requirements

§ 1759 Foreign Bank Recordkeeping Requirements

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

§ 1759 Foreign Bank Recordkeeping Requirements

This law requires foreign banks that have an office in the state to keep their books, accounts, and records in a specific way and place as directed by the commissioner.

Key Takeaways

  • •Foreign banks must keep their records.
  • •Records must be stored where the regulator allows.
  • •The regulator decides how long the records must be kept.

Example

A bank from another country that operates a branch in California must store its financial records either at that branch or at another location the regulator approves, and must keep them for the period the regulator specifies.

If the regulator issues a rule saying the bank must keep records for five years and store them at the branch office, the bank must follow that rule exactly.

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

Official Source
View on CA.gov

§ 1759 Foreign Bank Recordkeeping Requirements

Each foreign (other nation) bank that is licensed to maintain an office shall make, keep, and preserve at the office or at another place that the commissioner may, by regulation or order, approve, the books, accounts, and other records relating to the business of the office, in the form, in the manner, and for the time that the commissioner may, by regulation or order, provide. (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

Last verified: January 11, 2026

Key Terms

foreign bankbooks, accounts, and other recordscommissioner

Related Statutes

  • § 1754 Office Class Change Rules
  • § 1755 Foreign Bank Application Fees
  • § 1756 Application Filing Requirements
  • § 1757 Foreign Bank Office Approval
  • § 1758 Foreign Bank Reporting Requirements

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 1759.
View Official Source