California · Financial Code
FIN §1388: No California state bank may have an insured depository institution conduct as its agent any activity that the California state bank is prohibited from conducting itself.
What this law says, in plain English
California state banks cannot use insured depository institutions as agents to perform activities the bank itself is prohibited from conducting.
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This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.