California · Financial Code
FIN §560: No person who has not received a certificate from the commissioner authorizing it to engage in the banking business shall solicit or receive deposits, issue certificates of deposit with or without pro
What this law says, in plain English
Persons without commissioner authorization cannot solicit or receive deposits or issue certificates of deposit in banking business.
Read the full statutory text
No person who has not received a certificate from the commissioner authorizing it to engage in the banking business shall solicit or receive deposits, issue certificates of deposit with or without provision for interest, make payments on checks, or transact business in the way or manner of a bank or trust company.
Verify at the official source: California legislative text
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