California Statutes
§ 1556. — 1556. (Added by Stats. 2011, Ch. 243, Sec. 3.)
California·Code FIN Financial Code - FIN·Div. 1.1. DIVISION 1.1. BANKING·Ch. 16. CHAPTER 16. Trust Companies·Art. 1. ARTICLE 1. General Provisions
Pursuant to the authority contained in Section 1 of Article XV of the California Constitution, the restrictions upon rates of interest contained in Section 1 of Article XV of the California Constitution shall not apply to any obligations of, loans made or arranged by, or forbearances of, any of the following that is authorized to engage in the trust business, when acting in its fiduciary capacity:
(a)Any California state
bank.
(b)Any national bank that maintains its main office or a branch office in this state.
(c)Any foreign (other state) state bank that maintains a branch office in this state.
This section creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV of the Constitution.
This section does not exempt a bank authorized to transact a trust busine
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California § 1556. (1556. (Added by Stats. 2011, Ch. 243, Sec. 3.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.