§ 1795 Permittee Payment Obligations

This law says that once the permit holder pays the operator, they are done with any duties for that bank location, unless they also own a part of the bank.

Key Takeaways

•Paying the operator ends the permit holder's duties for that bank site.
•The only time duties continue is if the permit holder has an equity (ownership) stake in the bank.
•The rule applies specifically to the operation of the bank site that received the payment.

Example

A grocery store chain pays the bank operator to let a bank branch sit inside one of its stores.

After the grocery store makes the payment, it doesn't have to do anything else to run the bank branch, unless the grocery store also owns shares in the bank itself.

After payment to the operator pursuant to this article, the permittee has no further obligations with respect to the operation of the bank site to which payment was made, unless the permittee has an equity involvement in the bank. (Added by Stats. 1993, Ch. 1254, Sec. 1. Effective January 1, 1994.)

This law says that once the permit holder pays the operator, they are done with any duties for that bank location, unless they also own a part of the bank.

Key Takeaways

•Paying the operator ends the permit holder's duties for that bank site.
•The only time duties continue is if the permit holder has an equity (ownership) stake in the bank.
•The rule applies specifically to the operation of the bank site that received the payment.

Example

A grocery store chain pays the bank operator to let a bank branch sit inside one of its stores.

After the grocery store makes the payment, it doesn't have to do anything else to run the bank branch, unless the grocery store also owns shares in the bank itself.

Key Takeaways

Example

Key Terms

References

§ 1795 Permittee Payment Obligations

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References