§ 119 Bank Definition Exclusions

Financial Code·California

AI SummaryVerified

This law defines the word "bank" to include public banks, commercial banks, industrial banks, and trust companies, but it specifically excludes savings associations and credit unions.

Key Takeaways

•Includes public banks, commercial banks, industrial banks, and trust companies.
•Excludes savings associations and credit unions from the definition of "bank".
•The definition applies unless the context says otherwise.

Example

A group wants to start a credit union to serve their community.

Because the law says "bank" does not include a credit union, the new organization would not be considered a "bank" under this definition.

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

Official Source

View on CA.gov

§ 119 Bank Definition Exclusions

“Bank” or “banks” includes a public bank, as defined in Section 57600 of the Government Code, commercial banks, industrial banks, and trust companies unless the context otherwise requires. However, “bank” does not include a savings association or a credit union. (Amended by Stats. 2019, Ch. 442, Sec. 4. (AB 857) Effective January 1, 2020.)

Last verified: January 10, 2026

Key Terms

bank public bank commercial banks industrial banks trust companies savings association credit union

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 119.

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Key Takeaways

Example

Key Terms

Related Statutes

References