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HomeFinancial CodeDiv. 1.1Ch. 7§ 1260 Commissioner Transaction Exemptions

§ 1260 Commissioner Transaction Exemptions

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 1260 Commissioner Transaction Exemptions

This law lets the banking commissioner decide that some transactions don't need to follow the usual banking rules if they're not important for protecting banks or people's money.

Key Takeaways

  • •The banking commissioner can make exceptions to banking rules for certain transactions.
  • •These exceptions are only allowed if the rules aren't needed to protect banks or people's money.
  • •The commissioner decides if the exception is in the public's best interest.

Example

A small local bank wants to offer a new type of savings account for kids.

The banking commissioner might say this new account doesn't need to follow all the normal banking rules because it's simple and safe, and the rules aren't needed to protect the kids' money.

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

Official Source
View on CA.gov

§ 1260 Commissioner Transaction Exemptions

There shall be exempted from the provisions of Section 1251 any transaction, including, without limitation, any type or class of transactions, which the commissioner by regulation or order exempts as not being comprehended within the purposes of this chapter and the regulation of which the commissioner finds is not necessary or appropriate in the public interest or for the protection of a bank, a controlling person, or the depositors, creditors, or shareholders of a bank or a controlling person. (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

Last verified: January 10, 2026

Key Terms

exemptedcommissionertransactionpublic interestprotection of a bankcontrolling persondepositorscreditorsshareholders

Related Statutes

  • § 1256 Bank Acquisition Conditions
  • § 1253 Bank Control Application Fees
  • § 1257 Bank Control Approval Changes
  • § 1259 Bank Control Hearings
  • § 1210 Commissioner Exemption Authority

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 1260.
View Official Source