§ 18147 Branch Office Approval Requirements

Financial Code·California

AI SummaryVerified

This law says a company can't open a new branch office until the government checks that it's a good idea for the public, the company has enough money, and follows all the rules.

Key Takeaways

•The government must check if opening a new branch is good for the public.
•The company must have enough money to open the new branch.
•The company must follow all the rules and have good controls in place.
•The company must be a member of the Federal Deposit Insurance Corporation.

Example

A bank wants to open a new branch in a small town.

The government will check if the town needs the bank, if the bank has enough money, and if the bank follows all the rules before allowing it to open.

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

Official Source

View on CA.gov

§ 18147 Branch Office Approval Requirements

The commissioner shall not approve an application for a branch office until the commissioner has ascertained to the commissioner’s satisfaction that the facts set forth in the application are true and: (a) That the public convenience and advantage will be promoted by the establishment of the proposed branch office. (b) That the industrial loan company has the capital required by this division. (c) That the industrial loan company has established branch operational controls. (d) That the financial condition of the industrial loan company justifies the establishment of the proposed branch office. (e) (1) As to an industrial loan company transacting business before October 1, 1985, that the industrial loan company is a member of the Federal Deposit Insurance Corporation, or (2) as to an industrial loan company commencing business on or after October 1, 1985, that the industrial loan company is a member of the Federal Deposit Insurance Corporation. (Amended by Stats. 1987, Ch. 787, Sec. 2. Operative January 1, 1989, by Sec. 7 of Ch. 787.)

Last verified: January 11, 2026

Key Terms

commissioner branch office public convenience and advantage industrial loan company Federal Deposit Insurance Corporation

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 18147.

§ 18147 Branch Office Approval Requirements

Financial Code·California

AI SummaryVerified

§ 18147 Branch Office Approval Requirements

This law says a company can't open a new branch office until the government checks that it's a good idea for the public, the company has enough money, and follows all the rules.

Key Takeaways

•The government must check if opening a new branch is good for the public.
•The company must have enough money to open the new branch.
•The company must follow all the rules and have good controls in place.
•The company must be a member of the Federal Deposit Insurance Corporation.

Example

A bank wants to open a new branch in a small town.

The government will check if the town needs the bank, if the bank has enough money, and if the bank follows all the rules before allowing it to open.

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

Official Source

View on CA.gov

§ 18147 Branch Office Approval Requirements

Last verified: January 11, 2026

Key Terms

commissioner branch office public convenience and advantage industrial loan company Federal Deposit Insurance Corporation

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 18147.

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References