§ 1774 Deposit Permits Not Securities

• •This law says that certain permits or certificates given by the government are not considered 'securities'.
• •Even if you have a permit or certificate to accept deposits, it doesn’t mean it’s a safe investment.
• •The law is about making sure people don’t treat these permits like stocks or bonds.

If a bank gets a permit to take deposits, you can’t treat that permit like a stock you can trade.

The permit is just permission to do business, not something you can buy or sell like an investment.