Assembly BillIntroducedFinancial
AB 2621: Banking Law.
What AB 2621 does, verified February 24, 2026
The bill aims to amend the existing banking law in California. It authorizes a corporation to conduct commercial banking or trust business, or both, with the approval of the commissioner of financial protection and innovation. The proposed bank or trust company must submit its articles of incorporation to the commissioner for approval. The bill would make a nonsubstantive change to the existing provision requiring the submission of articles of incorporation, which would simplify the process.
Bill journey
1IntroducedCurrent
2In CommitteePending
3First Chamber FloorPending
4Second ChamberPending
5GovernorPending
6ChapteredPending
Last action: From printer. May be heard in committee March 23. (2026-02-21)Alert me
Author and sponsors
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| Feb. 21, 2026 | From printer. May be heard in committee March 23. |
| Feb. 20, 2026 | Read first time. To print. |
Latest bill textIntroduced version, February 20, 2026 · 336 words
CALIFORNIA LEGISLATURE— 2025–2026 REGULAR SESSION
Assembly Bill
No. 2621
| Introduced by Assembly Member Michelle Rodriguez |
February 20, 2026 |
An act to amend Section 1041 of the Financial Code, relating to banking.
LEGISLATIVE COUNSEL'S DIGEST
AB 2621, as introduced, Michelle Rodriguez. Banking Law.
Existing law, the Banking Law, authorizes a corporation to be formed by one or more persons in accordance with the laws of this state for the purpose of conducting a commercial banking business or a trust business, or both of them, when authorized by the Commissioner of Financial Protection and Innovation, as provided. As part of the authorization process, existing law requires the articles of incorporation of the proposed bank or trust company to be submitted to the commissioner for their approval.
This bill would make a nonsubstantive change to the provision requiring the articles of incorporation to be submitted to the commissioner for their approval.
The people of the State of California do enact as follows:
SECTION 1.
Section 1041 of the Financial Code is amended to read:1041.
The articles of incorporation of the proposed bank or trust company shall be submitted to the commissioner for(a) File with the commissioner a copy of its articles of incorporation, certified by the Secretary of State.
(b) File with the commissioner a statement in the form and with any supporting data as the commissioner may require showing that the entire contributed capital has been fully paid in lawful money, unconditionally, and that the funds representing the contributed capital, less sums spent as authorized by this article for preopening expenditures are on deposit in a state or national bank in this state, subject to withdrawal on demand.
(c) Pay to the commissioner a fee of two thousand five hundred dollars ($2,500).
Text of AB 2621 as introduced, from the official record. Connect Plus keeps every version and highlights what changed.Compare versions