Chapter 9Approval of Names of Nonbank Corporations

Section § 730

Explanation

This section defines two key terms for a specific chapter: "Nonbank corporation" refers to any corporation in California that isn't a bank and isn't operating under certain business articles. "Subject name" is a name for a nonbank corporation that includes words like "bank" or "trust."

In this chapter:
(a)CA Financial Code § 730(a) “Nonbank corporation” means any corporation incorporated or proposed to be incorporated under the laws of this state, other than (1) any bank or (2) any corporation incorporated or proposed to be incorporated under the laws of this state for the purpose of transacting business under Article 1 (commencing with Section 1850) of Chapter 21 of Division 1.1.
(b)CA Financial Code § 730(b) “Subject name,” means a name of a nonbank corporation which, as set forth, or as proposed to be set forth, in the articles of such nonbank corporation, includes “bank,” “trust,” “trustee,” or related words.
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(Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

Section § 731

Explanation

If a nonbank corporation wants to use a particular name, it must apply for a certificate to approve that name. The application needs to be formatted, signed, and possibly verified in a specific way, depending on what the commissioner decides through regulations or orders.

An application for a certificate of approval of the subject name of a nonbank corporation shall be in such form, shall contain such information, shall be signed in such manner, and shall (if the commissioner so requires by regulation or order) be verified in such manner, as the commissioner may by regulation or order require.
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(Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

Section § 732

Explanation

If you want to apply for a certificate to approve the name of a nonbank corporation from the commissioner, it costs $25.

The fee for filing with the commissioner an application for a certificate of approval of the subject name of a nonbank corporation shall be twenty-five dollars ($25).
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(Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

Section § 733

Explanation

The law says that if a nonbank corporation wants to get approval for its name, the name must not suggest that the company is involved in banking, industrial banking, or trust activities. If the name does not imply such activities, the commissioner will approve it. If it does imply these activities, the commissioner will deny the application.

If the commissioner finds, with respect to an application for a certificate of approval of the subject name of a nonbank corporation, that the subject name does not indicate that the nonbank corporation is engaged in the banking, industrial banking, or trust business, the commissioner shall issue a certificate of approval of the subject name. If the commissioner finds otherwise, the commissioner shall deny the application.
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(Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

Section § 734

Explanation

After a nonbank corporation's articles of incorporation are filed with the Secretary of State, along with the approved name certificate, the corporation must promptly send a certified copy of these articles to the commissioner.

Promptly after the articles of a nonbank corporation, with the certificate of approval of the subject name of such nonbank corporation attached thereto, are filed with the Secretary of State, such nonbank corporation shall file with the commissioner a copy of such articles certified by the Secretary of State.
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(Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)