Foreign (other Nation) BanksVoluntary Surrender of License

Section § 1825

Explanation

If a foreign bank (from another country) in California wants to stop operating and holds a license to do so, it can voluntarily give up its license by filing it alongside a report with the state commissioner. However, if the bank has multiple office licenses, it must surrender all of them.

Generally, the license surrender becomes effective 30 days after the paperwork is filed, unless the commissioner orders an earlier date.

If the bank is involved in a license revocation or suspension process when surrendering or if such proceedings start within 30 days after filing, the surrender's effectiveness will be determined by the commissioner, potentially with specific conditions.

(a)CA Financial Code § 1825(a) Any foreign (other nation) bank that holds a license to maintain an office may voluntarily surrender the license by filing the license and a report with the commissioner. However, any foreign (other nation) bank that holds licenses to maintain two or more offices may not voluntarily surrender less than all of the licenses.
(b)Copy CA Financial Code § 1825(b)
(1)Copy CA Financial Code § 1825(b)(1) Except as otherwise provided in paragraph (2), a voluntary surrender of a license shall be effective on the 30th day after the license and the report called for in subdivision (a) are filed with the commissioner or on an earlier date as the commissioner may by order specify.
(2)CA Financial Code § 1825(b)(2) If a proceeding to revoke or suspend a license is pending at the time when the license and the report called for in subdivision (a) are filed with the commissioner or if a proceeding to revoke or suspend a license or to impose conditions upon the surrender of a license is instituted before the 30th day after the license and the report called for in subdivision (a) are filed with the commissioner, the voluntary surrender of the license shall become effective at the time and upon the conditions that the commissioner may by order specify.
foreign bank surrender license surrender commissioner filing ...