reglab/housing_qa huggingface dataset:
CA Fin Code § 1555 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 1 - General Provisions|Section 1555.

1555.  No foreign corporation, other than a national banking association or a foreign (other state) state bank that is authorized to conduct a trust business in this state, shall have or exercise the powers of a trust company nor directly or indirectly transact or conduct in this state a trust business as defined in Section 115. However, a foreign corporation that is authorized by its articles to exercise trust powers may act as trustee for the following purposes:(a) To deliver bonds and receive payments therefor.(b) To deliver permanent bonds in exchange for temporary bonds of the same issue.(c) To deliver refunding bonds in exchange for those of a prior issue or issues.(d) To register bonds or to exchange registered bonds for coupon bonds or coupon bonds for registered bonds.(e) To pay interest on the bonds, and take up and cancel coupons representing the interest payment.(f) To redeem and cancel bonds when called for redemption or to pay and cancel bonds when due.(g) To certify registered bonds for the purpose of exchanging registered bonds for coupon bonds.A foreign corporation that is authorized by its articles to exercise trust powers may be appointed and may accept appointment and act as trustee under any mortgage, deed of trust, or other instrument securing bonds or other obligations issued or to be issued by any railroad corporation that owns a railroad operating in the State of California and extending into another state.A foreign corporation exercising in this state the powers conferred by this section shall not establish or maintain directly or indirectly any branch office or agency in this state unless it has complied with all of the applicable provisions of Chapter 20 (commencing with Section 1750) or of Chapter 19 (commencing with Section 1670).(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1556 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 1 - General Provisions|Section 1556.

1556.  Pursuant to the authority contained in Section 1 of Article XV of the California Constitution, the restrictions upon rates of interest contained in Section 1 of Article XV of the California Constitution shall not apply to any obligations of, loans made or arranged by, or forbearances of, any of the following that is authorized to engage in the trust business, when acting in its fiduciary capacity:(a) Any California state bank.(b) Any national bank that maintains its main office or a branch office in this state.(c) Any foreign (other state) state bank that maintains a branch office in this state.This section creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV of the Constitution.This section does not exempt a bank authorized to transact a trust business or a subsidiary thereof from complying with all other laws and regulations governing the business in which the bank or subsidiary is engaged.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1557 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 1 - General Provisions|Section 1557.

1557.  The Legislature finds and declares that it is important to inform taxpayers that they may make voluntary contributions to certain funds or programs, as provided on the state income tax return. The Legislature further finds and declares that many taxpayers remain unaware of the voluntary contribution check-offs on the state income tax return. Therefore, it is the intent of the Legislature to encourage all persons who prepare state income tax returns to inform their clients in writing, prior to the completion of any tax return, that they may make a contribution to any voluntary contribution check-off on the state income tax return if they so choose.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1560 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 2 - Fiduciary Activities|Section 1560.

1560.  It is the intent of the Legislature that the provisions of this article, insofar as they are contained in the regulations regarding fiduciary activities of national banks (Part 9 (commencing with Section 9.1) of Title 12 of the Code of Federal Regulations) of the Office of the Comptroller of the Currency, conform, and be interpreted by anyone construing the provisions of this article to so conform, to those regulations, any rule or interpretation promulgated thereunder by the Office of the Comptroller of the Currency, and to any interpretation issued by an official or employee of the Office of the Comptroller of the Currency duly authorized to issue the interpretation.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1561 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 2 - Fiduciary Activities|Section 1561.

1561.  For purposes of Section 1562, the following terms have the following meanings:(a) “Bank” means any of the following:(1) A commercial bank, industrial bank, or trust company incorporated under the laws of this state.(2) A foreign (other state) bank that may establish a branch office in this state in accordance with Article 2 (commencing with Section 1680) of Chapter 19.(b) “Fiduciary Regulations” means the regulations regarding fiduciary activities of national banks promulgated by the Office of the Comptroller of the Currency (Part 9 (commencing with Section 9.1) of Title 12 of the Code of Federal Regulations), as amended from time to time.(c) “Affiliate” has the meaning set forth in Section 150 of the Corporations Code.(d) “Applicable law” means the law of the state, another state, or other jurisdiction governing a bank’s fiduciary relationships, any applicable federal laws governing those relationships, or any court order pertaining to those relationships.(e) “Custodian under a uniform gifts to minors act” means a fiduciary relationship established pursuant to the California Uniform Transfers to Minors Act (Part 9 (commencing with 3900) of Division 4 of the Probate Code).(f) “Fiduciary account” means an account administered by a bank acting in a fiduciary capacity.(g) “Fiduciary capacity” means trustee, executor, administrator, registrar of stocks and bonds, transfer agent, guardian, assignee, receiver, or custodian under a uniform gifts to minors act; investment adviser, if the bank receives a fee for its investment advice; any capacity in which the bank possesses investment discretion on behalf of another; or any other similar capacity.(h) “Fiduciary powers” means the powers granted a bank by virtue of its receipt of the authority to engage in trust business from the commissioner.(i) “Guardian” means the guardian or conservator, by whatever name used by law, of the estate of a minor, an incompetent person, an absent person, or a person over whose estate a court has taken jurisdiction, other than under bankruptcy or insolvency laws.(j) “Investment discretion” means, with respect to an account, the sole or shared authority, whether or not that authority is exercised, to determine what securities or other assets to purchase or sell on behalf of that account. A bank that delegates its authority over investments and a bank that receives delegated authority over investments shall both be deemed to have investment discretion.(k) “Trust office” means an office of a bank, other than a main office, at which the bank engages in the trust business. A trust office that engages in core banking business, as defined in subdivision (b) of Section 1670, is considered a branch office of the bank.(l) “Trust representative office” means a facility as defined in subdivision (c) of Section 1670.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1562 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 2 - Fiduciary Activities|Section 1562.

1562.  (a) Sections 9.4 to 9.6, inclusive, Sections 9.8 to 9.15, inclusive, and Sections 9.18 to 9.101, inclusive, of the Fiduciary Regulations in all of their particular, including footnotes, are hereby referred to, incorporated by reference into this article, and adopted.(b) All references to the term “national bank” or “national banks” used in the Fiduciary Regulations shall mean “bank” or “banks” for purposes of this article.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1570 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 3 - Deposits with State Treasurer|Section 1570.

1570.  Every trust company shall deposit with the State Treasurer money or securities of the character described in Section 1572 as security for its court and private trusts as follows:(a) If the trust company’s principal place of business is situated in a city the population of which does not exceed 100,000 persons, it shall deposit with the State Treasurer money or securities having a market value of at least fifty thousand dollars ($50,000) as security for the faithful performance and execution of all court trusts accepted by it, and money or securities having a market value of at least fifty thousand dollars ($50,000) as security for the faithful performance and execution of all private trusts accepted by it.Whenever any such trust company receives trust funds or property, other than real property, from court trusts accepted by it to the amount of five hundred thousand dollars ($500,000), it shall forthwith give the commissioner written notice thereof, and within 30 days thereafter shall make an additional deposit with the State Treasurer of money or securities having a market value of fifty thousand dollars ($50,000) as security for its court trusts, and money or securities having a market value of fifty thousand dollars ($50,000) as additional security for its private trusts.(b) If the trust company’s principal place of business is situated in a city the population of which exceeds 100,000 persons, it shall deposit with the State Treasurer money or securities having a market value of at least one hundred thousand dollars ($100,000) as security for the faithful performance and execution of all court trusts accepted by it, and money or securities having a market value of at least one hundred thousand dollars ($100,000) as security for the faithful performance and execution of all private trusts accepted by it.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1571 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 3 - Deposits with State Treasurer|Section 1571.

1571.  Whenever any trust company receives trust funds or property, other than real property, from court trusts accepted by it to the amount of one million dollars ($1,000,000), it shall forthwith give the commissioner written notice thereof, and within 30 days thereafter shall make an additional deposit with the State Treasurer of money or securities having a market value of fifty thousand dollars ($50,000). For each additional five hundred thousand dollars ($500,000) of such trust funds thereafter received by any trust company from court trusts a similar notification in writing shall forthwith be given to the commissioner and a further deposit of money or securities having a market value of twenty-five thousand dollars ($25,000) shall be made within 30 days thereafter by such trust company with the State Treasurer until money or securities having a market value of five hundred thousand dollars ($500,000) have been so deposited.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1572 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 3 - Deposits with State Treasurer|Section 1572.

1572.  Security deposited with the Treasurer by trust companies pursuant to Section 1570 or 1571 shall consist of the following:(a) Bonds or other interest-bearing notes or obligations of the United States or those for which the faith and credit of the United States are pledged for the payment of principal and interest.(b) Bonds of the State of California or those for which the faith and credit of the State of California are pledged for the payment of principal and interest or in registered warrants of the State of California.(c) Obligations and securities of the type described in subdivisions (a) to (g), inclusive, of Section 1510.(d) Obligations and assets of the type described in subdivisions (a) to (c), inclusive, of Section 1511.(e) Loans secured by a first lien on real property and otherwise complying with the provisions of subdivision (a) of Section 1486.(f) Obligations issued, assumed, or guaranteed by the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the International Finance Corporation, or the African Development Bank.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1573 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 3 - Deposits with State Treasurer|Section 1573.

1573.  Such money or securities shall be approved by the commissioner and be deposited with the Treasurer upon the written order of the commissioner. Upon receiving any such deposit the Treasurer shall give his or her receipt therefor and thereafter subject to the provisions of this chapter shall hold such deposits for the sole benefit of the beneficiaries of the class of trust business for the security and protection of which the same were deposited. The state is responsible for the custody and safe return of any money or securities so deposited. The Treasurer shall deposit any such moneys under the provisions of Sections 16370 to 16375 of the Government Code.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1574 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 3 - Deposits with State Treasurer|Section 1574.

1574.  Securities deposited pursuant to this article may be exchanged from time to time, with the approval of the commissioner, for other like securities of equal market value. Upon written request to the commissioner, any trust company shall be entitled to withdraw from the Treasurer, from time to time, any amount of its securities so deposited in excess of the amount it is required to maintain on deposit in order to conform with the requirements of this article. Upon receiving a written request for such withdrawal or exchange, and satisfactory proof of the facts warranting the same, the commissioner shall forthwith deliver to the Treasurer a written order directing the withdrawal or exchange of such securities so as to conform with the provisions of this section. The Treasurer shall comply with such written order. So long as the trust company so depositing such securities shall continue solvent, it shall have the right and shall be permitted by the Treasurer to receive the interest and dividends on any securities deposited by it.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1575 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 3 - Deposits with State Treasurer|Section 1575.

1575.  Should any security deposited pursuant to this article so depreciate in value as to reduce the deposit below the amount required by this article, additional money or securities shall be deposited promptly in amount sufficient to meet such requirements. The commissioner may make an investigation of the value of any security deposited pursuant to this article, at the time such security is presented for deposit or at any time thereafter, whenever in his judgment such investigation is necessary. The commissioner may make such charge as may be reasonable and proper for such investigation.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1576 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 3 - Deposits with State Treasurer|Section 1576.

1576.  When any revaluation of securities is made by the commissioner pursuant to Section 1575, other than at the time such securities are presented for deposit, United States Government securities having a maturity date less than five years from the date of such revaluation shall be valued at not less than par.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1577 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 3 - Deposits with State Treasurer|Section 1577.

1577.  The money and securities deposited pursuant to this article shall be subject to sale and the same or the proceeds thereof shall be subject to disposal by the State Treasurer only on the order of a court of competent jurisdiction and for the benefit respectively of the beneficiaries of that class of trust business for the security and protection of which the securities were deposited.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1578 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 3 - Deposits with State Treasurer|Section 1578.

1578.  The commissioner may, pursuant to Section 329, levy a civil penalty against any trust company that fails to comply with this article.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1580 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 4 - Investments|Section 1580.

1580.  A trust company may invest its contributed capital only in the securities and properties in which a commercial bank is permitted to invest its funds pursuant to Sections 800 to 819, inclusive, and in loans on real property which commercial banks are permitted to make pursuant to Article 3 (commencing with Section 1480) of Chapter 14.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1581 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 4 - Investments|Section 1581.

1581.  Trust funds received by any trust company in connection with its trust business, if invested, shall be invested as provided in Part 4 (commencing with Section 16000) of Division 9 of the Probate Code.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1582 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 4 - Investments|Section 1582.

1582.  (a) As used in this section:(1) “Fund” means any investment company registered under the Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1 et seq.), as amended from time to time.(2) “Trust” means any court trust or private trust.(3) “Trust Law” means Division 9 (commencing with Section 15000) of the Probate Code.(b) Within the standards established by trust law, including, but not limited to, Division 9 (commencing with Section 15000) of the Probate Code, a trust company acting in any capacity under a trust may, in the exercise of its investment discretion unless the trust instrument provides expressly to the contrary, invest and reinvest in the securities of or other interests in any fund to which the trust company or its affiliate is providing services including, but not limited to, services as an investment adviser, sponsor, distributor, custodian, agent, registrar, administrator, servicer, or manager, and for which the trust company or its affiliate receives compensation.(c) Before or within 30 days after the initial investment upon the exercise of discretionary powers authorized by subdivision (b), the trust company, acting in any capacity under a trust, shall furnish written notice of the exercise of the discretionary powers and a copy of the prospectus relating to the securities to all persons to whom the trust company is required to render statements of account pursuant to applicable provisions of the Trust Law or to whom the trust company regularly provides a statement of account unless specifically waived in writing.(d) With respect to any trust so invested, the trust company shall disclose to all persons identified in subdivision (c), at least annually by prospectus, statement of account, or other written notice, a brief description of the fees or rates charged by the trust company and its affiliates for its services as investment adviser or investment manager to the fund.(e) In connection with an investment or reinvestment authorized by subdivision (b), the portion of compensation a trust company receives from the trust reasonably attributable to investment advisory or investment management services to the trust shall be reduced (but not below zero) by an amount equal to compensation that is received by the trust company or its affiliates for providing investment advisory or investment management services to the fund for the portion of the trust invested in the fund.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)
CA Fin Code § 1583 (2021)
2021 California Code|Financial Code - FIN|DIVISION 1.1 - BANKING|CHAPTER 16 - Trust Companies|ARTICLE 4 - Investments|Section 1583.

1583.  Any trust company or bank authorized to engage in the trust business holding trust funds awaiting investment or distribution may deposit or leave on deposit such funds with any state or national bank. Such funds shall not, however, be deposited or left with the same corporation or association depositing or leaving on deposit such funds or with any corporation or association holding or owning a majority of the capital stock of the trust company or bank making or leaving such deposit, unless such corporation or association shall first pledge, as security for such deposit, securities eligible for investment by savings banks having a market value of not less than the funds so deposited. No security shall be required with respect to any part of such deposits which is insured under the provisions of any law of the United States.(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)