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Can you summarize 10 CACR Chapter 1, Subchapter 10?
Commissioner of Business Oversight, Division of Financial Institutions > Banks
Short Summary
The provided legal document content covers various aspects of the operations and activities of banks in California, including the repealed Parity Regulations that governed banks in California. It also includes regulations related to audit reports of California state banks, loans to insiders by banks, acquisition of a California state-chartered bank or trust company’s own shares, derivative credit exposure for financial institutions engaged in commercial banking business, service of notice by banks to their customers or creditors, acquiring and holding of equity securities of corporations by banks, establishment and operation of representative offices for foreign banks in California, establishment of California state banks, and establishment, operation, and management of offices of California state banks. The documents provide guidelines, requirements, and procedures for these various aspects, but do not mention specific exemptions or penalties. It is important to note that some of the mentioned regulations have been repealed and are no longer in effect.
Whom does it apply to?
Banks in California, California state banks, financial institutions engaged in commercial banking business, representative offices for foreign banks in California
What does it govern?
Operations and activities of banks in California, audit reports of California state banks, loans to insiders by banks, acquisition of a California state-chartered bank or trust company's own shares, derivative credit exposure for financial institutions engaged in commercial banking business, service of notice by banks to their customers or creditors, acquiring and holding of equity securities of corporations by banks, establishment and operation of representative offices for foreign banks in California, establishment of California state banks, establishment, operation, and management of offices of California state banks
What are exemptions?
Exemptions from filing an audit report for California state banks under certain conditions, exemptions for subsidiaries of a parent from filing an audit report, exemptions or penalties are not mentioned for loans to insiders, acquisition of a California state-chartered bank or trust company's own shares, derivative credit exposure for financial institutions engaged in commercial banking business, service of notice by banks to their customers or creditors, acquiring and holding of equity securities of corporations by banks, establishment and operation of representative offices for foreign banks in California, establishment of California state banks, establishment, operation, and management of offices of California state banks
What are the Penalties?
No specific penalties are mentioned in the provided legal document content.
Jurisdiction
California