Ask Reggi Your Question Now
Can you summarize Fin Code CACL 1328?
General Provisions [1320. - 1341.] >
Short Summary
This legal document governs the business activities of banks and trust companies in California regarding the renting of safe deposit boxes and the acceptance of personal property for safekeeping and storage on their banking premises. It requires banks and trust companies to provide customers with a copy of any safe deposit rental agreement or personal property safekeeping and storage agreement at the time of signing, either in person or within 10 calendar days if signed elsewhere. The agreement must not contain any blank spaces to be filled in after the customer signs it. If multiple customers have signed the agreement, the bank or trust company may deliver the copy to any one of the customers residing at the same address, and must also mail or deliver a copy to any other customer who has signed the agreement but does not reside at the same address. Failure to comply with this section makes the bank or trust company liable to the customer for any actual damages suffered. This section provides a nonexclusive remedy in addition to any other remedies or penalties available under other laws of the state. This provision was added to the California Codes in 2011 and became effective on January 1, 2012.
Whom does it apply to?
Banks and trust companies
What does it govern?
Renting safe deposit boxes and receiving personal property for safekeeping and storage on banking premises
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Liability to the customer for any actual damages suffered as a result of failure to comply with the section
Jurisdiction
California