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Effective Jan 1, 2012Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.
- (a) Any foreign (other state) state bank is exempted from the restrictions of Section 1 of Article XV of the California Constitution relating to rates of interest upon the loan or forbearance of any money, goods, or things in action or on accounts after demand.
- (b) This section does not exempt a foreign (other state) state bank or any subsidiary from complying with all other laws and regulations governing the business in which the bank or subsidiary is engaged.
- (c) This section creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV of the California Constitution.