Section 53657 Of Article 2. Deposit Of Funds From California Government Code >> Division 2. >> Title 5. >> Part 1. >> Chapter 4. >> Article 2.
53657
. (a) No person shall act as an agent of depository unless
that person is a trust company located in this state, the trust
department of a bank located in this state, or the Federal Home Loan
Bank of San Francisco, and is authorized by the administrator to act
as an agent of depository.
(b) (1) An application for authorization shall be in such form,
shall contain such information, shall be signed in such manner, and
shall (if the administrator so requires) be verified in such manner,
as the administrator may prescribe.
(2) The fee for filing an application for authorization with the
administrator shall be five hundred dollars ($500).
(3) If the administrator finds, with respect to an application for
authorization, that the applicant is competent to act as an agent of
depository and that it is reasonable to believe the applicant will
comply with all applicable provisions of this article and of any
regulation or order issued under this article, the administrator
shall approve the application. If the administrator finds otherwise,
the administrator shall deny the application.
(4) When an application for authorization has been approved, the
applicant shall file with the administrator an agreement to comply
with all applicable provisions of this article and of any regulation
or order issued under this article. The agreement shall be in such
form, shall contain such provisions, and shall be signed in such
manner as the administrator may prescribe.
(5) When an application for authorization has been approved, the
applicant has complied with paragraph (4), and all conditions
precedent to authorizing the applicant to act as agent of depository
have been fulfilled, the administrator shall authorize the applicant
to act as agent of depository.