(a) (1) If the department determines that a bank prospectus is acceptable pursuant to Section 1798, the person seeking to establish the bank may submit a bank agreement package to the department. Pursuant to subdivision (c) of Section 1799.1, the department may adopt and amend guidelines and criteria for the bank agreement package, including, but not limited to, recommended standard forms for bank enabling instruments or long-term management plan and conservation easements. (2) The bank agreement package shall be consistent with the prospectus and contain at least all of the following information: (A) The draft bank enabling instrument and all exhibits. (B) Drafts of the interim management plan, long-term management plan, bank closure plan, and, if applicable, a development or construction plan for the bank. (C) A draft conservation easement, or, if potential state ownership is contemplated by the department, a draft grant deed. (D) A map and written description of the proposed bank service area. (E) A proposed credit ledger and credit release schedule for the bank. (F) A property analysis record or other comparable economic analysis of the funding necessary to support bank maintenance activities, such as monitoring and reporting, in perpetuity. (G) Estimates of financial assurances and proposed forms of security. Proposed forms of security may be cash, a letter of credit, or a surety bond. (H) A phase I environmental site assessment of the site of the proposed bank dated not more than six months prior to the date the bank agreement package is submitted to the department. This assessment shall be performed in accordance with the American Society of Testing and Materials Standard E1527-05 âStandard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Processâ or any successive ASTM standard active at the time of the assessment. (b) The department shall collect a fee of twenty-five thousand dollars ($25,000) per bank agreement package to fund the cost of the departmentâs review services. The fee shall be collected at the time the bank agreement package is submitted to the department. (c) Within 30 calendar days following the departmentâs receipt of a bank agreement package and fee pursuant to subdivision (a), the department shall determine whether or not the package is complete and give written notice of the determination to the person who submitted the package. (1) If the department determines that the bank agreement package is not complete, it may be made complete and resubmitted. (2) If the department determines that the bank agreement package is complete, within 90 calendar days of that determination, the department shall determine whether or not it is acceptable and notify the person who submitted the package of the determination. If the department determines that the bank agreement package is not acceptable, the department shall state the reasons. (d) The department may request clarifying information during the bank agreement review process. (e) If the department needs supplemental information during its review of the bank agreement package in order to fully evaluate the proposed bank, the regional manager or departmental equivalent, or a higher level department employee, shall provide the person seeking to establish the bank a written request for the needed information. Upon the departmentâs receipt of the requested information, a new 90-day period shall begin during which the department shall determine acceptability pursuant to paragraph (2) of subdivision (c). If the department does not receive the requested information within 60 calendar days of the departmentâs request, the bank agreement package will be deemed unacceptable. (f) If the person seeking to establish the bank proposes changes to the bank agreement package that have not been solicited by the department during its 90-day review period, including, but not limited to, parties, number or type of credits, bank size, num
‹ Prev All California sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.