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Licensees and Programs
The Department currently grants licenses to conduct financial services business in California under nine different sets of statutes; bank and trust, credit union, industrial loan, foreign banks, business and industrial loan, money transmitters, payment instruments and travelers checks.
The Department administers the Local Agency Security Program (LASP).
- Banks From community banks to multi-billion dollar institutions, state-chartered banks offer financial solutions tailored to fit the communities they serve.
- Business and Industrial Development Corporations (BIDCO) Provide non-traditional capital and/or debt funding for qualified businesses.
- Credit Unions Located in thousands of work sites and communities throughout California, state-chartered credit unions provide a range of basic financial services to their members.
- Foreign (Other Nation) Banks They extend trade financing and other financial services to businesses in California and around the globe. Foreign banks range from Agencies and Branches, which proved a full range of services to Representative Offices which act as liaisons between California and countries worldwide. Facilities of foreign (other state) banks act as liaisons between California and their home states.
- Foreign (Other State) Banks California plays host to offices of state-chartered banks that are headquartered in other states.
- Industrial Banks Similar to community banks, industrial banks are insured deposit-taking institutions that specialize in niche banking.
- Issuers of Payment Instruments (Money Orders) (PI) Money Orders are a safe and convenient payment mechanism for consumers.
- Issuers of Travelers Checks (TC) Travelers Checks offer a safe and convenient alternative to cash for busy, on-the-go travelers.
- Local Agency Security Program (LASP) Financial institutions that accept local agency deposits report to the state any addition, withdrawal, or substitution of pooled securities that secure local agency deposits.
- Money Transmitters Money Transmitters receive money for transmission (wiring) from California to countries worldwide.
- Premium Finance Companies Provide insurance rate premium financing.
- Trust Companies and Departments Offer a full range of private client and investment services to individuals and businesses.