General information

Financial Institutions to Designate Central Locations for Service of Legal Process

AB 2364 (Wagner) was signed into law by Governor Jerry Brown and becomes law on January 1, 2013. The new statute requires financial institutions to file with the Department of Financial Institutions (DFI) a list of one or more central locations that are designated for service of notices of levy or attachment against deposit accounts, the contents of safe deposit boxes, and other property held by institutions.

This new law applies to all banks, credit unions, and corporations engaged in safe deposit businesses with branches or offices in California, whether they are licensed by the DFI, federally chartered, or headquartered in another state.

  • Financial institutions with ten or more California branches or offices are required to designate one or more central locations for service of legal process. Failure to designate a central location will result in all of the institution’s branches or offices in this state being deemed as central locations.
  • Financial institutions with fewer than ten California branches or offices have the option to designate one or more central locations for service of legal process.

The statute requires that the DFI maintain the information and make it accessible to the public by providing it to any person who requests it or by posting the information online. To facilitate compliance, the DFI is in the process of developing an electronic form for collecting the designated location information to publish on its website.

Please see CBA’s Regulatory Compliance Bulletin for more information.

Accessing the Electronic Form 

DFI licensees will receive an email to their designated email address with a link to the secure web form where they can input their designated locations.

Banks and credit unions that are not licensed by the DFI may receive an email with the link to the electronic form by subscribing to the “AB2364” email topic on our Subscription Manager (http://www.dfi.ca.gov/publications/bulletins/email_subcription.asp). 

For more information, please contact the DFI Licensing Section at (415) 263-8559 or licensing@dfi.ca.gov.

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