Section 1798 - Optional draft prospectus submitted by person interested in establishing bank; bank prospectus(a)(1) Any person interested in establishing any bank with the department may elect to submit an optional draft prospectus for review by the department. Any draft prospectus shall be accompanied by a draft prospectus review fee of one thousand five hundred dollars ($1,500) to fund the reasonable cost of the department's review services. The draft prospectus review, while optional, is intended to identify potential issues early so that the potential bank sponsor may attempt to address those issues prior to initiating the formal review process. The draft prospectus is a brief proposal submitted when scoping the concept of a bank, contemplating pursuing a bank idea, or for those new to the banking process.(2) No later than 30 calendar days after the department receives a draft prospectus and review fee, the department shall make an initial evaluation of the proposed concept and notify the person who submitted the draft prospectus of potential issues identified by the department.(b)(1) Any person seeking to establish a bank with the department shall submit a bank prospectus to the department together with a prospectus review fee of ten thousand dollars ($10,000) to fund the reasonable cost of the department's review services. If a draft prospectus and the review fee have been submitted pursuant to subdivision (a), then the review fee for the bank prospectus shall be eight thousand five hundred dollars ($8,500) so as not to exceed a total fee of ten thousand dollars ($10,000).(2) The bank prospectus shall contain at least all of the following information: (A) The proposed bank name.(B) Contact information, including, but not limited to, the bank sponsor, property owner, and any consultants.(C) A general location map, address, and the size of the proposed bank in acres.(D) A 7.5-minute United States Geological Survey map showing proposed boundaries of the bank.(E) Color aerial photographs that reflect current conditions on the site of the proposed bank and surrounding properties.(F) Description of how the bank will be established and operated, including, but not limited to, proposed ownership arrangements, long-term management strategy, and any phases.(G) Qualifications of bank sponsor.(H) Preliminary natural resources surveys that document biotic and abiotic baseline conditions, including past, current, and adjacent land uses, vegetation types, species information, topography, hydrology, and soil types.(I) Map of proposed bank service areas.(J) Map depicting other conserved lands in the vicinity of the proposed bank.(K) Description of bank objectives that includes how the proposed bank would contribute to connectivity and ecosystem function.(L) A current preliminary report covering the site of the proposed bank that identifies the owner of the fee simple title and shows all liens, easements, and other encumbrances and depicts all relevant property lines, easements, dedications, and other features.(M) A declaration of whether or not the proposed bank site has been or is being used as mitigation, is designated or dedicated for park or open space use, or designated for purposes that may be inconsistent with habitat preservation.(N) Details of any public funding received for acquisition or restoration of, or other purposes related to, the proposed bank site.(c) No later than 30 calendar days after the department receives a bank prospectus and the prospectus review fee, the department shall determine whether or not the prospectus is complete and provide written notice of its determination to the person who submitted the prospectus. If a prospectus is not complete, it may be made complete and resubmitted.(d) If the department determines that the prospectus is complete, then within 90 calendar days of that determination, the department shall determine whether or not the prospectus is acceptable and notify the person who submitted the prospectus of the determination. The department may request clarifying information during the prospectus review process.(e)(1) If the department determines that a bank prospectus is acceptable then a bank agreement package may be submitted in accordance with Section 1798.5.(2) If the department determines that a bank prospectus is not acceptable the department shall state the reasons for the determination. The prospectus may be resubmitted in accordance with subdivision (a) or (b) if further consideration is desired. Any resubmittal must be accompanied by payment of a new review fee.(f) The department may adopt and amend guidelines and criteria for the purposes of this section pursuant to subdivision (b) of Section 1799.1.Ca. Fish and Game Code § 1798
Amended by Stats 2023 ch 132 (AB 1760),s 24, eff. 1/1/2024.Added by Stats 2012 ch 565 (SB 1148),s 14, eff. 1/1/2013.