(a) For purposes of Government Code section 57604, “financial product or service” means a type of product or service offered by a financial institution, such as a loan or a checking account or a savings account. Products and services are considered the same if they are in the same product category such as being a loan, a checking account or a savings account, and offer the same, or substantially similar product features, benefits and terms such as fees and interest rates charged or earned.

(b) At least 30 days prior to the date the public bank proposes to offer a financial product or service which the public bank believes is not offered by a local financial institution, the public bank must submit a written request to the Commissioner for approval to offer such product or service. The public bank must submit with its request comprehensive documentation and information dated no more than ninety (90) days before submission, which supports the bank's assertion that the product or service is not offered by a local financial institution. Such comprehensive documentation and information shall include: local market product offering surveys that include the product type, fees, interest rates, and additional terms, as well as any other information the public bank believes supports its request. The public bank shall not offer such product or service unless the Commissioner approves the public bank's request. If the Commissioner does not respond within thirty days of having received the required documentation and information, the public bank may offer such product or service.