(a) No license to issue travelers checks shall be required of any bank that is organized under the laws of this state, any national bank that maintains its main office or a branch office in this state, any insured foreign (other state) state bank that maintains a branch office in this state, or any foreign (other nation) bank that is licensed under Article 3 (commencing with Section 1750) of Chapter 13.5 or that is authorized under federal law to maintain a federal agency (as defined in Section 1700) or federal branch (as defined in Section 1700) in this state. (b) No license to issue travelers checks shall be required for the issuance of any foreign currency travelers check by a group of banks each of which is organized under the laws of a nation other than the United States and one or more of which are licensed under Article 3 (commencing with Section 1750) of Chapter 13.5 or are authorized under federal law to maintain a federal agency or federal branch in this state, provided that each bank that is a member of the group is jointly and severally liable to pay the foreign currency travelers check.
