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California Financial Code

§ 1330

FIN § 1330 Effective Jan 1, 2012Div. 1.1 · Ch. 10 · Art. 1

Statute text

View on leginfo.ca.gov
(a)In this section, “subject person” has the meaning set forth in subdivision (a) of Section 1329.
(b)No subject person of a bank shall purchase, directly or indirectly, or be interested in the purchase of, any of the bank’s obligations or assets without the prior approval of the board of the directors of the bank and for an amount less than the then current market value. Every person violating this section shall be liable to the people of this state, for each offense, for twice the market value of the assets so purchased.

Legislative history

Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.

Source: California Financial Code § 1330 from the California Legislative Information (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.