California Financial Code

§ 14305

FIN § 14305 Effective Sep 20, 2002Div. 5 · Ch. 3 · Art. 3

Statute text

(a)If the commissioner finds that any of the factors set forth in Section 14304 is true with respect to a subject institution or subject person and that the action or violation is likely to have any of the consequences set forth in paragraphs (1) to (4), inclusive, the commissioner may, without any prior notice or hearing, order the subject institution or subject person to cease and desist from the action or violation:

(1)To cause the insolvency of the subject institution.

(2)To cause significant dissipation of the assets or earnings of the subject institution.

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Legislative history

Added by Stats. 2002, Ch. 734, Sec. 27. Effective September 20, 2002.