California Financial Code

§ 14309

FIN § 14309 Effective Sep 20, 2002Div. 5 · Ch. 3 · Art. 3

Statute text

(a)If the commissioner finds that any of the factors set forth in subdivision (a) of Section 14308, any of the factors set forth in subdivision (b) of Section 14308, and any of the factors set forth in subdivision (c) of Section 14308 are true with respect to a subject person of a subject institution, and that an action is necessary or advisable for the protection of the subject institution or the interests of the members of the subject institution, the commissioner may, without any prior notice or hearing, issue an order that does both of the following:

(1)Suspends the subject person from the subject person’s office, if any, with the subject institution.

(2)Prohibits the subject person from participating in any manner in the conduct of the affairs of the subject institution without the approval of the commissioner.

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Legislative history

Added by Stats. 2002, Ch. 734, Sec. 31. Effective September 20, 2002.