California Financial Code

§ 14313

FIN § 14313 Effective Jan 1, 2011Div. 5 · Ch. 3 · Art. 3

Statute text

If the commissioner finds that any of the factors set forth in subdivisions (a) to (g), inclusive, are true with respect to a California credit union, the commissioner may by order, without any prior notice or hearing, take possession of the property and business of the California credit union:

(a)That the California credit union has violated any provision of this division, of another applicable law, of any order issued under this division, or of any written agreement with the commissioner, or has committed a material violation of any regulation of the commissioner.

(b)That the California credit union is conducting its business in an unsafe or unsound manner.

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Legislative history

Amended by Stats. 2010, Ch. 532, Sec. 48. (AB 1268) Effective January 1, 2011.