California Financial Code

§ 14319

FIN § 14319 Effective Sep 20, 2002Div. 5 · Ch. 3 · Art. 3

Statute text

In any case where the commissioner takes possession of a subject institution pursuant to this article without a prior notice or hearing, or takes action against a subject person without prior notice or hearing, the commissioner shall, upon taking possession or taking the action, concurrently provide to the subject institution or person a written order. The order shall set forth the condition or conditions of the subject institution or action or actions of the subject person that constitute the basis or bases for the commissioner’s action as to the subject institution or subject person. In any case where the commissioner takes possession of a subject institution pursuant to this article, the commissioner shall establish clear evidence upon which he or she is taking action against the subject institution.

Legislative history

Added by Stats. 2002, Ch. 734, Sec. 41. Effective September 20, 2002.