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California Financial Code

§ 582

FIN § 582 Effective Jan 1, 2012Div. 1 · Ch. 6 · Art. 3

Statute text

View on leginfo.ca.gov
If the commissioner finds that a subject institution’s books or records are so incomplete or inaccurate that the commissioner is unable through the normal supervisory process to determine the financial condition of the subject institution or the details or purpose of any transaction or transactions that may materially affect the financial condition of the subject institution, the commissioner may, without any prior notice or hearing, order the subject institution to do either of the following:
(a)Cease any activity or practice that gave rise, in whole or in part, to the incomplete or inaccurate state of the books or records.
(b)Take affirmative action to restore the books or records to a complete and accurate state.

Legislative history

Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.

Source: California Financial Code § 582 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.