California Financial Code

§ 8201

FIN § 8201Div. 2 · Ch. 7 · Art. 5

Statute text

(a)Whenever the commissioner determines that any institution-affiliated party or any director, officer, or employee of a savings and loan holding company or affiliate thereof has committed any of the following violations, engaged or participated in any of the following unsafe or unsound practices, or committed any of the following breaches of fiduciary duty that meet the additional criteria of subdivision (b), the commissioner may serve upon that person a written notice of the commissioner’s intent to order the removal of the person from his or her office or employment or to prohibit any further participation (in any manner) in the conduct of the affairs of any savings association, or both:

(1)Violation of any statute or regulation, any cease and desist order which has become final, any condition imposed in writing by the commissioner in connection with the grant of any application or other request by the savings association or any written agreement between the savings institution and the commissioner.

(2)Engaging or participating in any unsafe or unsound practice in connection with any savings association.

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Legislative history

Repealed and added by Stats. 1990, Ch. 1118, Sec. 53.