§ 14302. — 14302. (Repealed and added by Stats. 2002, Ch. 734, Sec. 22.)

California § 14302.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 5.: DIVISION 5. CREDIT UNIONS
• Ch. 3.: CHAPTER 3. Administration and Powers of the Commissioner
• Art. 3.: ARTICLE 3. Enforcement

Text

(a)
The commissioner may bring an action in the name of the people of this state in the superior court to enjoin any violation of, to enforce compliance with, or to collect any penalty or other liability imposed under, this division or any regulation or order issued under this division. Upon a proper showing, a permanent or preliminary injunction, restraining order, or writ of mandate shall be granted, and a monitor, receiver, conservator, or other designated fiduciary or officer of the court may be appointed for the defendant or the
defendant’s assets, or other relief may be granted as appropriate.
(b)
A receiver, monitor, conservator, or other designated fiduciary officer of the court appointed by the court pursuant to this section may, with the approval of the court, exercise all powers of the defendant’s officers, directors, partners, trustees, or persons who exercise similar powers and perform similar duties. No action at law or in equity may be maintained by any party against the commissioner, or a receiver, monitor, conservator, or other designated fiduciary or officer of the court by reason of their exercising these powers or performing these duties pursuant to the order of, or with the approval of, the court.
(c)
If the commissioner finds that it is in the public interest, the commissioner may include in an action authorized by subdivision (a) a claim for ancillary relief, including a claim for
restitution, disgorgement, or damages on behalf of the person injured by the act or practice constituting the subject matter of the action, and the court shall have jurisdiction to award ancillary relief.
(d)
Neither the provision of subdivision (a) that authorizes the appointment of a monitor, receiver, conservator, or other designated fiduciary or officer of the court, nor any provision of subdivision (b) or (c), applies to any of the following:
(1)
A California credit union that is authorized by the commissioner to transact credit union business.
(2)
A foreign, whether other state or other nation, credit union that maintains an office in this state in accordance with federal law, the law of this state, and the law of the credit union’s domicile.
(e)
The provisions of this section that authorize the commissioner to bring actions and seek relief are not intended to, and do not, affect any right that another person may have to bring the same or similar actions or to seek the same or similar relief.

Legislative History

Repealed and added by Stats. 2002, Ch. 734, Sec. 22. Effective September 20, 2002.