§ 14305. — 14305. (Added by Stats. 2002, Ch. 734, Sec. 27.)

California § 14305.

• 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)
If the commissioner finds that any of the factors set forth in Section 14304 is true with respect to a subject institution or subject person and that the action or violation is likely to have any of the consequences set forth in paragraphs (1) to (4), inclusive, the commissioner may, without any prior notice or hearing, order the subject institution or subject person to cease and desist from the action or violation:
(1)
To cause the insolvency of the subject
institution.
(2)
To cause significant dissipation of the assets or earnings of the subject institution.
(3)
To weaken the condition of the subject institution.
(4)
To otherwise prejudice the interests of the members of the subject institution.
(b)
(1)
(A)
Within 30 days after an order is issued pursuant to subdivision (a), any subject institution or subject person to whom the order is issued may file with the commissioner an application for a hearing on the order.
(B)
If the commissioner fails to commence the hearing within 15 business days after the application is filed with the commissioner, or within any longer period to which the subject
institution or subject person consents, the order shall be deemed rescinded.
(C)
Within 30 days after the hearing, or within any longer period to which the subject institution or subject person consents, the commissioner shall affirm, modify, or rescind the order. If the commissioner fails to affirm, modify, or rescind the order within this time limit, the order shall be deemed rescinded.
(2)
The right of any subject institution or subject person to whom an order is issued under subdivision (a) to petition for judicial review of the order shall not be affected by the failure of the subject institution or subject person to apply to the commissioner for a hearing on the order pursuant to paragraph (1).

Legislative History

Added by Stats. 2002, Ch. 734, Sec. 27. Effective September 20, 2002.