CHAPTER 3. Administration and Powers of the Commissioner [14200. - 14384.]

Chapter 3 added by Stats. 1979, Ch. 112.

§§ 14200–14384 · 54 sections

1. ARTICLE 1. General §§ 14200–14212 · 13 sections

   • § 14200 The powers of supervision and examination of all credit unions organized under the provisions of this division are vested in the commissioner.
   • § 14200.1 There is in the Division of Financial Institutions of the Department of Financial Protection and Innovation the Office of Credit Unions. The Office of Credit…
   • § 14200.2 The chief officer of the Office of Credit Unions is the Deputy Commissioner of the Office of Credit Unions. The Deputy Commissioner of the Office of Credit…
   • § 14201 The commissioner may establish or waive such rules and regulations as may be reasonable or necessary to carry out the purposes and provisions of this division.
   • § 14202 The commissioner may by regulation authorize credit unions organized under the provisions of this division to engage in any activity authorized by law or…
   • § 14203 Upon request of the commissioner, a credit union shall furnish to the commissioner an authorization for examination of financial records of any capital funds,…
   • § 14204 If the commissioner upon any examination, or from any report made to the commissioner, finds any credit union is violating the provisions of this division or…
   • § 14205 The commissioner may, upon reasonable notice and opportunity to be heard, suspend or revoke any certificate if the commissioner finds that the credit union has…
   • § 14207 In any proceeding under this law, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
   • § 14208 The commissioner may, after appropriate notice and opportunity for hearing, by order censure, or suspend for a period not exceeding 12 months, or bar from any…
   • § 14209 (a) Whenever it appears to the commissioner that any person has engaged in or is about to engage in any acts or practices constituting a violation of any…
   • § 14211 In determining for purposes of this division whether the capital of any credit union is adequate, the commissioner shall consider the following: (a) The nature…
   • § 14212 (a) The commissioner, whenever in his or her opinion such action is necessary or appropriate to carry out his or her duties, may call a meeting of the board of…
2. ARTICLE 2. Examinations and Reports §§ 14250–14257 · 8 sections

   • § 14250 (a) (1) The commissioner may at any time investigate into the affairs and examine the books, accounts, records, files, and any office within or outside of this…
   • § 14251 The commissioner upon the written consent of any credit union officer or director may make any examination of the credit union in any regularly established…
   • § 14252 (a) A credit union with total assets equal to or greater than ten million dollars ($10,000,000) shall, within 105 days after the end of each fiscal year or…
   • § 14253 A credit union shall, when requested by the commissioner, submit its unaudited financial statements, prepared in accordance with generally accepted accounting…
   • § 14254.5 (a) Except as provided in subdivisions (b) and (c), within 10 business days of opening, closing, or relocating a branch office, a credit union shall notify the…
   • § 14255 Every credit union shall make other special reports to the commissioner as the commissioner may from time to time require. Such reports shall be in the form…
   • § 14256 (a) If any credit union fails to file with the commissioner any report required by this division on or before the day designated for the filing of the report…
   • § 14257 Investigation and examination reports prepared by the commissioner’s duly designated representatives shall not be public records. The reports may be disclosed…
3. ARTICLE 3. Enforcement §§ 14300–14319 · 20 sections

   • § 14300 For purposes of this chapter, the following terms shall have the following meanings: (a) “Officer with a subject institution” means the position of director,…
   • § 14301 Any requirement in this chapter for notice or hearing before the commissioner issues an order may be waived by the person to whom the order is issued.
   • § 14302 (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,…
   • § 14303 (a) The commissioner may, without any prior notice or hearing, order a person to cease and desist from violating Section 14150 if either of the following…
   • § 14304 If, after notice and a hearing, the commissioner finds any of the factors set forth in subdivision (a) or (b) with respect to a subject institution or subject…
   • § 14305 (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…
   • § 14306 An order issued pursuant to Sections 14303 to 14305, inclusive, may include any of the following provisions: (a) Require the subject institution or subject…
   • § 14307 (a) 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…
   • § 14308 If, after notice and a hearing, the commissioner finds that any of the factors set forth in subdivision (a), any of the factors set forth in subdivision (b),…
   • § 14309 (a) If the commissioner finds that any of the factors set forth in subdivision (a) of Section 14308, any of the factors set forth in subdivision (b) of Section…
   • § 14310 (a) If the commissioner finds that any of the factors set forth in paragraph (1) and the factor set forth in paragraph (2) are true with respect to a subject…
   • § 14311 (a) Any subject institution, subject person of a subject institution, or former subject person of a subject institution to whom an order is issued under…
   • § 14312 (a) For purposes of this section, “subject depository institution” means any of the following: (1) A credit union that is organized under the laws of this…
   • § 14313 If the commissioner finds that any of the factors set forth in subdivisions (a) to (g), inclusive, are true with respect to a California credit union, the…
   • § 14314 (a) If the commissioner takes possession of the property and business of a California credit union pursuant to Section 14313, the California credit union may,…
   • § 14315 (a) On taking possession of the business and assets of any credit union as provided in this chapter, the commissioner may proceed to liquidate the credit union…
   • § 14316 The commissioner shall supervise the acts of the liquidating agent or the liquidating committee appointed under this article and may remove the liquidating…
   • § 14317 If required by the commissioner, the liquidating agent or the members of the liquidating committee appointed under this article shall provide proof of bond…
   • § 14318 If the commissioner retains possession of the assets of a credit union for purposes of liquidation, the commissioner shall use the services of civil service…
   • § 14319 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…
4. ARTICLE 4. Costs of Administration §§ 14350–14356 · 8 sections

   • § 14350 The commissioner shall annually levy on and collect from credit unions holding certificates authorizing them to act as credit unions, pro rata on the basis of…
   • § 14351 (a) The amount of the annual assessment on any credit union holding a certificate authorizing it to act as a credit union shall be the greater of (1) two…
   • § 14352 For purposes of the annual assessment, the total assets of a credit union holding a certificate authorizing it to act as a credit union shall be determined as…
   • § 14353 (a) Whenever the commissioner levies an annual assessment on credit unions holding certificates authorizing them to act as credit unions, the commissioner…
   • § 14353.5 Whenever the commissioner finds it necessary or advisable to make an extra examination of a credit union, the commissioner may charge the credit union a fee…
   • § 14354 There is established the Credit Union Fund in the State Treasury.
   • § 14355 All money received or collected by the commissioner under this division or any other law relating to credit unions or the credit union business shall be paid…
   • § 14356 All expenses of the department in administering this division and other laws relating to credit unions or the credit union business shall be paid out of the…
5. ARTICLE 5. Credit Union Advisory Committee §§ 14380–14384 · 5 sections

   • § 14380 There is established in the department a Credit Union Advisory Committee.
   • § 14381 The Credit Union Advisory Committee shall advise the commissioner and the Deputy Commissioner of Financial Protection and Innovation for the Office of Credit…
   • § 14382 (a) The Credit Union Advisory Committee consists of seven members. (b) The members of the Credit Union Advisory Committee shall be appointed by the Secretary…
   • § 14383 The Credit Union Advisory Committee shall meet at least once each calendar quarter.
   • § 14384 The commissioner may by order or regulation prescribe rules governing the Credit Union Advisory Committee and its members, including such matters as meetings,…