CHAPTER 3. Department of Financial Protection and Innovation [300. - 414.]

Heading of Chapter 3 amended by Stats. 2022, Ch. 452, Sec. 98.

§§ 300–414 · 53 sections

1. ARTICLE 1. General Provisions §§ 300–301 · 2 sections

   • § 300 (a) In this section: (1) “Business and industrial development corporation” means a corporation licensed under Division 15 (commencing with Section 31000). (2)…
   • § 301 (a) This chapter is applicable to this division, Division 1.1 (commencing with Section 1000), Division 1.2 (commencing with Section 2000), Division 1.6…
2. ARTICLE 2. Commissioner of Financial Protection and Innovation §§ 320–338 · 20 sections

   • § 320 (a) The chief officer of the Department of Financial Protection and Innovation is the Commissioner of Financial Protection and Innovation. The Commissioner of…
   • § 321 (a) In this section, “order” means any approval, consent, authorization, exemption, denial, prohibition, requirement, or other administrative action,…
   • § 322 The commissioner is appointed by the Governor, and holds office at the pleasure of the Governor. The appointment of the commissioner is subject to confirmation…
   • § 323 The commissioner shall be a citizen of the United States and a resident of the state for at least three years prior to his or her appointment. The commissioner…
   • § 324 The annual salary of the commissioner is provided for by Chapter 6 (commencing with Section 11550) of Part 1 of Division 3 of Title 2 of the Government Code.
   • § 325 Before entering upon the duties of his or her office, the commissioner shall take and subscribe to the constitutional oath of office and file the same with the…
   • § 326 (a) The Commissioner of Financial Protection and Innovation is responsible for the performance of all duties, the exercise of all powers and jurisdiction, and…
   • § 327 (a) The commissioner shall apply the Interagency Guidance on Nontraditional Mortgage Product Risks issued in September 2006 and the Statement on Subprime…
   • § 328 (a) The commissioner may make the agreements that he or she deems necessary or appropriate in exercising his or her powers. (b) (1) The agreements authorized…
   • § 329 (a) For purposes of this section, the following definitions apply: (1) “Applicable law” means: (A) With respect to any bank, Division 1.6 (commencing with…
   • § 330 The authority vested in the Superintendent of Banks under subdivision (2) of Section 1 of Article XV of the California Constitution is delegated to the…
   • § 331 The commissioner may adopt and implement any method of accepting electronic filings of applications, reports, or other matters, which, in the opinion of the…
   • § 331.5 (a) (1) A licensee subject to the commissioner’s jurisdiction shall establish and maintain an electronic service address designated for receiving…
   • § 332 (a) (1) In this section, “federal law” includes, but is not limited to, the United States Constitution, any federal statute, any federal court decision, and…
   • § 333 The powers of supervision and examination of all licensees are vested in the commissioner.
   • § 334 The commissioner may promulgate or waive such rules and regulations as may be reasonable or necessary to carry out his or her duties and responsibilities.
   • § 335 (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…
   • § 336 The commissioner may, at any time, require a licensee to write down any asset held by the licensee to a valuation that will represent the asset’s then fair…
   • § 337 (a) The commissioner, when conducting examinations under Section 500, 14250, 16150, or 16700, shall examine a licensee that maintains a correspondent account…
   • § 338 Upon declaration of a state of emergency, pursuant to the California Emergency Services Act (Chapter 7 (commencing with Section 8550) of Division 1 of Title 2…
3. ARTICLE 3. Deputies and Employees §§ 350–357 · 8 sections

   • § 350 The chief deputy shall be appointed by the Governor and hold office at the pleasure of the Governor. The annual salary of the chief deputy shall be fixed by…
   • § 351 (a) The chief officer of the Division of Corporations and Financial Institutions is the Senior Deputy Commissioner of Financial Protection and Innovation for…
   • § 352 The commissioner may employ deputies in addition to the chief deputy, and examiners, appraisers, technical assistants, investigators, administrative…
   • § 353 Before entering upon the duties of his or her office each deputy and examiner shall take and subscribe to the constitutional oath of office.
   • § 354 The commissioner may require, at any time, of any deputy, examiner, or other employee of the department, an official bond in such amount as the commissioner…
   • § 355 The Commissioner of Financial Protection and Innovation, the Senior Deputy Commissioner of the Division of Financial Institutions, or any deputy or employee of…
   • § 356 If the commissioner is unable to perform his or her duties for more than 30 consecutive days or if the office of the commissioner becomes vacant, the chief…
   • § 357 If a deputy commissioner or any examiner has knowledge of the insolvency or unsafe condition of any licensee and willfully fails to report that fact to the…
4. ARTICLE 4. Administration of the Department §§ 370–382 · 12 sections

   • § 370 The commissioner may have an office in the City of Sacramento, the City of Los Angeles, the City of San Diego, the City and County of San Francisco, or any…
   • § 372 The department may expend moneys in accordance with law for the necessary travel expenses of officers and employees of the department while traveling in the…
   • § 373 The commissioner shall adopt and keep an official seal. Papers executed by the commissioner in his or her official capacity pursuant to law and bearing the…
   • § 374 (a) Whenever it is necessary for the commissioner to approve any instrument and to affix his or her official seal thereto, the commissioner shall charge a fee…
   • § 375 Official reports made by the commissioner and verified reports of an examination made by the commissioner, exclusively or in conjunction with or with…
   • § 376 At least once each month, the commissioner shall issue and disseminate as the commissioner deems appropriate a bulletin containing the following information:…
   • § 377 Notwithstanding any other provision of this code, whenever any provision of the Financial Institutions Law requires the pledge of securities to be deposited…
   • § 378 Whenever the commissioner is notified of or discovers a violation of the state law punishable by criminal penalties, he or she shall promptly advise the…
   • § 379 (a) For the purposes of this section the following definitions shall apply: (1) “Control” has the meaning set forth in subdivision (b) of Section 1250.…
   • § 380 (a) The commissioner shall inform appropriate state and federal officials charged with the regulation of financial institutions or securities transactions of…
   • § 381 Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code does not apply to hearings conducted by the department.
   • § 382 (a) The department shall require fingerprint images from any department employee, prospective employee or applicant seeking employment within the department,…
5. ARTICLE 5. Financial Institutions Fund § 400 · 1 section

   • § 400 As of the operative date of this section, there is established a Financial Institutions Fund in the State Treasury. Except as otherwise provided in Division 5…
6. ARTICLE 6. State Banking Account §§ 405–414 · 10 sections

   • § 405 (a) The commissioner shall annually collect pro rata from the banks and trust companies under the supervision of the department a fund in an amount sufficient…
   • § 406 The commissioner shall annually collect from national banking associations and foreign (other state) banks operating trust departments in this state an annual…
   • § 407 Whenever the commissioner makes an assessment pursuant to Section 405 or 406, the commissioner shall fix the date when the assessment is due and payable and…
   • § 408 The commissioner, in addition to the annual assessment, shall collect from each bank authorized to engage in the trust business, to defray the cost of…
   • § 409 If any bank or trust company fails to make timely payment of any assessment made pursuant to Section 405, 406, or 408, the commissioner may, in the…
   • § 410 As of the operative date of this section: (a) The State Banking Fund is converted into a separate account in the Financial Institutions Fund and designated as…
   • § 411 Except as otherwise provided in Section 413 or 414, all salaries and other expenses of the department, other than those incurred in administering laws relating…
   • § 412 The commissioner shall deliver all moneys received or collected by the commissioner under Section 405, 406, or 408 or otherwise, other than moneys received or…
   • § 413 (a) In this section, “assessment statute” means any statute that authorizes the commissioner to make or collect an assessment (other than a fine) on financial…
   • § 414 Notwithstanding any other provision of this code or of Section 53667 of the Government Code, the commissioner may, at any time during a fiscal year, pay any…