California Financial Code 581 – If the commissioner finds that any of the factors set forth in …
If the commissioner finds that any of the factors set forth in Section 580 is true with respect to any subject institution, subject person, or holding company, and that the action, omission, or violation is likely to have any of the consequences set forth in subdivisions (a) to (d), inclusive, the commissioner may, without any prior notice or opportunity to be heard, order the subject institution or subject person to cease and desist from the following:
(a) Any act, omission, or violation that may cause the insolvency of the subject institution.
Terms Used In California Financial Code 581
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Person: includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind. See California Financial Code 18
(b) Any act, omission, or violation that may cause significant dissipation of the assets or earnings of the subject institution.
(c) Any act, omission, or violation that may weaken the condition of the subject institution.
(d) Any act, omission, or violation that may otherwise prejudice the interests of the customers of the subject institution.
(Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)