reglab/statecodes huggingface dataset:
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 4 - Reports and Examinations › Section 8153.

8153. (a) In lieu of a report or an examination under Section 8150 or 8152, the commissioner may accept any report made to, or examination made by, a federal or state authority that supervises financial institutions, or by a certified or other public accountant or firm of certified or other public accountants selected by the association and approved by the commissioner.
(b) An examination under Section 8152 may be conducted in conjunction with an examination by a federal authority that supervises financial institutions.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 4 - Reports and Examinations › Section 8154.

8154. (a) Whenever, in the judgment of the commissioner, the condition of any association, savings and loan holding company, or any of their subsidiaries renders it necessary or expedient to make an extra examination or audit or to devote any extraordinary attention to its affairs, the commissioner shall do so or may appoint a certified public accountant or any expert to do so.
(b) The association, savings and loan holding company, or subsidiary specially examined under this section may be required to pay the actual expenses incurred by the commissioner for all extra services rendered by the commissioner, by the appointed accountant, or any expert.
(Amended by Stats. 1988, Ch. 718, Sec. 18.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 4 - Reports and Examinations › Section 8155.

8155. (a) The commissioner is authorized in connection with any examination or audit of any association or any subsidiary to cause to be made appraisals of real estate or other property held by it or securing its assets.
(b) Unless otherwise ordered by the commissioner, appraisal of real estate or other property in connection with any examination or audit pursuant to this article shall be made by a department appraiser or by an independent professional appraiser employed or selected by the commissioner, and the cost of the appraisal promptly shall be paid by the association or subsidiary to the commissioner or directly to the appraiser upon receipt by it of a statement of cost bearing the written approval of the commissioner.
(c) A copy of the report of each appraisal caused to be made by the commissioner pursuant to this section shall be furnished to the association or subsidiary within a reasonable time, not to exceed 60 days, following the completion of the appraisals.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 4 - Reports and Examinations › Section 8156.

8156. (a) Each association shall at least annually cause its books and accounts to be audited at its own expense by a certified public accountant or firm of certified public accountants selected by the association and approved by the commissioner.
(b) The annual audit date and audit period shall be approved in writing by the commissioner prior to commencement of the audit.
(c) Each savings association which engages certified public accountant services for any audit shall transmit to the accountant or accountants copies of the most recent report of condition made by the association pursuant to state or federal law and a copy of the most recent report of examination received by the savings association.
(d) In addition to the copies of the reports required to be provided pursuant to subdivision (c), each savings association shall provide the auditing accountant or accountants with all of the following:
(1) A copy of any supervisory memorandum of understanding with the association and any written agreement between the association and any federal financial regulatory agency or the commissioner which is in effect during the period covered by the audit.
(2) A report of any action initiated or taken pursuant to subdivisions (a), (b), (c), (e), (g), (i), or (s) of Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818), and a report of any action taken by the commissioner pursuant to Section 8200 or 8201, or any other civil monetary penalty assessed under any provision of law with respect to the savings association or any institution-affiliated party.
(Amended by Stats. 1990, Ch. 1118, Sec. 47.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 4 - Reports and Examinations › Section 8157.

8157. (a) The commissioner may prescribe the scope of the annual audit and may require the auditor to furnish information in addition to that contained in the audit report.
(b) Each association shall furnish the commissioner annually, within 90 days after the end of the period covered by the audit, five copies of the financial statements, which shall be accompanied by a report signed by the auditor, prepared and containing the information prescribed in regulations of the commissioner. The financial statements shall be certified by the auditor.
(Amended by Stats. 1986, Ch. 361, Sec. 13.5.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 4 - Reports and Examinations › Section 8158.

8158. (a) The commissioner, or any department employee authorized by the commissioner, shall have free access to all books and records of an association, savings and loan holding company, and any of their subsidiaries that relate to the business of the association, holding company, or subsidiary, and to the books and records kept by any officer, agent, or employee that relate to the business of the association, holding company, or subsidiary.
(b) The commissioner, or any department employee authorized by the commissioner, may summon witnesses and administer oaths or affirmations in the examination of the directors, officers, agents, or employees of any association, savings and loan holding company, any of their subsidiaries, or any other person, in relation to their affairs, transactions, and conditions, and may require and compel the production of records, books, papers, contracts, or other documents by court order, if not voluntarily produced.
(c) This section applies to all parties designated in subdivisions (a) and (b) when an association is placed in conservatorship or receivership.
(Amended by Stats. 1987, Ch. 730, Sec. 19.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 4 - Reports and Examinations › Section 8159.

8159. For each department examination or appraisal made outside this state, a reasonable fee and the actual traveling expenses incurred shall be paid to the department by the association, savings and loan holding company, or subsidiary so examined.
(Amended by Stats. 1988, Ch. 718, Sec. 19.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 4 - Reports and Examinations › Section 8160.

8160. If an association, savings and loan holding company, or any subsidiary of an association or savings and loan holding company fails to report to the commissioner as required by this article, the commissioner may impose penalties in accordance with the following:
(a) Any association, savings and loan holding company, or any subsidiary of an association or savings and loan holding company which (1) maintains procedures reasonably adapted to avoid any inadvertent error and, unintentionally and as a result of such an error (A) fails to make, obtain, transmit, or publish any report or information required by the commissioner by the due date set forth in this article or, if no due date is set forth in this article, the date specified by the commissioner, or (B) submits or publishes any false or misleading report or information or (2) inadvertently transmits or publishes any report which is minimally late, shall be subject to a civil penalty of not more than two thousand dollars ($2,000) for each day during which the failure continues or the false or misleading information is not corrected. The association, savings and loan holding company, or subsidiary of an association or savings and loan holding company shall have the burden of proving that an error was inadvertent and that a report was inadvertently transmitted or published late.
(b) Any association, savings and loan holding company, or any subsidiary of an association or savings and loan holding company which (1) fails to make, obtain, transmit, or publish any report or information required by the commissioner by the due date set forth in this article or, if no due date is set forth in this article, the date specified by the commissioner or (2) submits or publishes any false or misleading report or information, in a manner not described in subdivision (a) shall be subject to a civil penalty of not more than twenty thousand dollars ($20,000) for each day during which the failure continues or the false and misleading information is not corrected.
(c) Any association, savings and loan holding company, or any subsidiary of an association or savings and loan holding company which knowingly or with reckless disregard for the accuracy of any information or report subject to this section submits or publishes any false or misleading report or information, shall be subject to a civil penalty of not more than one million dollars ($1,000,000) or 1 percent of total assets of the savings institution, whichever is less, per day for each day during which the false or misleading information is not corrected.
(d) Any penalty imposed under subdivisions (a), (b), or (c) shall be assessed and collected by the commissioner in the same manner as provided in Section 5330.
(Repealed and added by Stats. 1990, Ch. 1118, Sec. 49.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 5 - Enforcement › Section 8202.

8202. (a) The commissioner shall publish and make the following available to the public:
(1) Any final order issued with respect to any administrative enforcement proceeding initiated by the commissioner pursuant to this division or any other provision of law.
(2) Any modification to, or termination of, any final order specified in paragraph (1).
(b) If the commissioner makes a determination in writing that the publication of any final order pursuant to subdivision (a) would seriously threaten the safety or soundness of a savings association, the commissioner may delay the publication of the order for a reasonable time.
(Added by Stats. 1990, Ch. 1118, Sec. 54.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 6 - Conservatorship › Section 8225.

8225. (a) Whenever the commissioner deems it necessary in order to conserve the assets of any association for the benefit of the depositors and other creditors, or if the commissioner finds any of the following with respect to any association: (1) the association is in an impaired condition; (2) the association is engaging in practices that threaten to result in an impaired condition; (3) the association has substantially dissipated its assets due to violation of law or regulation or to unsafe or unsound practice; (4) the association is in an unsafe or unsound condition to transact business; (5) the association is in violation of an order or injunction, as authorized by this division; or (6) the association refuses to submit its books, papers, and affairs to the inspection of the commissioner, the commissioner may, ex parte and without notice, appoint a conservator for the association.
(b) The conservator may be the commissioner, deputy commissioner or any other person.
(c) The conservator shall, upon appointment, immediately take possession of the books, records, and assets of every description of the association and shall take any further action as he or she may deem necessary to conserve the assets of the association pending further disposition of its business.
(d) Within six months of the date of appointment of the conservator, or within 12 months if the commissioner extends the six months’ period, the association shall be returned to its board of directors to be managed and operated as if no conservator had been appointed, or a receiver shall be appointed as provided in Section 8250.
(e) If the commissioner or a department employee is appointed conservator no additional compensation shall be paid, but if another person is appointed then the compensation of the conservator, as determined by the commissioner, shall be paid by the association.
(f) Any expenses of such conservatorship shall be paid out of the assets of the association and shall be a lien against association assets prior to any other lien.
(Amended by Stats. 1989, Ch. 11, Sec. 1. Effective April 14, 1989.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 6 - Conservatorship › Section 8226.

8226. Any conservator shall have all the rights, powers, and privileges possessed by the officers, directors, members and stockholders of the association.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 6 - Conservatorship › Section 8227.

8227. Except as authorized by the commissioner, the conservator shall not retain special counsel or other experts, incur any expense other than normal operating expenses, or liquidate assets except in the ordinary course of operations.
(Amended by Stats. 1984, Ch. 868, Sec. 17.5.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 6 - Conservatorship › Section 8228.

8228. The directors and officers shall remain in office and the employees shall remain in their respective positions, but the conservator may remove any director, officer, or employee, provided the order of removal of a director or officer shall be approved in writing by the commissioner.
(Added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 6 - Conservatorship › Section 8229.

8229. (a) While the association is in the charge of a conservator, savings account holders, borrowers, and other obligors of the association shall continue to make payments to the association in accordance with the terms and conditions of their contracts, and the conservator may permit savings account holders to withdraw their accounts from the association pursuant to the provisions of this division but shall not declare, credit, or distribute interest for savings accounts without prior approval of the commissioner.
(b) The conservator shall have power to accept savings accounts and additions to savings accounts, but any amounts received by the conservator may be segregated if the commissioner shall so order in writing. If so ordered, these amounts shall not be subject to offset and shall not be used to liquidate any indebtedness of the association existing at the time the conservator was appointed for it or any subsequent indebtedness incurred for the purposes of liquidating the indebtedness of the association existing at the time the conservator was appointed.
(c) All expenses of the association during conservatorship shall be paid by the association.
(Amended by Stats. 1984, Ch. 868, Sec. 17.7.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 6 - Conservatorship › Section 8230.

8230. Whenever a conservator has taken possession of the property and business of any association pursuant to this article, that association, within 10 days after the taking, if it deems itself aggrieved thereby, may apply to the superior court in the county in which the home office of the association is located to enjoin further proceedings. The court, after citing the commissioner to show cause why further proceedings should not be enjoined and after hearing and determination of the facts, may dismiss the application or enjoin the commissioner from further proceedings and direct the commissioner to surrender the property and business to that association.
(Added by Stats. 1988, Ch. 718, Sec. 21.5.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 7 - Receivership › Section 8250.

8250. (a) If the commissioner finds that any association (1) is in an impaired condition, (2) is engaging in practices that threaten to result in an impaired condition, or (3) is in violation of an order or injunction issued pursuant to this division, the commissioner may appoint a receiver for the association.
(b) The receiver may be the commissioner, deputy commissioner or any other person.
(c)  The receiver shall, upon appointment, immediately take possession of the books, records, and assets of every description of the association.
(Amended by Stats. 1988, Ch. 718, Sec. 22.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 7 - Receivership › Section 8251.

8251. (a) In the case of an insured association, the appointment by the commissioner of a receiver under this article shall constitute an official determination of a public authority of this state pursuant to which a receiver is appointed for the purpose of liquidation as contemplated by and within the meaning of subdivision (d) of Section 401 of the National Housing Act of 1934 (12 U.S.C. Sec. 1701 et seq.), as amended.
(b) A receiver shall have all the powers and authority of a conservator plus the power to liquidate, and shall have any other powers and authority that are expressed in an order of a court.
(Amended by Stats. 1988, Ch. 718, Sec. 23.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 7 - Receivership › Section 8252.

8252. If the commissioner or a department employee is appointed receiver, no additional compensation shall be paid, but if another person is appointed, then the compensation of the receiver, as determined by the court, shall be paid from the assets of the association.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 7 - Receivership › Section 8253.

8253. If the association is an institution insured by the Federal Deposit Insurance Corporation, the Federal Deposit Insurance Corporation shall be tendered appointment as receiver or coreceiver. If it accepts the appointment, it may, nevertheless, make loans on the security of or purchase at public or private sale any part or all of the assets of the association of which it is receiver or coreceiver, provided the loan or purchase is approved by the court.
(Amended by Stats. 1990, Ch. 1118, Sec. 55.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 7 - Supervision › ARTICLE 7 - Receivership › Section 8254.

8254. Whenever a receiver has taken possession of the property and business of any association pursuant to this article, that association, within 10 days after the taking, if it deems itself aggrieved thereby, may apply to the superior court in the county in which the home office of the association is located to enjoin further proceedings. The court, after citing the commissioner to show cause why further proceedings should not be enjoined and after hearing and determination of the facts, may dismiss the application or enjoin the commissioner from further proceedings and direct the commissioner to surrender the property and business to that association.
(Added by Stats. 1988, Ch. 718, Sec. 24.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 8 - Federal Associations › Section 8500.

8500. (a) Every federal association and the holders of stock, shares, share accounts, savings accounts, and certificate accounts issued by any federal association have all the rights, powers, and privileges, and are entitled to the same exemptions and immunities granted, respectively, to associations organized under the laws of this state and to the holders of their stock, membership accounts, and savings accounts.
(b) This section is in addition and supplemental to any provision that, by specific reference, is applicable to federal associations and their members or stockholders.
(Repealed and added by Stats. 1987, Ch. 1162, Sec. 16. Effective September 26, 1987.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 8 - Federal Associations › Section 8501.

8501. No director of a federal association shall be liable for monetary damages to the federal association, its stockholders or members, based upon the laws of this state, to the extent that the stockholders, or in case of a mutual federal association the members of the federal association, adopt a resolution limiting liability. The resolution shall not eliminate or limit the liability of directors for any acts or omissions or transactions from which directors of a corporation may not be relieved of liability as set forth in the exception to paragraph (10) of Section 204 of the Corporations Code.
(Added by Stats. 1987, Ch. 730, Sec. 21.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 9 - Fees › Section 9001.

9001. (a) Except where otherwise expressly provided, the commissioner shall prescribe by regulation the amount of each fee expressly required by the provisions of this division, including both existing provisions and provisions that are added by future enactments.
(b) The commissioner may require, and prescribe by regulation the amount of a fee not to exceed one hundred dollars ($100), for filing any application that requires the commissioner’s approval where a fee is not expressly required by the provisions of this division.
(Repealed and added by Stats. 1983, Ch. 1091, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 10 - Foreign (National) Savings Companies › Section 10000.

10000. Terms not expressly defined in this chapter have the meaning given in Chapter 1 (commencing with Section 5000) or as the commissioner may provide by regulation. For the purposes of this chapter:
(a) “California savings association” means either (1) an association or (2) a foreign association or successor thereof that was licensed to do the business of an association in California on September 15, 1935.
(b) “Foreign holding company” means a savings and loan holding company as defined in Section 10 of the Home Owners Loan Act, as amended (12 U.S.C. Sec. 1467a) or bank holding company as defined in Section 3 of the federal Bank Holding Company Act, as amended, (12 U.S.C. Sec. 1841 et seq.), which savings and loan or bank holding company (1) has its principal place of deposits outside of California and (2) does not control a subsidiary California savings association or a subsidiary federal association with, or a subsidiary foreign savings association with, an authorized home or branch office in California at which accounts may lawfully be opened and deposits may lawfully be accepted.
(c) “Foreign savings association” means an insured institution other than a California savings association and other than a federal association.
(d) “Insured institution” means an entity: (1) that is organized and licensed as a savings association, savings and loan association, or savings bank under the laws of another state of the United States and the deposits of which are insured by the Federal Deposit Insurance Corporation or (2) that is chartered by the Office of Thrift Supervision. However, “insured institution” does not include any savings bank of the type defined in Section 3(g) of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1813(g)).
(e) The “principal place of deposits” of an entity is that state in which the total deposits of all of that entity’s depository operations and those of its affiliates are largest.
(Amended by Stats. 2004, Ch. 176, Sec. 5. Effective January 1, 2005.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 10 - Foreign (National) Savings Companies › Section 10001.

10001. (a) No person, other than a California savings association or other person authorized by this division, shall do any business of an association.
(b) No foreign savings association may control a California savings association.
(c) No foreign holding company may control a California savings association.
(d) The commissioner shall obtain an injunction or take other action necessary to prevent any person from unlawfully doing any business of an association in this state.
(Added by Stats. 1987, Ch. 1162, Sec. 19. Effective September 26, 1987. Section operative January 1, 1991, pursuant to Section 10009.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 10 - Foreign (National) Savings Companies › Section 10002.

10002. Notwithstanding Section 10001, and subject to Section 10003, on and after January 1, 1991, a foreign savings association may conduct the business of an association in California or may acquire control of a California savings association, and a foreign holding company may acquire control of a California savings association; provided that, if the commissioner determines that the laws, court decisions, or practices of the jurisdiction under which the foreign savings association is incorporated or, in the case of a foreign holding company, the holding company’s principal place of deposits, would operate to prohibit, restrict, condition, or otherwise limit a California savings association from conducting the business of, or acquiring control of, a savings association in the relevant jurisdiction pursuant to the laws, court decisions, or practices of that jurisdiction, a similar prohibition, restriction, condition, or limitation to be prescribed by regulation or order of the commissioner shall apply in California to the foreign savings association or foreign holding company.
(Added by renumbering Section 10001 by Stats. 1987, Ch. 1162, Sec. 18. Effective September 26, 1987. Section operative January 1, 1991, pursuant to Section 10009.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 10 - Foreign (National) Savings Companies › Section 10003.

10003. No foreign savings association may conduct the business of an association in California, and no foreign savings association or foreign holding company may acquire control of a California savings association, without the written approval of the commissioner. A foreign savings association or foreign holding company shall submit to the commissioner a written application for approval in the form and shall pay such fees as the commissioner prescribes. The foreign savings association or foreign holding company shall submit with the application such information, data, and records as the commissioner may require in order to make his or her determination. The commissioner may issue such regulations as he or she deems to be appropriate to preserve the public interest and integrity of the state’s savings association system and to protect the interests of savings account holders, borrowers, and stockholders resident in this state. The commissioner may make arrangements with the supervisory officials of other states for reciprocal examination of California savings associations, foreign savings associations and foreign holding companies, and the imposition of fees therefor and may condition his or her approval pursuant to this chapter upon the existence of those arrangements.
(Added by renumbering Section 10002 by Stats. 1987, Ch. 1162, Sec. 20. Effective September 26, 1987. Section operative January 1, 1991, pursuant to Section 10009.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 10 - Foreign (National) Savings Companies › Section 10004.

10004. Except as expressly provided for in this chapter, any person who, as principal, agent, salesperson, solicitor, or in any other capacity, solicits or conducts in this state the business of selling, disposing of, taking, or soliciting savings accounts of any foreign savings association that has not complied with all the requirements of this chapter, is guilty of a public offense punishable by imprisonment pursuant to subdivision (h) of Section 1170 of the Penal Code, or in a county jail not exceeding one year, or by a fine not exceeding ten thousand dollars ($10,000), or by both that fine and imprisonment.
(Amended by Stats. 2011, Ch. 15, Sec. 106. (AB 109) Effective April 4, 2011. Operative October 1, 2011, by Sec. 636 of Ch. 15, as amended by Stats. 2011, Ch. 39, Sec. 68.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 10 - Foreign (National) Savings Companies › Section 10005.

10005. For the purposes of this article and any other law of this state prohibiting, limiting, or regulating the doing of business or the selling, taking, or solicitation of savings accounts in this state by foreign savings associations or foreign corporations, any federally insured foreign savings association subject to state or federal supervision, which by law is subject to periodic examination by that supervisory authority and to a requirement of periodic audit, and any broker-dealer registered in accordance with the requirements of the Securities Exchange Act of 1934 and the Corporate Securities Law of 1968, and any partner, officer, director, branch manager, or person performing similar functions, and employees of that broker-dealer, shall not be considered to be doing business or selling, taking, or soliciting savings accounts in this state by reason of engaging in the following:
(a) (1) Any of the activities specified in subdivision (d) of Section 191 of the Corporations Code, or (2) the advertising or solicitation of savings accounts in this state by a federally insured foreign savings association through the media of the mail, radio, television, magazines, newspapers, or any other media that are published or circulated within this state, except through or as a result of telemarketing, provided that the advertising or solicitation as a whole is accurate and does not create a misleading impression even though statements considered separately are literally accurate. A federally insured foreign savings association shall not sell, take or solicit savings accounts through telemarketing by use of the telephone or telephone transceiving equipment, or through the use of an automatic dial-announcing device as defined in Section 2871 of the Public Utilities Code.
(b) The offering by a registered broker-dealer of, or the placement by a registered broker-dealer of a customer’s funds into, a savings account at a federally insured foreign savings association chartered under the laws of a state in which broker-dealers make available savings accounts of associations chartered under the laws of this state, provided that (1) any advertising, offering material, or solicitation as a whole is accurate and does not create a misleading impression even though statements considered separately are literally accurate and (2) the savings accounts of the federally insured foreign savings association are rated “investment grade” by either Standard & Poor’s Corporation or Moody’s Investors Service, Inc. based upon the foreign savings association’s ability to repay the savings accounts independent of federal deposit insurance benefits.
(Amended (as amended by Stats. 1991, Ch. 1206, Sec. 3) by Stats. 1993, Ch. 469, Sec. 9. Effective January 1, 1994.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 10 - Foreign (National) Savings Companies › Section 10006.

10006. Except as provided by regulation, this division applies to a foreign savings association or its holding company as if business conducted in this state were that of a California savings association.
(Added by Stats. 1987, Ch. 1162, Sec. 24. Effective September 26, 1987. Section operative January 1, 1991, pursuant to Section 10009.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 10 - Foreign (National) Savings Companies › Section 10007.

10007. If a foreign savings association is controlled by a foreign holding company, the requirements under this chapter applicable to both a foreign savings association and foreign holding company are required to be met.
(Added by Stats. 1987, Ch. 1162, Sec. 25. Effective September 26, 1987. Section operative January 1, 1991, pursuant to Section 10009.)
2023 California Code › Financial Code - FIN › DIVISION 2 - SAVINGS ASSOCIATION LAW › CHAPTER 10 - Foreign (National) Savings Companies › Section 10009.

10009. This chapter shall become operative on January 1, 1991.
(Added by renumbering Section 10003 by Stats. 1987, Ch. 1162, Sec. 21. Effective September 26, 1987. Note: This section prescribes a delayed operative date for Chapter 10 (added by Stats. 1986, Ch. 1057), commencing with Section 10000.)
2023 California Code › Financial Code - FIN › DIVISION 3 - CHECK SELLERS, BILL PAYERS, AND PRORATERS › CHAPTER 1 - Definitions › Section 12002.

12002. A check seller is a person: (a) who, for compensation, engages, in whole or in part, in the business of selling checks, drafts, money orders, or other commercial paper serving the same purpose, or receiving money as agent of an obligor for the purpose of paying to a person other than the check seller bills, invoices, or accounts of such obligor, or (b) who, without direct compensation and not as an authorized agent for a utility company, accepts money for the purpose of forwarding it to others in payment of utility bills.
(Amended by Stats. 1983, Ch. 660, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 3 - CHECK SELLERS, BILL PAYERS, AND PRORATERS › CHAPTER 1 - Definitions › Section 12002.1.

12002.1. A prorater is a person who, for compensation, engages in whole or in part in the business of receiving money or evidences thereof for the purpose of distributing the money or evidences thereof among creditors in payment or partial payment of the obligations of the debtor.
(Amended by Stats. 1972, Ch. 999.)
2023 California Code › Financial Code - FIN › DIVISION 3 - CHECK SELLERS, BILL PAYERS, AND PRORATERS › CHAPTER 1 - Definitions › Section 12002.2.

12002.2. A business agent, for the purpose of this division is a person who engages in business as a prorater as defined in Section 12002.1 as an incident to the business of advising, counseling, or directing persons in their investments, and in the organization and management of their affairs under an exclusive contract, the primary purpose of which is not the liquidation of existing indebtedness.
(Added by Stats. 1959, Ch. 1506.)
2023 California Code › Financial Code - FIN › DIVISION 3 - CHECK SELLERS, BILL PAYERS, AND PRORATERS › CHAPTER 1 - Definitions › Section 12003.

12003. “Commissioner” means the Commissioner of Financial Protection and Innovation, or any deputy, investigator, auditor, or any other person employed by the commissioner.
(Amended by Stats. 2022, Ch. 452, Sec. 110. (SB 1498) Effective January 1, 2023.)
2023 California Code › Financial Code - FIN › DIVISION 3 - CHECK SELLERS, BILL PAYERS, AND PRORATERS › CHAPTER 1 - Definitions › Section 12004.

12004. “Licensee” means any individual or corporation licensed by the commissioner to engage in the business of a business agent, and any corporation licensed by the commissioner to engage in the business of selling checks, drafts or money orders, or of receiving money as agent of an obligor for the purpose of paying bills, invoices or accounts of such obligor or to accept money in payment of utility bills except as an authorized agent for a utility company pursuant to the provisions of this division.
(Amended by Stats. 1983, Ch. 660, Sec. 3.)
2023 California Code › Financial Code - FIN › DIVISION 3 - CHECK SELLERS, BILL PAYERS, AND PRORATERS › CHAPTER 1 - Definitions › Section 12005.

12005. “Mobile unit” means a vehicle or other movable means from which the business of selling checks, drafts, or money orders is conducted.
(Amended by Stats. 1983, Ch. 660, Sec. 4.)
2023 California Code › Financial Code - FIN › DIVISION 3 - CHECK SELLERS, BILL PAYERS, AND PRORATERS › CHAPTER 2 - Application of Division › Section 12102.

12102. Any person who willfully violates any provision of this division, or who willfully violates any rule or order under this division, shall, upon conviction, be fined not more than ten thousand dollars ($10,000), or imprisoned pursuant to subdivision (h) of Section 1170 of the Penal Code, or in a county jail for not more than one year, or be punished by both that fine and imprisonment, but no person may be imprisoned for the violation of any rule or order unless he or she had knowledge of the rule or order. Conviction under this section shall not preclude the commissioner from exercising the authority provided in Section 12400.
(Amended by Stats. 2011, Ch. 15, Sec. 107. (AB 109) Effective April 4, 2011. Operative October 1, 2011, by Sec. 636 of Ch. 15, as amended by Stats. 2011, Ch. 39, Sec. 68.)
2023 California Code › Financial Code - FIN › DIVISION 3 - CHECK SELLERS, BILL PAYERS, AND PRORATERS › CHAPTER 2 - Application of Division › Section 12102.1.

12102.1. A licensee under this division or any person engaged in the same type of business as licensed under this division whether said person is licensed or not shall be deemed to be an agent as defined under Sections 506 and 506a of the Penal Code and subject to the penalties under said sections.
(Added by Stats. 1953, Ch. 807.)
2023 California Code › Financial Code - FIN › DIVISION 3 - CHECK SELLERS, BILL PAYERS, AND PRORATERS › CHAPTER 2 - Application of Division › Section 12103.

12103. Whenever in the opinion of the commissioner any person is engaged in business as a check seller as defined in this division without a license from the commissioner, or any person or licensee is violating any provision of this division, the commissioner may order the person or licensee to desist and to refrain from engaging in such business or further violating this division. If, after an order has been served, a request for a hearing is filed in writing within 30 days of the date of service of the order by the person to whom the order was directed, a hearing shall be held in accordance with the Administrative Procedure Act (Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code), and the commissioner shall have all of the powers granted under that chapter. Unless the hearing is commenced within 15 business days after the request for a hearing is filed or the person affected consents to a later date, the order is rescinded.
(Amended by Stats. 2015, Ch. 110, Sec. 1. (AB 1113) Effective January 1, 2016.)
2023 California Code › Financial Code - FIN › DIVISION 3 - CHECK SELLERS, BILL PAYERS, AND PRORATERS › CHAPTER 2 - Application of Division › Section 12105.

12105. (a) Whenever it appears to the commissioner that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of this division, or any rule or order promulgated pursuant to this division, the commissioner may, at his or her discretion, bring an action in the name of the people of the State of California in the superior court to enjoin the acts or practices or to enforce compliance. Upon a proper showing, a permanent or preliminary injunction, a regaining order, or a writ of mandate shall be granted and a receiver or conservator may be appointed for the defendant’s assets.
(b) If the commissioner determines it is in the public interest, the commissioner may include in any action under this division a claim for ancillary relief, including, but not limited to, a claim for restitution or disgorgement or damages on behalf of the persons injured by the act or practice constituting the subject matter of the action, and the administrative or civil court shall have jurisdiction to award an additional relief.
(c) The commissioner may, after appropriate notice and opportunity for hearing, levy administrative penalties against any person or licensee who violates any provision of this division, or rule or order promulgated pursuant to this division, in an amount not to exceed two thousand five hundred dollars ($2,500) per violation. Any hearing shall be held in accordance with the Administrative Procedure Act, Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code, and the commissioner shall have all of the powers granted under this act. If no hearing is requested within 30 days from the date of service of the order, the order shall become final.
(d) Any licensee or person who willfully violates any provision of this division, or any rule or order thereunder, shall be liable for a civil penalty not to exceed ten thousand dollars ($10,000) for each violation, which shall be assessed and recovered in a civil action brought in the name of the people of the State of California by the commissioner in any court of competent jurisdiction.
(e) In any action brought under this division, the commissioner is entitled to receive costs, which in the discretion of the administrative or civil court shall include an amount representing reasonable attorney’s fees and any related expenses for services rendered.
(Added by Stats. 2002, Ch. 779, Sec. 5. Effective January 1, 2003.)
2023 California Code › Financial Code - FIN › DIVISION 3 - CHECK SELLERS, BILL PAYERS, AND PRORATERS › CHAPTER 2 - Application of Division › Section 12106.

12106. (a) The commissioner may do the following, at his or her discretion:
(1) Make public or private investigations within or outside of this state necessary to determine whether any person has violated, or is about to violate, any provision of this division or any rule or order promulgated pursuant to this division, or to aid in the enforcement of the law.
(2) Make public any information concerning any violation of this division or any rule or order promulgated pursuant to this division.
(b) For the purpose of any investigation or proceeding under this section, the commissioner or any officer designated by the commissioner may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence, and require the production of any books, papers, correspondence, memoranda, agreements, or other documents or records the commissioner deems relevant or material to the inquiry.
(c) In case of refusal to obey a subpoena issued to a person, the superior court may upon application by the commissioner issue to the person an order requiring the person to appear before the commissioner, or an officer designated by the commissioner, and produce documentary evidence, if so ordered, or to give evidence touching the matter under investigation or in question. Failure to obey the order of the court may be punished by the court as a contempt.
(d) No person is excused from attending or testifying, or from producing any document or record, before the commissioner or in obedience of a subpoena of the commissioner, or any officer designated by the commissioner, or in any proceeding instituted by the commissioner, on the ground that the testimony or evidence required of the person may incriminate the person or subject the person to a penalty or forfeiture. However, after validly claiming the privilege against self-incrimination, no individual may be prosecuted or subjected to any penalty or forfeiture for, or on account of, any transaction, matter, or thing for which the person is compelled to testify or produce pursuant to this section, except that the individual testifying is not exempt from prosecution and punishment for perjury or contempt committed in testifying.
(e) The cost of any review, examination, audit, or investigation made by the commissioner under this section shall be paid to the commissioner by the person subject to the review, examination, audit, or investigation, and the commissioner may maintain an action for the recovery of these costs in any court of competent jurisdiction. In determining the cost, the commissioner may use the actual amount of the salary or other compensation paid to the persons making the review, examination, audit, or investigation plus the actual amount of expenses, including overhead reasonably incurred in the performance of the work.
(Added by Stats. 2002, Ch. 779, Sec. 6. Effective January 1, 2003.)
2023 California Code › Financial Code - FIN › DIVISION 3 - CHECK SELLERS, BILL PAYERS, AND PRORATERS › CHAPTER 2 - Application of Division › Section 12107.

12107. (a) If, upon inspection or investigation, based upon a complaint or otherwise, the department has cause to believe that a person is engaged in business without a license, or a person or licensee is violating any provision of this division or any rule or order promulgated pursuant to this division, the department may issue a citation to that person in writing describing with particularity the basis of the citation. Each citation may contain an order to desist and refrain and an assessment of an administrative penalty not to exceed two thousand five hundred dollars ($2,500). All penalties collected under this section shall be deposited in the State Corporations Fund.
(b) The sanctions authorized under this section shall be separate from, and in addition to, all other administrative, civil, or criminal remedies.
(c) If within 30 days from the receipt of the citation, the person cited fails to notify the department that the person intends to request a hearing as described in subdivision (d), the citation shall be deemed final.
(d) Any hearing under this section shall be conducted in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code.
(e) After the exhaustion of the review procedures provided for in this section, the department may apply to the appropriate superior court for a judgment in the amount of the administrative penalty and order compelling the cited person to comply with the order of the department. The application shall include a certified copy of the final order of the department and shall constitute a sufficient showing to warrant the issuance of the judgment and order.
(Added by Stats. 2002, Ch. 779, Sec. 7. Effective January 1, 2003.)
2023 California Code › Financial Code - FIN › DIVISION 3 - CHECK SELLERS, BILL PAYERS, AND PRORATERS › CHAPTER 2 - Application of Division › Section 12108.

12108. (a) The remedies available to the commissioner pursuant to this division are not exclusive and may be sought and employed in any combination deemed advisable by the commissioner to enforce the provisions of this division.
(b) Any amounts collected by the commissioner in any action shall be paid into the State Corporations Fund.
(Added by Stats. 2002, Ch. 779, Sec. 8. Effective January 1, 2003.)
2023 California Code › Financial Code - FIN › DIVISION 3 - CHECK SELLERS, BILL PAYERS, AND PRORATERS › CHAPTER 3 - Licensing › Section 12200.

12200. No person shall engage in the business, for compensation, of selling checks, drafts, money orders, or other commercial paper serving the same purpose, or of receiving money as agent of an obligor for the purpose of paying bills, invoices, or accounts of such obligor, or acting as a prorater, nor shall any person, without direct compensation and not as an authorized agent for a utility company, accept money for the purpose of forwarding it to others in payment of utility bills, without first obtaining a license from the commissioner.
(Amended by Stats. 1983, Ch. 660, Sec. 8.)