Cal. FIN § 582
This is the official text of Cal. FIN § 582, part of California’s Financial Code — regulates banks, credit unions, lenders, and other financial institutions.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Official statutory text
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 supervisory process to determine the financial condition of the subject institution or the details or purpose of any transaction or transactions that may materially affect the financial condition of the subject institution, the commissioner may, without any prior notice or hearing, order the subject institution to do either of the following:
(a) Cease any activity or practice that gave rise, in whole or in part, to the incomplete or inaccurate state of the books or records.
(b) Take affirmative action to restore the books or records to a complete and accurate state.
(a) Cease any activity or practice that gave rise, in whole or in part, to the incomplete or inaccurate state of the books or records.
(b) Take affirmative action to restore the books or records to a complete and accurate state.
Status: in_force · Read it on the official government site
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