Article 3 - General Supervisory Powers and Duties of Commissioner

California Financial Code — §§ 8050-8055

Sections (5)

Amended by Stats. 1990, Ch. 1118, Sec. 46.7.

(a)The commissioner shall have general supervision over all (1) associations, (2) savings and loan holding companies, (3) service corporations, (4) finance subsidiaries, and (5) other persons that are subject to the provisions of this division.

(b)The commissioner shall enforce the purposes of this division by use of the powers conferred by it and by an action in any court of competent jurisdiction if required.

§ 8051

Amended by Stats. 1986, Ch. 361, Sec. 10.

Each decision, order, or instruction shall be in writing signed by the commissioner or a deputy commissioner and shall be sent by registered or first-class mail, addressed to the home office of the appropriate association or person.

§ 8053

Added by Stats. 1983, Ch. 1091, Sec. 2.

The commissioner may from time to time issue, amend and rescind any rules, regulations, forms, and orders that are necessary to carry out the provisions of this division, including rules and regulations governing the administration of any association, savings and loan holding company and their subsidiaries, and defining any terms whether or not used in the law insofar as the definitions are not inconsistent with the provisions of this division. The commissioner may waive any requirement of any rule or regulation in situations where, in the commissioner’s opinion, the requirement is not necessary in the public interest or for the protection of the

public.

§ 8054

Amended by Stats. 1995, Ch. 938, Sec. 9.2. Effective January 1, 1996.

(a)Notwithstanding any other provision of law, whenever by statute or regulation there is extended to federal associations doing business in this state any right, power, privilege, or duty not authorized for state associations, the commissioner may by regulation extend to state associations that right, power, privilege, or duty.

(b)Any regulation adopted under this section shall expire at 12 p.m. on December 31 of the year following the calendar year in which it is

promulgated.

(c)For the purposes of Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code regulations adopted under this section are subject only to the provisions of Sections 11343.4, 11346.1, and 11349.6 of the Government Code.

(d)The provisions of this section shall not apply to any federal statute or regulation promulgated prior to January 1, 1984.

§ 8055

Added by Stats. 1986, Ch. 361, Sec. 12.

Every final decision of the commissioner is subject to judicial review in accordance with law. An action or proceeding for judicial review pursuant to this section shall be commenced within 60 days after issuance of the final decision.