Fin. Code, § 589 · Article 4. Suspension or Removal of Subject Persons
Fin. Code, § 589
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) In this section, “subject financial institution” means any:
(1) Licensee or any bank or credit union that maintains an office in this state.
(2) Affiliate of any of the institutions specified in paragraph (1).
(3) Subsidiary of any of the institutions specified in paragraph (1).
(4) Holding company of any of the institutions specified in paragraph (1).
(b) It is unlawful for any subject person or former subject person of a subject financial institution to whom an order is issued under Sections 585 to 587, inclusive, willfully to do, directly or indirectly, any of the following without the approval of the commissioner, so long as the order is in effect:
(1) Act as a subject person of any subject financial institution.
(2) Vote any shares or other securities having voting rights for the election of any person as a director of a subject financial institution.
(3) Solicit, procure, transfer or attempt to transfer, or vote any proxy, consent, or authorization with respect to any shares or other securities of a subject financial institution having voting rights.
(4) Otherwise to participate in any manner in the affairs of any subject financial institution.
Notes and commentary — not statutory text
History
Amended by Stats. 2013, Ch. 334, Sec. 27. (SB 537) Effective January 1, 2014.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FIN§ionNum=589.
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- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
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