Section 321 Of Article 2. Commissioner Of Business Oversight From California Financial Code >> Division 1. >> Chapter 3. >> Article 2.
321
. (a) In this section, "order" means any approval, consent,
authorization, exemption, denial, prohibition, requirement, or other
administrative action, applicable to a specific case.
(b) The office of the Commissioner of Financial Institutions and
the Department of Financial Institutions are abolished. All powers,
duties, responsibilities, and functions of the Commissioner of
Financial Institutions and the Department of Financial Institutions
are transferred to the Commissioner of Business Oversight and the
Department of Business Oversight, respectively. The Commissioner of
Business Oversight and the Department of Business Oversight succeed
to all of the rights and property of the Commissioner of Financial
Institutions and Department of Financial Institutions, respectively;
the Commissioner of Business Oversight and the Department of Business
Oversight are subject to all the debts and liabilities of the
Commissioner of Financial Institutions and the Department of
Financial Institutions, respectively, as if the Commissioner of
Business Oversight and the Department of Business Oversight had
incurred them. Any action or proceeding by or against the
Commissioner of Financial Institutions or the Department of Financial
Institutions may be prosecuted to judgment, which shall bind the
Commissioner of Business Oversight or the Department of Business
Oversight, respectively, or the Commissioner of Business Oversight or
the Department of Business Oversight may be proceeded against or
substituted in place of the Commissioner of Financial Institutions or
the Department of Financial Institutions, respectively. References
in the California Constitution or in any statute or regulation to the
Superintendent of Banks or the Commissioner of Financial
Institutions or to the State Banking Department or the Department of
Financial Institutions mean the Commissioner of Business Oversight or
the Department of Business Oversight, respectively. All agreements
entered into with, and orders and regulations issued by, the
Commissioner of Financial Institutions or the Department of Financial
Institutions shall continue in effect as if the agreements were
entered into with, and the orders and regulations were issued by, the
Commissioner of Business Oversight or the Department of Business
Oversight, respectively.
(c) The office of the Commissioner of Corporations and the
Department of Corporations are abolished. All powers, duties,
responsibilities, and functions of the Commissioner of Corporations
and the Department of Corporations are transferred to the
Commissioner of Business Oversight and the Department of Business
Oversight, respectively. The Commissioner of Business Oversight and
the Department of Business Oversight succeed to all of the rights and
property of the Commissioner of Corporations and the Department of
Corporations, respectively; the Commissioner of Business Oversight
and the Department of Business Oversight are subject to all the debts
and liabilities of the Commissioner of Corporations and the
Department of Corporations, respectively, as if the Commissioner of
Business Oversight and the Department of Business Oversight had
incurred them. Any action or proceeding by or against the
Commissioner of Corporations or the Department of Corporations may be
prosecuted to judgment, which shall bind the Commissioner of
Business Oversight or the Department of Business Oversight,
respectively, or the Commissioner of Business Oversight or the
Department of Business Oversight may be proceeded against or
substituted in place of the Commissioner of Corporations or the
Department of Corporations, respectively. References in the
California Constitution or in any statute or regulation to the
Commissioner of Corporations or the Department of Corporations mean
the Commissioner of Business Oversight or the Department of Business
Oversight, respectively. All agreements entered into with, and orders
and regulations issued by, the Commissioner of Corporations or the
Department of Corporations shall continue in effect as if the
agreements were entered into with, and the orders and regulations
were issued by, the Commissioner of Business Oversight or the
Department of Business Oversight, respectively.