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Article 3. Deputies And Employees of California Financial Code >> Division 1. >> Chapter 3. >> Article 3.
The chief deputy shall be appointed by the Governor and hold
office at the pleasure of the Governor. The annual salary of the
chief deputy shall be fixed by the Governor.
(a) The chief officer of the Division of Corporations is the
Senior Deputy Commissioner of Business Oversight for the Division of
Corporations. The Senior Deputy Commissioner of Business Oversight
for the Division of Corporations shall, under the direction of the
commissioner, administer the laws of this state that were, prior to
July 1, 2013, under the charge of the Department of Corporations. The
Senior Deputy Commissioner of Business Oversight for the Division of
Corporations shall be appointed by the Governor, subject to Senate
confirmation, and shall hold office at the pleasure of the Governor.
The Senior Deputy Commissioner of Business Oversight for the Division
of Corporations shall receive an annual salary as fixed by the
Governor.
(b) The chief officer of the Division of Financial Institutions is the Senior Deputy Commissioner of Business Oversight for the Division of Financial Institutions. The Senior Deputy Commissioner of Business Oversight for the Division of Financial Institutions shall, under the direction of the commissioner, administer the laws of this state that were, prior to July 1, 2013, under the charge of the Department of Financial Institutions. The Senior Deputy Commissioner of Business Oversight for the Division of Financial Institutions shall be appointed by the Governor, subject to Senate confirmation, and shall hold office at the pleasure of the Governor. The Senior Deputy Commissioner of Business Oversight for the Division of Financial Institutions shall receive an annual salary as fixed by the Governor.
(b) The chief officer of the Division of Financial Institutions is the Senior Deputy Commissioner of Business Oversight for the Division of Financial Institutions. The Senior Deputy Commissioner of Business Oversight for the Division of Financial Institutions shall, under the direction of the commissioner, administer the laws of this state that were, prior to July 1, 2013, under the charge of the Department of Financial Institutions. The Senior Deputy Commissioner of Business Oversight for the Division of Financial Institutions shall be appointed by the Governor, subject to Senate confirmation, and shall hold office at the pleasure of the Governor. The Senior Deputy Commissioner of Business Oversight for the Division of Financial Institutions shall receive an annual salary as fixed by the Governor.
The commissioner may employ deputies in addition to the chief
deputy, and examiners, appraisers, technical assistants,
investigators, administrative assistants, clerks, and other employees
that he or she may need to discharge in a proper manner the duties
imposed upon him or her by law. He or she shall prescribe their
duties and fix their compensation in accordance with classifications
made by the State Personnel Board. The commissioner may also, at
those times and on those terms as may be approved by the Governor,
employ those attorneys as he or she may need.
Before entering upon the duties of his or her office each
deputy and examiner shall take and subscribe to the constitutional
oath of office.
The commissioner may require, at any time, of any deputy,
examiner, or other employee of the department, an official bond in
such amount as the commissioner may deem necessary. The premium for
bonds required by the commissioner shall be an expense of the
department.
The Commissioner of Business Oversight, the Senior Deputy
Commissioner of the Division of Financial Institutions, or any deputy
or employee of the Division of Financial Institutions shall not do
or be any of the following with respect to any bank, savings
association, credit union, or industrial loan company supervised by
the department:
(a) Be indebted, directly or indirectly, as borrower, endorser, surety, or guarantor to any such bank, savings association, credit union, or industrial loan company.
(b) Be an officer, director, or employee of any such bank, savings association, credit union, or industrial loan company.
(c) Own or deal in directly or indirectly, the shares or obligations of any such bank, savings association, credit union, or industrial loan company.
(d) Be interested in or, directly or indirectly, receive from any such bank, savings association, credit union, or industrial loan company or any officer, director, or employee thereof, any salary, fee, compensation, or other valuable thing by way of gift, credit, compensation for services, or otherwise. However, this subdivision does not prohibit any person from being interested in or directly or indirectly receiving (1) anything which is expressly excluded from a definition of "gift" or "honorarium" in the Political Reform Act of 1974 (Title 9 (commencing with Section 81000) of the Government Code) or in regulations issued under the Political Reform Act of 1974 by the Fair Political Practices Commission or (2) anything which, if received by the commissioner, would constitute a gift or honorarium within the meaning of the Political Reform Act of 1974 or regulations issued under the Political Reform Act of 1974 by the Fair Political Practices Commission but which the commissioner would not be prohibited from receiving under the Political Reform Act of 1974 or regulations issued under the Political Reform Act of 1974 by the Fair Political Practices Commission.
(e) Be interested in or engage in the negotiation of any loan to, obligation of, or accommodation for another person to or with any such bank, savings association, credit union, or industrial loan company. Notwithstanding the foregoing the commissioner and any deputy or employee may have and maintain one or more deposit or similar accounts in any bank, savings association, credit union, or industrial loan company in this state and may maintain with any bank, savings association, credit union, or industrial loan company in this state a loan which was not obtained in violation of this section if the person reports the loan in writing to the department within 30 days after the person commences his or her term of appointment or employment with the department and if the loan is not renewed, renegotiated, extended, or otherwise modified on or after July 1, 1997. A violation of this section by any person shall constitute sufficient grounds for his or her removal or discharge.
(a) Be indebted, directly or indirectly, as borrower, endorser, surety, or guarantor to any such bank, savings association, credit union, or industrial loan company.
(b) Be an officer, director, or employee of any such bank, savings association, credit union, or industrial loan company.
(c) Own or deal in directly or indirectly, the shares or obligations of any such bank, savings association, credit union, or industrial loan company.
(d) Be interested in or, directly or indirectly, receive from any such bank, savings association, credit union, or industrial loan company or any officer, director, or employee thereof, any salary, fee, compensation, or other valuable thing by way of gift, credit, compensation for services, or otherwise. However, this subdivision does not prohibit any person from being interested in or directly or indirectly receiving (1) anything which is expressly excluded from a definition of "gift" or "honorarium" in the Political Reform Act of 1974 (Title 9 (commencing with Section 81000) of the Government Code) or in regulations issued under the Political Reform Act of 1974 by the Fair Political Practices Commission or (2) anything which, if received by the commissioner, would constitute a gift or honorarium within the meaning of the Political Reform Act of 1974 or regulations issued under the Political Reform Act of 1974 by the Fair Political Practices Commission but which the commissioner would not be prohibited from receiving under the Political Reform Act of 1974 or regulations issued under the Political Reform Act of 1974 by the Fair Political Practices Commission.
(e) Be interested in or engage in the negotiation of any loan to, obligation of, or accommodation for another person to or with any such bank, savings association, credit union, or industrial loan company. Notwithstanding the foregoing the commissioner and any deputy or employee may have and maintain one or more deposit or similar accounts in any bank, savings association, credit union, or industrial loan company in this state and may maintain with any bank, savings association, credit union, or industrial loan company in this state a loan which was not obtained in violation of this section if the person reports the loan in writing to the department within 30 days after the person commences his or her term of appointment or employment with the department and if the loan is not renewed, renegotiated, extended, or otherwise modified on or after July 1, 1997. A violation of this section by any person shall constitute sufficient grounds for his or her removal or discharge.
If the commissioner is unable to perform his or her duties for
more than 30 consecutive days or if the office of the commissioner
becomes vacant, the chief deputy shall have all the powers and duties
of the commissioner until the return or recovery of the
commissioner, or, in case of a vacancy, until a new commissioner is
appointed by the Governor and qualifies to hold office.
If a deputy commissioner or any examiner has knowledge of the
insolvency or unsafe condition of any licensee and willfully fails to
report that fact to the commissioner in writing, he or she is guilty
of a felony.
