Section 409 Of Article 6. State Banking Account From California Financial Code >> Division 1. >> Chapter 3. >> Article 6.

. If any bank or trust company fails to make timely payment of any assessment made pursuant to Section 405, 406, or 408, the commissioner may, in the commissioner's sole discretion, (a) cancel the certificate of authority of the bank or trust company to conduct a banking or trust business or (b) levy a civil penalty pursuant to Section 329.