BILL NUMBER: SB 979	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Vargas

                        JANUARY 23, 2012

   An act to add Sections 583 and 16207 to the Financial Code,
relating to financial institutions.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 979, as introduced, Vargas. Financial institutions.
   Existing law establishes the Department of Financial Institutions
in the Business, Transportation and Housing Agency and provides that
the department is in charge of the execution of specified laws
relating to various financial institutions and financial services.
   Existing law requires the Commissioner of Financial Institutions
to give public notice of specified final orders affecting the license
of a licensee or foreign credit union.
   This bill would require the commissioner to also post the notice
of specified orders affecting a licensee or foreign credit union on
his or her public Internet Web site.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 583 is added to the Financial Code, to read:
   583.  The commissioner shall make public on his or her Internet
Web site all final orders issued pursuant to Sections 567, 580, 581,
582, 585, 586, and 587, all decisions to modify or rescind an order
pursuant to Section 588, all decisions to revoke or suspend a license
pursuant to Section 590 or 591, and all decisions to take possession
of the property and business of a licensee pursuant to Section 592.
This public notice shall be in addition to the notice required
pursuant to Section 594.
  SEC. 2.  Section 16207 is added to the Financial Code, to read:
   16207.  The commissioner shall make public on his or her Internet
Web site all final orders issued pursuant to Sections 16200.5, 16202,
and 16203, all decisions to modify or rescind an order pursuant to
Section 16205, and all decisions to take possession of the property
and business of a credit union in this state pursuant to Section
16206.