BILL NUMBER: SB 979	AMENDED
	BILL TEXT

	AMENDED IN SENATE  APRIL 9, 2012

INTRODUCED BY   Senator Vargas

                        JANUARY 23, 2012

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



	LEGISLATIVE COUNSEL'S DIGEST


   SB 979, as amended, 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.  The bill would authorize
the commissioner to delay posting the decision or order if he or she
makes a finding that such   a posting would affect the
safety or soundness of the financial institution subject to the order
or decision. 
   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.   (a)    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. 
   (b) If the commissioner makes a determination in writing that the
publication of a final order or decision referenced in subdivision
(a) would seriously threaten the safety or soundness of a regulated
institution subject to that order or decision, the commissioner may
delay publication of the order or decision for a reasonable time.
 
  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.