California · Financial Code

FIN §1330: (a) In this section, “subject person” has the meaning set forth in subdivision (a) of Section 1329.

Civil

What this law says, in plain English

Bank insiders cannot purchase the bank's obligations or assets without board approval and at below-market value. Violations result in civil liability for twice the market value.

Read the full statutory text

(a) In this section, “subject person” has the meaning set forth in subdivision (a) of Section 1329. (b) No subject person of a bank shall purchase, directly or indirectly, or be interested in the purchase of, any of the bank’s obligations or assets without the prior approval of the board of the directors of the bank and for an amount less than the then current market value. Every person violating this section shall be liable to the people of this state, for each offense, for twice the market value of the assets so purchased.

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