California · Financial Code

FIN §503: The commissioner, whenever in his or her opinion the condition of the bank, trust company, or foreign banking corporation is such as to require such audit, may require any bank, trust company, or fore

What this law says, in plain English

A commissioner may require an audit of a bank, trust company, or foreign banking corporation when the commissioner believes the institution's condition warrants one.

Read the full statutory text

The commissioner, whenever in his or her opinion the condition of the bank, trust company, or foreign banking corporation is such as to require such audit, may require any bank, trust company, or foreign banking corporation to employ a certified public accountant to make a special audit of the affairs of such bank or trust company at its expense.

Verify at the official source: California legislative text

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