§ 1578 Trust Company Penalties

Financial Code·California

AI SummaryVerified

This law lets the commissioner fine a trust company if it doesn't follow the rules in this article.

Key Takeaways

•The commissioner has the power to levy a civil penalty.
•The penalty applies only to trust companies.
•It can be used when a trust company fails to comply with the article.

Example

A trust company skips filing a required financial report.

Because the company didn't follow the article's rules, the commissioner can issue a civil penalty (a fine) to the company.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 1578 Trust Company Penalties

The commissioner may, pursuant to Section 329, levy a civil penalty against any trust company that fails to comply with this article. (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

Last verified: January 11, 2026

Key Terms

commissioner civil penalty trust company Section 329

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 1578.

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Key Takeaways

Example

Key Terms

Related Statutes

References