§ 357 Deputy Reporting Insolvency Duty

Key Takeaways

•If a person in charge (like a deputy or examiner) knows a licensed business is in big money trouble or doing unsafe things, they must tell their boss in writing.
•If they know about the problem and don’t report it on purpose, they can go to jail for a long time (felony).
•This rule is for people who check on businesses to make sure they follow the rules.

Example

A bank examiner sees a bank is about to run out of money and might lose people’s savings, but they don’t tell anyone because they don’t want to cause trouble.

This examiner broke the law because they knew the bank was in bad shape and didn’t write a report to their boss. They could get in big trouble, like going to jail.

If a deputy commissioner or any examiner has knowledge of the insolvency or unsafe condition of any licensee and willfully fails to report that fact to the commissioner in writing, he or she is guilty of a felony. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

Key Takeaways

•If a person in charge (like a deputy or examiner) knows a licensed business is in big money trouble or doing unsafe things, they must tell their boss in writing.
•If they know about the problem and don’t report it on purpose, they can go to jail for a long time (felony).
•This rule is for people who check on businesses to make sure they follow the rules.

Example

A bank examiner sees a bank is about to run out of money and might lose people’s savings, but they don’t tell anyone because they don’t want to cause trouble.

This examiner broke the law because they knew the bank was in bad shape and didn’t write a report to their boss. They could get in big trouble, like going to jail.

Key Takeaways

Example

Key Terms

References

§ 357 Deputy Reporting Insolvency Duty

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References