This law requires all associations, savings and loan holding companies, and specific subsidiaries to submit an annual report to the commissioner by the end of January or within 30 days after their fiscal year ends. The format of the report is determined by the commissioner, and it must be confirmed by an authorized officer as accurate.

If you're part of a savings and loan company or its subsidiary in California, you need to file an annual report. Additionally, the commissioner can ask for more reports whenever they want. These extra reports have to be in a specific format, submitted by a certain date, and may need to be verified just like the annual report.

The law allows the commissioner to inspect the activities and finances of any savings and loan association, their offices, and related companies without giving any prior notice. This can happen both within the state and outside of it.

This law allows the commissioner to accept reports or examinations of financial institutions done by other authorities or accountants instead of conducting their own under certain sections. It also mentions that these examinations can be done alongside federal authorities supervising financial institutions.

If a savings association or its related companies are in a condition that requires special attention, the commissioner can conduct extra examinations or audits. The commissioner might also hire a CPA or expert for this purpose.

The company being examined may have to pay for these additional efforts, covering any costs the commissioner or hired professionals incur.

This law section allows the commissioner to order appraisals of real estate or property that an association or its subsidiary owns or uses to secure its assets during audits or examinations. These appraisals can be conducted by a department appraiser or an independent appraiser chosen by the commissioner. The association or subsidiary must promptly pay for these appraisals. A copy of the appraisal report must be given to the association or subsidiary within 60 days after the appraisal is complete.

This law requires savings associations to have their books and accounts audited at least once a year by a certified public accountant, chosen by the association and approved by the commissioner. The date and period for the audit need the commissioner's written approval before starting the audit.

The savings association must give the accountants copies of the most recent condition report and examination report. Additionally, they must provide any supervisory memorandums or agreements with regulatory bodies and reports of certain actions taken under specific federal and state laws regarding penalties or regulations.

This law section says that the commissioner has the power to set the rules for yearly financial audits and may ask for more details if needed. Every year, within 90 days after the audit period ends, associations must provide the commissioner with five copies of their financial statements. These financial statements must include specific information as outlined in the commissioner's regulations and must be signed and certified by the auditor.

This law gives the commissioner and authorized employees the authority to access all books and records of associations, savings and loan holding companies, and their subsidiaries, to ensure proper oversight of their business activities. They can also summon witnesses and require documents during investigations related to these entities' affairs and conditions. If necessary, they can obtain these documents through a court order if they aren't produced voluntarily. This authority extends even when these entities are in conservatorship or receivership.

If a department needs to examine or appraise a company outside of California, that company must cover both the reasonable fees and actual travel expenses of the department carrying out the examination.

This law states that if an association, savings and loan holding company, or their subsidiaries don't report certain required information on time to the commissioner, they could face penalties. If the failure to report is due to an unintentional error and procedures are in place to avoid such errors, the penalty is up to $2,000 per day until corrected. If there was no such error, the penalty increases to $20,000 per day. If false information was given knowingly or recklessly, the penalty can be up to $1,000,000 or 1% of the institution's total assets per day, whichever is less. Penalties are collected as described in another state law section.