Section 733-401 - Examination of institutionsA. Deleted by 2002, Dec. 9, P.L. 1604, No. 209, § 9, imd. effective.B. The department, when requested in writing by an owner of all or part of an institution, credit union or licensee, including a shareholder, partner or member, or a director or officer of an institution, credit union or licensee subject to its supervision, may at the department's discretion examine or investigate the affairs and condition of such institution. However, this provision shall not be construed to mean that such person, directors, or shareholders shall have any greater right to require the department to disclose to them the results of any such examination or investigation than they have in the case of any regular examination or investigation.C. The department, upon the receipt of notice from the Insurance Commissioner that he has become receiver of a corporation or person, any branch of the business of which is subject to the supervision of the department, may examine or investigate the affairs and condition of such institution in order to determine whether any action should be taken by the department, pursuant to the provisions of this act.D. Examinations or investigations shall be made by the secretary, or by qualified examiners or other qualified employes designated for that purpose by the secretary or by his duly authorized deputy, and empowered, in writing, by the department to make examinations or investigations of institutions, including credit unions and licensees who may be assessed charges to cover the department's costs of such examinations and investigations.E. In the case of an institution which is a member of a Federal Reserve Bank or any other institution, including a credit union, the department may, in its discretion, accept the examinations or reports made pursuant to the requirements of applicable Federal law in lieu of those required by this act or any other act of this Commonwealth. The department may accept Federal application forms from applicants for charter or other approvals or nonobjections of the department under the statutes administered by the department in lieu of department forms when the department deems such acceptance appropriate.F. In connection with any examination or investigation authorized by this act or any other law, the department shall have, in addition to the authority provided by any other law, power to issue subpoenas requiring the attendance of, or the production of pertinent books, papers, electronic data or information of any kind which is in any form by, the officers, directors, agents, employes, or members, respectively, of any corporation or person, including a credit union or licensee, which the department is authorized, under the provisions of this act or any other law of this Commonwealth, to examine. The department shall have power to issue subpoenas to any other person or entity of any kind whatsoever provided that the information from such person or entity is necessary for the enforcement of this act or any other law within the jurisdiction of the department. The department shall also have the power to question such witnesses under oath or affirmation, and to examine such books and papers. Any witness who refuses to obey a subpoena issued under this section, or who refuses to be sworn or affirmed, or to testify, or who is guilty of any contempt after summons to appear, may be punished as for contempt of court, and, for this purpose, an application may be made to Commonwealth Court or any court of common pleas within whose territorial jurisdiction the offense was committed, for which purpose such court is hereby given jurisdiction.
1933, May 15, P.L. 565, art. IV, § 401. Amended 1943, March 31, P.L. 29, § 1; 1984, July 6, P.L. 634, No. 129, § 3, imd. effective; 2002, Dec. 9, P.L. 1604, No. 209, § 9, imd. effective.