The judgment debtor may defend an action against the Consumer Recovery Account on his or her own behalf and shall have recourse to all appropriate means of defense and review, including examination of witnesses. All matters, including, but not limited to, the issues of fraud, misrepresentation, deceit, or conversion of trust funds, finally adjudicated in the underlying action are conclusive as to the judgment debtor and the applicant in the proceeding against the Consumer Recovery Account.

(Amended by Stats. 2011, Ch. 712, Sec. 25. (SB 706) Effective January 1, 2012.)

Terms Used In California Business and Professions Code 10473.1

  • Fraud: Intentional deception resulting in injury to another.
  • Judgment: means the criminal restitution order. See California Business and Professions Code 10471
  • Judgment debtor: means any defendant who is the subject of the criminal restitution order. See California Business and Professions Code 10471
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Recovery Account: shall be deemed to refer to the Consumer Recovery Account. See California Business and Professions Code 10450.6
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