California Financial Code 590 – The commissioner may revoke or suspend any license issued by, or …
The commissioner may revoke or suspend any license issued by, or under the authority of, the commissioner, if, after notice and opportunity to be heard, the commissioner finds any of the following:
(a) The licensee has violated, is violating, or that there is reasonable cause to believe that the licensee is about to violate, any provision of any of the following:
Terms Used In California Financial Code 590
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind. See California Financial Code 18
(1) Any division subject to the jurisdiction of the commissioner.
(2) Any regulation promulgated by, or subject to the jurisdiction of, the commissioner.
(3) A provision of any other applicable law.
(4) A provision of any order issued by the commissioner.
(5) A provision of any written agreement between the licensee and the commissioner.
(6) A condition imposed on any written approval granted by the commissioner.
(b) Any fact or condition exists which, if it had existed at the time of the original application for the license, would be grounds for denying the application for the license.
(c) The licensee is conducting its business in an unsafe or unsound manner.
(d) The licensee is in such condition that it is unsafe or unsound for the licensee to transact appropriate licensee business.
(e) The licensee has inadequate capital or net worth or is insolvent.
(f) The licensee failed to pay any of its obligations as they came due or is reasonably expected to be unable to pay its obligations as they come due.
(g) The licensee has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any bankruptcy, reorganization, insolvency, or moratorium law, or that any person has applied for any such relief under any such law against the licensee and the licensee has by any affirmative act approved of, or consented to, the action or the relief has been granted.
(h) The licensee has ceased to transact the business the licensee is authorized to conduct pursuant to its license.
(i) The licensee refuses to submit its books, papers, and affairs to the inspection of any examiner.
(j) Any officer of the licensee refuses to be examined upon oath touching the concerns of the licensee.
(k) The licensee has, with the approval of its board, requested the commissioner to take possession of its property and business.
(Amended by Stats. 2013, Ch. 334, Sec. 28. (SB 537) Effective January 1, 2014.)