§ 28651. — 28651. (Added by Stats. 1998, Ch. 668, Sec. 3.)

California § 28651.

• Jurisdiction: California
• Code CORP: Corporations Code - CORP
• Div.: 3.
• Title 4.: DIVISION 3. CAPITAL ACCESS COMPANIES
• Ch. 10.: CHAPTER 10. Voluntary Surrender of License

Text

(a)
Except as otherwise provided in subdivision (b), a voluntary surrender of a license shall be effective upon the issuance of an order by the commissioner accepting the offer of surrender and the report required under Section 28650.
(b)
If a proceeding to revoke or suspend a license is pending at the time when the license and the report required under Section 28650 are filed with the commissioner or if a proceeding to revoke or suspend a license or to impose conditions upon the surrender of a license is instituted before the license and the report called for in Section 28650 are filed with the commissioner, the voluntary surrender of the license shall become effective at the time and upon the conditions that the commissioner may by order specify.

Legislative History

Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.