§ 2122. — 2122. (Added by Stats. 2011, Ch. 243, Sec. 4.)

A licensee shall file a report with the commissioner within five business days after the licensee has reason to know of the occurrence any of the following events:
(a)
The filing of a petition by or against the licensee under the United States Bankruptcy Code (11 U.S.C. Secs. 101-110, incl.) for bankruptcy or reorganization.
(b)
The filing of a petition by or
against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors.
(c)
The commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed.
(d)
The cancellation or other impairment of the licensee’s bond or other security.
(e)
A charge or conviction of the licensee or of an executive officer, manager, director, or person in control of the licensee for a felony.
(f)
A charge or conviction of an agent for a felony.

Legislative History

Added by Stats. 2011, Ch. 243, Sec. 4. (SB 664) Effective January 1, 2012.