§ 3409. — 3409. (Added by Stats. 2023, Ch. 792, Sec. 1.)

California § 3409.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 1.25.: DIVISION 1.25. Digital Financial Assets Businesses
• Ch. 4.: CHAPTER 4. Enforcement

Text

(a)
Revocation of a license under this division is effective against a licensee one day after the department sends notice in a record of the revocation to the licensee by a means reasonably selected for the notice to be received by the recipient in one day to the address provided for receiving communications from the department.
(b)
Suspension of a license under this division or an order to cease and desist is effective against a licensee or other person one day after the department sends notice in a record of the suspension or order to the licensee or other person by a means reasonably selected for the notice to be received by the recipient in one day to the
address provided for receiving communications from the department or, if no address is provided, to the recipient’s last known address. A suspension or order to cease and desist remains in effect until the earliest of the following:
(1)
Entry of an order by the department under the Administrative Procedure Act, as described in Section 11370 of the Government Code.
(2)
Entry of a court order setting aside or limiting the suspension or order to cease and desist.
(3)
A date specified by the department.
(c)
If, without reason to know of the department’s notice sent under this section, a licensee or other person does not comply in accordance with the notice until
the notice is actually received at the address provided, the department may consider the delay in compliance in imposing a sanction for the failure.

Legislative History

Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.