§ 593. — 593. (Added by Stats. 2011, Ch. 243, Sec. 2.)

California § 593.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 1.: DIVISION 1. FINANCIAL INSTITUTIONS
• Ch. 6.: CHAPTER 6. Enforcement
• Art. 5.: ARTICLE 5. Suspension or Possession of a License

Text

(a)
If the commissioner takes possession of the property and business of a licensee pursuant to Section 592, the licensee may, within 10 days, apply to the superior court in the county where its head office is located to enjoin further proceedings. The court may, after citing the commissioner to show cause why further proceedings should not be enjoined and after a hearing, dismiss the application or enjoin the commissioner from further proceedings and order the
commissioner to surrender the property and business of the licensee to the licensee or make any further order as may be just. The judgment of the court may be appealed by the commissioner or by the licensee as allowed by law.
(b)
At any time after the commissioner takes possession of the property and business of a licensee pursuant to Section 592, the licensee may, with the approval of the commissioner, resume business upon conditions as the commissioner may prescribe.

Legislative History

Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.