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

California § 640.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 1.: DIVISION 1. FINANCIAL INSTITUTIONS
• Ch. 7.: CHAPTER 7. Liquidation and Conservation
• Art. 3.: ARTICLE 3. Conservatorship of an Uninsured Licensee

Text

Whenever the commissioner deems it necessary in order to conserve the assets of any licensee that does not have federal deposit or share insurance for the benefit of the customers and other creditors, he or she may appoint a conservator of the licensee and require the conservator to post a bond as the commissioner deems proper. The conservator, under the direction of the commissioner, shall take possession of the books, records, and assets of every description of the licensee and take any
action as the conservator may deem necessary to conserve the assets of the licensee pending further disposition of its business.

Legislative History

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