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

California § 646.

• 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

The conservator of a licensee that has been permitted to resume accepting member shares or deposits shall first cause a notice to be published in a newspaper of local circulation. The notice shall state the date on which the affairs of the licensee will be returned to its board and that the provisions of Section 644 will not be effective after 30 days from that date. The form of the notice and the newspaper in which the same is to be published shall be first approved by the commissioner.
On the date of the publication of the notice, the conservator shall mail a copy of the notice to every person who made any deposit in the licensee after the date of the appointment of the conservator. The conservator shall address the copy of the notice to the persons who have made the deposits at the addresses appearing upon the books of the licensee. The conservator shall also mail a similar notice to every person making a deposit in the licensee after the date of the publication of the notice and before the affairs of the licensee are returned to its board.

Legislative History

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