California Statutes
§ 692. — 692. (Added by Stats. 2011, Ch. 243, Sec. 2.)
California·Code FIN Financial Code - FIN·Div. 1. DIVISION 1. FINANCIAL INSTITUTIONS·Ch. 7. CHAPTER 7. Liquidation and Conservation·Art. 4. ARTICLE 4. Liquidation of an Uninsured Licensee
Whenever, in the opinion of the commissioner, the liquidation or reorganization of any licensee taken in charge by him or her would be facilitated, or the public interests and the interests of customers or stockholders would be served, the commissioner may borrow money on behalf of the licensee from any federal agency authorized to lend money to receivers, trustees, liquidating agents, or other agents or supervisory authorities in charge of licensees that are closed or in process of
liquidation and, with approval of the court, the commissioner may secure any borrowings by the pledge of the assets of the licensee in any manner and amount the commissioner deems necessary, proper, or expedient.
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California § 692. (692. (Added by Stats. 2011, Ch. 243, Sec. 2.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.