California Statutes
§ 1733. — 1733. (Amended by Stats. 2021, Ch. 133, Sec. 21.)
California·Code INS Insurance Code - INS·Div. 1. DIVISION 1. GENERAL RULES GOVERNING INSURANCE·Part 2. PART 2. THE BUSINESS OF INSURANCE·Ch. 5. CHAPTER 5. Production Agencies·Art. 12. ARTICLE 12. Conduct of Licensee
All funds received by any person acting as a licensee under this chapter, Chapter 5A (commencing with Section 1759), Chapter 6 (commencing with Section 1760), or Chapter 7 (commencing with Section 1800), as premium or return premium on or under any policy of insurance or undertaking of bail, are received and held by that person in that person’s fiduciary capacity. A person who diverts or appropriates those fiduciary funds to that person’s own use is guilty of theft and punishable for theft as provided by law. Any premium that a premium financer agrees to advance pursuant to the terms of a premium finance agreement shall constitute fiduciary funds as defined in this section only if actually received by a person licensed
in one or more of the capacities herein specified.
Free access — add to your briefcase to read the full text and ask questions with AI
California § 1733. (1733. (Amended by Stats. 2021, Ch. 133, Sec. 21.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Sharp v. Essex Insurance (In re C.M. Meiers Co.)
527 B.R. 388 (C.D. California, 2015)
Legislative History
Amended by Stats. 2021, Ch. 133, Sec. 21. (SB 272) Effective July 23, 2021.