California Corporations Code

§ 28704

CORP § 28704 Effective Jan 1, 1999Div. 3 · Title 4 · Ch. 11

Statute text

(a)The commissioner may issue a cease and desist order, including an order to take appropriate corrective action, if the commissioner finds both of the following:

(1)That any of the factors set forth in Section 28703 is true with respect to any licensee or any subject person of a licensee.

(2)That the action or violation is likely to cause the insolvency of, or substantial dissipation of the assets or earnings of, the licensee, or is likely to seriously weaken the condition of the licensee or otherwise to seriously prejudice the interests of the licensee or the accredited investors of the licensee, prior to the completion of proceedings conducted pursuant to Section 28703.

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Legislative history

Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.