California Corporations Code

§ 31406

CORP § 31406 Effective Jan 1, 2023Div. 5 · Title 4 · Part 4 · Ch. 2

Statute text

(a)If, upon inspection or investigation, based upon a complaint or otherwise, the commissioner has cause to believe that a person is violating or has violated any provision of this division or any rule or order promulgated pursuant to this division, the commissioner may issue a citation to that person in writing describing with particularity the basis of the citation. Each citation may contain an order to desist and refrain and an assessment of an administrative penalty not to exceed two thousand five hundred dollars ($2,500) per violation and shall contain reference to this section, including the provisions of subdivision (c). All penalties collected under this section shall be deposited in the State Corporations Fund.

(b)The sanctions authorized under this section shall be separate from, and in addition to, all other administrative, civil, or criminal remedies.

(c)If within 60 days from the receipt of the citation, the person cited fails to notify the commissioner that the person intends to request a hearing as described in subdivision (d), the citation shall be deemed final.

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Legislative history

Amended by Stats. 2022, Ch. 188, Sec. 5. (AB 2433) Effective January 1, 2023.