California Financial Code
§ 2063
FIN § 2063 Effective Jan 1, 2012Div. 1.2 · Ch. 4
Statute text
View on leginfo.ca.gov(a)No agent of a licensee who has actual notice that the commissioner has suspended or revoked the license of the licensee or that the commissioner has issued an order taking possession of the property and business of the licensee shall conduct money transmission on behalf of the licensee.
(b)If any agent of a licensee, after first having actual notice that the commissioner has suspended or revoked the license of the licensee or that the commissioner has issued an order taking possession of the property and business of the licensee, conducts money transmission on behalf of the licensee, the agent shall be jointly and severally liable with the licensee for payment of the money transmission.
Legislative history
Added by Stats. 2011, Ch. 243, Sec. 4. (SB 664) Effective January 1, 2012.