California Financial Code

§ 5204

FIN § 5204 Effective Sep 26, 1985Div. 2 · Ch. 1 · Art. 3

Statute text

(a)Wherever it is stated in this division that an agreement or contract contrary to any of the division’s provisions is void, the statement is limited to the particular portion of the agreement or contract that is contrary to the provision, and the entire agreement or contract is not void unless the particular part is not a separable portion. Unless expressly so provided by the commissioner, the violation of any provision of this division does not render invalid any agreement, contract, stock, savings account, note, trust deed, mortgage, or other instrument.

(b)No provision of this division imposing any liability, either civil or criminal, applies to any act done or omitted in good faith in conformity with any rule, regulation, approval, consent, order, direction, or other act of the commissioner, even if the rule, regulation, approval, consent, order, direction, or other act of the commissioner is amended, rescinded, or determined invalid by judicial or other authority, after the act or omission.

Legislative history

Amended by Stats. 1985, Ch. 983, Sec. 1.78. Effective September 26, 1985.