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California Financial Code

§ 620

FIN § 620 Effective Jan 1, 2016Div. 1 · Ch. 7 · Art. 2

Statute text

View on leginfo.ca.gov
If the licensee whose property and business has been taken pursuant to Section 592 is insured by a Federal Insurance Agency, the commissioner may tender to the appropriate Federal Insurance Agency an appointment as conservator, liquidator, or receiver of the licensee. The commissioner shall determine whether the licensee whose property and business has been taken shall be liquidated or conserved. If the Federal Insurance Agency accepts the appointment, the Federal Insurance Agency shall have, in addition to any powers conferred by applicable federal law, the powers conferred on the commissioner pursuant to this chapter.

Legislative history

Amended by Stats. 2015, Ch. 190, Sec. 29. (AB 1517) Effective January 1, 2016.

Source: California Financial Code § 620 from the California Legislative Information (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.