California Business and Professions Code

§ 19882

BPC § 19882 Effective Jan 1, 2025Div. 8 · Ch. 5 · Art. 5

Statute text

(a)If at any time the commission denies a license to, or revokes the license of, an individual owner of any security issued by a corporation that applies for or holds an owner license, both of the following shall apply:

(1)The commission shall immediately notify the individual and the corporation of that fact.

(2)The owner of the security shall sell the security for an amount not greater than fair market value, within 60 calendar days of the denial or revocation. Upon a showing of due diligence, the commission may extend the time for selling the security.

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Legislative history

Amended by Stats. 2024, Ch. 138, Sec. 4. (SB 1519) Effective January 1, 2025.