California Corporations Code

§ 25247

CORP § 25247 Effective Jan 1, 2023Div. 1 · Title 4 · Part 3 · Ch. 4

Statute text

(a)Upon written or oral request, the commissioner shall make available to any person the information specified in Section 7929.005 of the Government Code and made available through the Public Disclosure Program of the Financial Industry Regulatory Authority with respect to any broker-dealer or agent licensed or regulated under this part. The commissioner shall also make available the current license status and the year of issuance of the license of a broker-dealer. Any information disclosed pursuant to this subdivision shall constitute a public record. Notwithstanding any other law, the commissioner may disclose either orally or in writing that information pursuant to this subdivision. There shall be no liability on the part of, and no cause of action of any nature shall arise against, the state, the Department of Financial Protection and Innovation, the Commissioner of Financial Protection and Innovation, or any officer, agent, or employee of the state or the Department of Financial Protection and Innovation for the release of any false or unauthorized information, unless the release of that information was done with knowledge and malice.

(b)Any broker-dealer or agent licensed or regulated under this part shall, upon request, deliver a written notice to any client when a new account is opened stating that information about the license status or disciplinary record of a broker-dealer or an agent may be obtained from the Division of Corporations, or from any other source that provides substantially similar information.

(c)The notice provided under subdivision (b) shall contain the office location or telephone number where the information may be obtained.

…

Legislative history

Amended (as amended by Stats. 2021, Ch. 615, Sec. 58) by Stats. 2022, Ch. 452, Sec. 76. (SB 1498) Effective January 1, 2023.