California Financial Code

§ 17323

FIN § 17323Div. 6 · Ch. 2.5 · Art. 3

Statute text

(a)In the event any member fails to pay an assessment when due, Fidelity Corporation shall by written demand addressed to the member request the payment of the assessment within 30 days of the demand letter. If the member fails to pay an assessment, the commissioner may issue an order pursuant to subdivision (b).

(b)If a member fails to pay the assessment, or any applicable late fee, the commissioner may by order summarily suspend the license issued to the company. If after the order is made, a request for a hearing is filed in writing and a hearing is not held within 60 days thereafter, the order is deemed rescinded as of its effective date. During any period when its license is suspended, a company shall not conduct business pursuant to this division, except as may be permitted by order of the commissioner. However, the suspension of a license shall not affect the powers of the commissioner as provided in this division.

(c)Fidelity Corporation may bring an action at law or in equity against the member to recover any assessment or fees.

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Legislative history

Amended by Stats. 1990, Ch. 1431, Sec. 2.