California Financial Code

§ 2081

FIN § 2081 Effective Jan 1, 2012Div. 1.2 · Ch. 5

Statute text

(a)A licensee shall at all times own eligible securities having an aggregate market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and stored value obligations issued or sold in the United States and all outstanding money received for transmission in the United States.

(b)If the commissioner finds that the financial condition of a licensee is impaired, or that the financial condition of a licensee is such that its business is being conducted in an unsafe and unsound manner, the commissioner, to protect the public interest, may issue an order, subject to the procedures set forth in Section 2148, doing one or both of the following:

(1)Increasing the amount of eligible securities that the licensee must maintain.

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Legislative history

Added by Stats. 2011, Ch. 243, Sec. 4. (SB 664) Effective January 1, 2012.