California Financial Code
§ 593
FIN § 593 Effective Jan 1, 2012Div. 1 · Ch. 6 · Art. 5
Statute text
View on leginfo.ca.gov(a)If the commissioner takes possession of the property and business of a licensee pursuant to Section 592, the licensee may, within 10 days, apply to the superior court in the county where its head office is located to enjoin further proceedings. The court may, after citing the commissioner to show cause why further proceedings should not be enjoined and after a hearing, dismiss the application or enjoin the commissioner from further proceedings and order the commissioner to surrender the property and business of the licensee to the licensee or make any further order as may be just. The judgment of the court may be appealed by the commissioner or by the licensee as allowed by law.
(b)At any time after the commissioner takes possession of the property and business of a licensee pursuant to Section 592, the licensee may, with the approval of the commissioner, resume business upon conditions as the commissioner may prescribe.
Legislative history
Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.