§ 12307.2
172 words·~1 min read·
/ca/financial-code/12307-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If the commissioner finds as a result of an examination or report that a licensee is insolvent or has been insolvent or is conducting or has conducted business in such an unsafe or injurious manner as to render its further operations hazardous to the public, the commissioner may forthwith by an order addressed to and served on the licensee by registered mail and on any other person having funds of the licensee or its customers in their possession, direct discontinuance of the disbursement of such funds and the further conduct of business by the licensee.
The order shall be conditioned to remain in effect unless the commissioner fails to hold a hearing within 15 days after receipt of a written request by the licensee, until set aside by the commissioner in whole or in part, until the licensee is the subject of an order for relief in bankruptcy, or pursuant to a petition filed by the commissioner or other interested person a receiver has been appointed by a court of competent jurisdiction.