California Financial Code ARTICLE 3 - Conservatorship of an Uninsured Licensee

• Section 640.
  Whenever the commissioner deems it necessary in order to conserve the assets of any licensee that does not have federal deposit or share insurance for...
• Section 641.
  A conservator appointed in accordance with Section 640 has all of the powers and rights with relation to the business and the property of the...
• Section 642.
  The commissioner may order an examination at the earliest possible date of a licensee for which the commissioner has appointed a conservator.(Added by Stats. 2011,...
• Section 643.
  While any licensee is in the hands of a conservator, the commissioner may require the conservator to set aside and make available for withdrawal by...
• Section 644.
  The commissioner, in his or her discretion, may permit the conservator to receive shares or deposits, but any shares or deposits received while the licensee...
• Section 645.
  If the commissioner is satisfied that it may be done safely and that it would be in the public interest, he or she may terminate...
• Section 646.
  The conservator of a licensee that has been permitted to resume accepting member shares or deposits shall first cause a notice to be published in...
• Section 647.
  The commissioner may assess and collect from all licensees for whom a conservator is appointed their ratable share of the costs incurred in the administration...
• Section 648.
  Any licensee that the commissioner has taken possession of pursuant to Section 592, and for which a conservator has been appointed pursuant to this article,...
• Section 649.
  All customers, creditors, stockholders, if applicable, and other interested persons shall be given notice of any proposed plan of reorganization in the manner and at...
• Section 650.
  No plan of reorganization shall become effective until the commissioner finds that the plan is fair and equitable to all customers, creditors, and stockholders, if...
• Section 651.
  No creditor having security for the payment of his, her, or its claim shall be affected in his, her, or its right to enforce the...
• Section 652.
  When any plan of reorganization becomes effective, all books, records, and assets of the licensee shall be disposed of in accordance with the provisions of...

Last modified: October 22, 2018