Statute · California Financial Code
Cal. Fin. Code § 692 — Liquidation of an Uninsured Licensee
Cal. Fin. Code § 692
- Type
- Statute
- Source
- California Financial Code
- Jurisdiction
- California
- Date
- 2012-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
Whenever, in the opinion of the commissioner, the liquidation or reorganization of any licensee taken in charge by him or her would be facilitated, or the public interests and the interests of customers or stockholders would be served, the commissioner may borrow money on behalf of the licensee…
Citator
Cal. Fin. Code § 692 — Liquidation of an Uninsured Licensee is in force in the current edition of the Code, and nothing recorded condemns it.
Whenever, in the opinion of the commissioner, the liquidation or reorganization of any licensee taken in charge by him or her would be facilitated, or the public interests and the interests of customers or stockholders would be served, the commissioner may borrow money on behalf of the licensee from any federal agency authorized to lend money to receivers, trustees, liquidating agents, or other agents or supervisory authorities in charge of licensees that are closed or in process of liquidation and, with approval of the court, the commissioner may secure any borrowings by the pledge of the assets of the licensee in any manner and amount the commissioner deems necessary, proper, or expedient.