California · Financial Code

FIN §2122: A licensee shall file a report with the commissioner within five business days after the licensee has reason to know of the occurrence any of the following events: (a) The filing of a petition by or a

Civil

What this law says, in plain English

A licensee must report specified events to the commissioner within five business days, including bankruptcy filings, license revocation proceedings, bond impairment, and felony charges or convictions of the licensee or its agents.

Read the full statutory text

A licensee shall file a report with the commissioner within five business days after the licensee has reason to know of the occurrence any of the following events: (a) The filing of a petition by or against the licensee under the United States Bankruptcy Code (11 U.S.C. Secs. 101-110, incl.) for bankruptcy or reorganization. (b) The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors. (c) The commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed. (d) The cancellation or other impairment of the licensee’s bond or other security. (e) A charge or conviction of the licensee or of an executive officer, manager, director, or person in control of the licensee for a felony. (f) A charge or conviction of an agent for a felony.

Verify at the official source: California legislative text

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