California

Financial Code

3,323 sections, each with the official text and a plain-English explanation of what it means for you.

• § 31152.5 — (a) For purposes of Section 31152, the commissioner may find: (1) That a director, officer, or controlling person of an applicant is not of good character if the director, officer, or controlling pers
• § 31153 — Before any applicant for a license is issued a license, each person which is a parent or subsidiary of such applicant shall file, and each person who becomes a parent or subsidiary of a licensee shall
• § 31154 — Whenever any application for a license has been approved and all conditions precedent to the issuance of such license have been fulfilled, the commissioner shall issue a license to the applicant.
• § 31155 — No license shall be transferable or assignable.
• § 31156 — Each licensee shall post its license in a conspicuous place at its head office.
• § 31157 — No licensee shall represent that it is sponsored, recommended, or approved by, or that its abilities or qualifications have in any respect been passed upon by, the commissioner.
• § 31158 — (a) The fact that a California corporation is licensed under any law other than this division shall not preclude such corporation from applying for or being issued a license under this division unless
• § 31200 — The corporate name of each licensee shall include the phrase “California business and industrial development corporation”.
• § 31201 — No licensee shall, except with the prior approval of the commissioner, transact business under any name other than its corporate name.
• § 31210 — The board of directors of each licensee shall consist of not less than five directors.
• § 31211 — The board of directors of each licensee shall hold a meeting not less frequently than once each calendar quarter.
• § 31220 — Notwithstanding any other law of this state, but subject to the provisions of Section 31550: (a) Any commercial bank, industrial bank, or trust company organized under the laws of this state may, with
• § 31230 — In this article, “distribution to its shareholders” has the meaning set forth in Corporations Code Section 166.
• § 31231 — No licensee shall, except with the prior approval of the commissioner, make, or obligate itself to make, any distribution to its shareholders.
• § 31232 — If the commissioner finds, with respect to an application for approval for a licensee to make, or to obligate itself to make, a distribution to its shareholders: (a) That for the applicant to make, or
• § 31233 — Notwithstanding the provisions of Section 31232, unless an application for approval for a licensee to make, or to obligate itself to make, a distribution to its shareholders is approved, denied, withd
• § 31300 — Each licensee shall maintain its head office in this state.
• § 31301 — No licensee shall maintain an office at any place outside this state.
• § 31302 — Each office of a licensee shall be located in a place which is reasonably accessible to the public and shall, unless the commissioner approves otherwise, be open for the transaction of business during
• § 31303 — Each licensee shall post in a conspicuous place at each of its offices a sign which bears the corporate name of such licensee.
• § 31304 — Each licensee shall maintain telephone service at each of its offices and shall maintain a telephone listing under its corporate name for each of its offices.
• § 31305 — Each licensee shall maintain at each of its offices personnel who are competent to conduct the business of such office.
• § 31320 — (a) No licensee shall relocate its head office without the prior approval of the commissioner.
• § 31322 — If the commissioner finds, with respect to an application by a licensee for approval to relocate its head office: (a) That the office at its proposed location will be reasonably accessible to the publ
• § 31400 — (a) Each licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition.
• § 31401 — No licensee shall engage in any business other than one or more of the following: (a) The business of providing financing assistance and management assistance to business firms.
• § 31402 — Each licensee shall use its best efforts: (a) To provide financing assistance to business firms in this state in cooperation with the Small Business Administration pursuant to Section 7(a) of the Smal
• § 31403 — (a) Except as provided in subdivision (b), no licensee shall provide financing assistance or management assistance to any person other than a business firm in this state.
• § 31404 — Except as otherwise provided in subdivision (b) of Section 31403, no licensee shall provide financing assistance or management assistance for use outside this state.
• § 31405 — Except as otherwise provided in subdivisions (b), (c), and (d) of Section 31406: (a) No licensee shall provide financing assistance or management assistance to any business firm the primary business o
• § 31406 — No licensee shall, either by itself or in concert with any of its directors, officers, principal shareholders, or affiliates, any other licensee, or any of the directors, officers, principal sharehold
• § 31408 — No licensee shall, except with the prior approval of the commissioner, guarantee the debt of any other person or otherwise lend its credit to any other person; provided, however, that, whenever a lice
• § 31409 — No licensee shall, except with the prior approval of the commissioner, provide a lien or security interest in any of its property for the purpose of securing an obligation of, or an obligation incurre
• § 31410 — This section creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV of the State Constitution.
• § 31500 — Each licensee shall adopt as its fiscal year the period from July 1st to and including the following June 30th.
• § 31501 — Each licensee shall make and keep such books, accounts, and other records in such form and in such manner as the commissioner may by regulation or order require.
• § 31502 — No licensee shall, except with the prior approval of the commissioner, enter or carry on its books or records any asset at a valuation exceeding the actual cost of such asset to such licensee.
• § 31503 — The commissioner may by order require a licensee to write down any asset on its books and records to a valuation which represents its then value.
• § 31504 — Each licensee shall, not more than 90 days after the close of each of its fiscal years or within such longer period as the commissioner may by regulation or order specify, file with the commissioner a
• § 31506 — Each licensee, each director, officer, and employee of a licensee, and each parent and subsidiary of a licensee shall file with the commissioner such reports as and when the commissioner may by regula
• § 31507 — (a) The commissioner shall examine each licensee not less frequently than once each calendar year.
• § 31508 — (a) No licensee shall, except with the prior approval of the commissioner, cause or permit any other person to make or keep any of its books, accounts, or other records.
• § 31509 — The commissioner may publish any report filed with him or her under this division or under any regulation or order issued under this division.
• § 31550 — No person shall, except with the prior approval of the commissioner, acquire control of a licensee.
• § 31551 — If the commissioner finds, with respect to an application for approval to acquire control of a licensee: (a) That the applicant and the directors and officers of the applicant are of good character an
• § 31551.5 — (a) For purposes of Section 31551, the commissioner may find: (1) That an applicant or a director or officer of an applicant is not of good character if such person has been convicted of, or has plead
• § 31552 — The commissioner may, by such regulations or orders as he or she deems necessary and appropriate, either unconditionally or upon specified terms and conditions or for specified periods, exempt from th
• § 31600 — In this chapter: (a) “Acquiring licensee” means: (1) In the case of a merger, the licensee which is the surviving corporation; (2) In the case of a purchase or sale, the licensee which is the purchase
• § 31601 — No licensee shall merge with any other corporation unless: (a) In case such licensee is the surviving corporation, such merger shall have first been approved by the commissioner; (b) In case such lice
• § 31602 — No licensee shall purchase all or substantially all of the business of any other person unless such purchase shall have first been approved by the commissioner.
• § 31603 — No licensee shall sell all or substantially all of its business to any other person unless such other person is a licensee and such sale shall have first been approved by the commissioner.
• § 31604 — If the commissioner finds, with respect to an application for approval of a merger, purchase, or sale: (a) That the merger, purchase, or sale will be safe and sound with respect to the acquiring licen
• § 31605 — The commissioner may, by such regulations or orders as he or she deems necessary and appropriate, either unconditionally or upon specified terms and conditions or for specified periods, exempt from th
• § 31650 — Any licensee may surrender its license by filing with the commissioner such license and a report which shall be in such form, shall contain such information, shall be signed in such manner, and shall
• § 31651 — (a) Except as otherwise provided in subdivision (b), a voluntary surrender of a license shall be effective on the 30th day after such license and the report called for in Section 31650 are filed with
• § 31800 — It shall be unlawful for any person willfully to make any untrue statement of a material fact in any application or report filed with the commissioner under this division or under any regulation or or
• § 31801 — It shall be unlawful for any person having custody of any of the books, accounts, or other records of a licensee willfully to refuse to allow the commissioner, upon request, to inspect or make copies
• § 31802 — It shall be unlawful for any person, with intent to deceive any director, officer, employee, auditor, or attorney of a licensee, the commissioner, or any governmental agency, to make any false entry i
• § 31820 — In this article, unless the context otherwise requires: (a) “Adviser,” when used with respect to a licensee, means any person who regularly provides legal, accounting, or management services or advice
• § 31821 — (a) The commissioner may, by such regulations or orders as he or she deems necessary and appropriate, either unconditionally or upon specified terms and conditions and for specified periods, exempt fr
• § 31822 — It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to any of its associates.
• § 31823 — (a) It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to any associate of another licensee if any associate of the first licensee receives, has received, o
• § 31824 — It shall be unlawful for any licensee or for any associate of a licensee, directly or indirectly, to borrow money from: (a) Any person to which such licensee has provided, or has committed to provide,
• § 31825 — It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to discharge, or to free other funds for use in discharging, in whole or in part, an obligation to any as
• § 31826 — It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance for the purchase of property from any associate of such licensee.
• § 31827 — It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to any person to whom any associate of such licensee provides financing assistance, either contemporaneou
• § 31828 — It shall be unlawful for any associate of a licensee, directly or indirectly, to receive from any person to whom such licensee provides financing assistance, any compensation in connection with the pr
• § 31829 — It shall be unlawful for any licensee, directly or indirectly, to sell or otherwise transfer any of its assets to any of its associates.
• § 31880 — Any person who violates any provision of this chapter shall upon conviction be fined not more than ten thousand dollars ($10,000) or be imprisoned pursuant to subdivision (h) of Section 1170 of the Pe
• § 31881 — Nothing in this division limits the power of the state to punish any person for any act which constitutes a crime under any statute.
• § 31900 — If, after notice and a hearing, the commissioner finds that any person has violated any provision of this division or of any regulation or order issued under this division, the commissioner may order
• § 31901 — The provisions of Section 31900 are additional to, and not alternative to, other provisions of this division which authorize the commissioner to issue orders or to take other action on account of a vi
• § 31950 — In this chapter: (a) “Member” has the meaning set forth in the old law.
• § 31951 — Except as otherwise provided in Sections 31004 and 31952, the provisions of the General Corporation Law (Division 1 (commencing with Section 100), Title 1 of the Corporations Code) shall, on and after
• § 31952 — In case any old corporation has, on the effective date of this division, any members: (a) The old law shall continue to apply with respect to matters relating to the rights and obligations of such mem
• § 320 — (a) The chief officer of the Department of Financial Protection and Innovation is the Commissioner of Financial Protection and Innovation.
• § 32000 — This division shall be known and may be cited as the “State Assistance Fund for Enterprise Act of 1989.
• § 32001 — In this division, unless the context otherwise requires: (a) A reference to a statute or to a regulation includes such statute or regulation as amended, whether before or after the effective date of t
• § 32002 — If any provision of this division or the application thereof to any person or circumstances is held invalid, illegal, or unenforceable, such invalidity, illegality, or enforceability shall not affect
• § 3201 — On or after July 1, 2026, a person shall not engage in digital financial asset business activity, or hold itself out as being able to engage in digital financial asset business activity, with or on be
• § 3203 — (a) An application for a license under this division shall meet all of the following requirements: (1) The application shall be in a form and medium prescribed by the department.
• § 3205 — (a) The commissioner may issue a conditional license to an applicant who holds or maintains a license to conduct virtual currency business activity in the state of New York pursuant to Part 200 of Tit
• § 3207 — (a) (1) (A) A licensee shall maintain a surety bond or trust account in United States dollars in a form and amount as determined by the department for the protection of residents that engage in digita
• § 3209 — (a) The department shall issue a license to an applicant if all of the following conditions are satisfied: (1) The commissioner finds that all of the criteria described in paragraph (1) of subdivision
• § 321 — (a) In this section, “order” means any approval, consent, authorization, exemption, denial, prohibition, requirement, or other administrative action, applicable to a specific case.
• § 32101 — The purposes of this division are the following: (a) To enhance the availability of financial assistance for small business in California.
• § 3211 — (a) Subject to subdivision (h), between October 1 and November 1 of each year, a licensee shall submit to the department an annual report under subdivision (b).
• § 3213 — A license under this division is not transferable or assignable.
• § 3215 — (a) The department may adopt rules necessary to implement this division and may offer informal guidance to any prospective applicant for a license under this division regarding the conditions of licen
• § 3217 — (a) The commissioner may establish relationships or contracts with the Nationwide Multistate Licensing System and Registry or other entities designated by the Nationwide Multistate Licensing System an
• § 3219 — (a) (1) The commissioner shall require the submission of fingerprints for each applicant if the applicant is a natural person, and of each executive officer and responsible individual associated with
• § 322 — The commissioner is appointed by the Governor, and holds office at the pleasure of the Governor.
• § 32200 — Subject to additional definitions contained in Division 15 (commencing with Section 31000) and this division which are applicable to specific provisions of these divisions and unless the context other
• § 32201 — “Alternative energy system” means any device or combination of devices which conserves or produces heat, process heat, space heating, water heating, steam, space cooling, refrigeration, mechanical ene
• § 32202 — “Conventional energy fuel” means any fuel derived from petroleum deposits, including but not limited to oil, heating oil, gasoline, fuel oil, or natural gas, including liquified natural gas, or nuclea
• § 32203 — “Small business” means a business defined as an eligible small business as set forth in Section 121.
• § 32204 — “State Controller” means the State Controller or any person to whom the State Controller delegates the authority to act for him or her in the particular matter.
• § 32205 — “Rules Committee” means the rules committee of the State Senate or any person to whom the rules committee of the State Senate delegates to act for it in the particular matter.
• § 32206 — “Speaker” means the Speaker of the State Assembly or any person to whom the Speaker of the Assembly delegates the authority to act for him in the particular matter.
• § 32207 — “Corporation” means the State Assistance Fund for Enterprise Business and Industrial Development Corporation.
• § 32208 — “Energy Commission” means the State Energy Resources Conservation and Development Commission.
• § 32209 — “ Alternative energy business firm” means any small business engaged primarily in the business of the design, manufacture, production, assembly, distribution, marketing, sale, transportation, or insta
• § 3221 — (a) An applicant shall not be denied a license on the basis of a criminal conviction, or on the basis of acts underlying a criminal conviction, if the convicted person has obtained a certificate of re
• § 32210 — “Board” means the board of directors of the corporation.
• § 32211 — “President” means the president of the corporation.
• § 32212 — “Finance officer” means the director of the finance division of the corporation.
• § 32215 — “Governor” means the Governor of the State of California or any person to whom the Governor of the State of California delegates the authority to act for him in the particular matter.
• § 32216 — “Savings-investment ratio” means an analysis of the proposed system in which energy cost savings are added to other net benefits and costs from operation, maintenance, replacements, depreciation, tax
• § 32217 — “Life cycle cost analysis” means an analysis of a proposed system in which all costs and benefits are evaluated over the expected life of the system.
• § 32218 — “Minimum economic feasibility” means that the net savings or benefits of an investment exceed the net costs.
• § 32219 — “Special projects” means any financing assistance or other program undertaken by the corporation pursuant to Article 3 (commencing with Section 32720) of Chapter 6.
• § 3223 — (a) Except as otherwise provided in Section 5111 of the SAFE Act, the requirements under any federal law or the Information Practices Act of 1977 (Chapter 1 (commencing with Section 1798) of Title 1.
• § 3225 — The commissioner shall regularly report violations of this division, enforcement actions under this division, and other relevant information to the Nationwide Multistate Licensing System and Registry,
• § 323 — The commissioner shall be a citizen of the United States and a resident of the state for at least three years prior to his or her appointment.
• § 32300 — The Legislature hereby authorizes the creation of a nonprofit corporation pursuant to the provisions of the Nonprofit Corporation Law (Part 1 (commencing with Section 9000), Division 2, Title 1 of the
• § 32301 — Except as otherwise provided in this division: (a) The Nonprofit Corporation Law shall apply to the corporation.
• § 32310 — The name of this corporation shall be: State Assistance Fund for Enterprise, Business and Industrial Development Corporation.
• § 32320 — Except as provided in Sections 32325 and 32352.
• § 32321 — (a) The official members of the board shall be: (1) A member of the Governor’s cabinet, or his or her designee.
• § 32322 — (a) The terms of official members of the board shall coincide with their official terms of office, except in the case of the member selected and appointed by the members of the Energy Commission, who
• § 32323 — (a) The directors selected and appointed by the Governor, Rules Committee, and Speaker shall meet the requirements of subdivision (d) of Section 31152.
• § 32324 — (a) The official directors shall serve without compensation, except that they shall be reimbursed for their actual and necessary expenses incurred in the performance of their duties, or at the discret
• § 32325 — If the corporation becomes a federal Community Development Financial Institution (CDFI), in addition to the official and public directors provided for in Section 32321, the board may select not more t
• § 32326 — The board of directors of the corporation shall establish a loan committee, which shall review, rank, and approve or disapprove applications for loans under this division in accordance with procedures
• § 32330 — The management of the corporation shall be conducted by the board of directors, subject to the following limitations: (a) All action taken by the board of directors shall require the approval of a maj
• § 32331 — The operations of the corporation shall be directed by the president of the corporation, who shall be selected and appointed by the board.
• § 32332 — The corporation shall adopt bylaws, which shall include provisions governing the election of officers; the establishment and functions of committees; eligibility criteria for loan applications and app
• § 32350 — (a) The corporation may appoint such agents and employees as it requires, and determine their qualifications, duties, terms of employment, and compensation.
• § 32351 — The corporation shall not provide financing assistance to any business firm in this state unless such business firm meets the financial and eligibility criteria for the specific type of financial assi
• § 32352 — The corporation shall (a) be empowered to do and perform all acts contemplated for a business and industrial development corporation, and (b) upon approval of the Small Business Development Board, per
• § 32352.5 — (a) If the corporation becomes a small business development corporation pursuant to Section 32352, the official and public members of the board of directors shall, within 30 days thereafter, appoint t
• § 324 — The annual salary of the commissioner is provided for by Chapter 6 (commencing with Section 11550) of Part 1 of Division 3 of Title 2 of the Government Code.
• § 32400 — The financial accounts and records of the corporation shall be kept by the finance officer according to policies and rules which the board shall adopt.
• § 32401 — The corporation shall adopt as its fiscal year the period from July 1st to and including the following June 30th.
• § 32402 — In addition to other accounts the board may establish, the financial accounts of the corporation shall include: (a) A general operating account.
• § 32403 — Except as otherwise provided for in this division, all funds received by the corporation shall be deposited in the general operating account of the corporation.
• § 32404 — Beginning with the fiscal year which begins July 1, 1982, and each fiscal year thereafter, the board shall not adopt any budget for the corporation in which the projected total operating expenditures
• § 32420 — In this article “trust fund” means the government guaranteed securities trust fund of the corporation.
• § 32421 — The finance officer shall place into the trust fund all securities held by the corporation which carry a guarantee of repayment issued by the Small Business Administration or guarantee of repayment is
• § 32422 — According to policies and regulations which the board shall adopt, the finance officer shall use his or her best efforts to sell the guaranteed portion of the securities held in the trust fund to priv
• § 32423 — The proceeds of the sale of government guaranteed securities shall be allocated to the accounts of the corporation in the following manner: (a) That portion of the proceeds of the sale of government g
• § 325 — Before entering upon the duties of his or her office, the commissioner shall take and subscribe to the constitutional oath of office and file the same with the Secretary of State.
• § 326 — (a) The Commissioner of Financial Protection and Innovation is responsible for the performance of all duties, the exercise of all powers and jurisdiction, and the assumption and discharge of all respo
• § 32600 — (a) The finance officer shall not execute any loan that is not: (1) Approved for guarantee by the Small Business Administration, under that agency’s prevailing standards for loans of similar type, pur
• § 32601 — The corporation shall not provide financing assistance on any application, except for any application submitted for review as a special project, which has not been reviewed in the manner specified by
• § 327 — (a) The commissioner shall apply the Interagency Guidance on Nontraditional Mortgage Product Risks issued in September 2006 and the Statement on Subprime Mortgage Lending issued in June 2007 by the Of
• § 32720 — The corporation is authorized to accept any public or private financial grant in furtherance of the purposes of this division, including, but not limited to, grants for alternative energy research or
• § 32721 — The board may consider and adopt rules for the acceptance and disbursement of grants, provided, however, that the cost of administering any grant, less any payment for grant administration made to the
• § 32722 — The corporation may participate with any federal or state governmental agency, department, board, bureau, or office in any program which is intended to assist the development of the alternative energy
• § 32723 — The corporation may develop and implement a program to assist private financial institutions, to evaluate investment opportunities in alternative energy systems, and to help potential small business b
• § 32724 — Notwithstanding any other provision of this division, loans or other financing programs undertaken by the corporation in furtherance of minority enterprises and export financing shall be funded from t
• § 328 — (a) The commissioner may make the agreements that he or she deems necessary or appropriate in exercising his or her powers.
• § 32810 — The Controller shall establish, maintain, and administer a separate account within the General Fund of the State of California to effect the provisions of this chapter.
• § 32811 — The name of this account shall be the “State Enterprise Loan Fund,” which fund shall be continuously appropriated for the purposes of this division.
• § 32812 — The Controller shall transfer into the fund from the General Fund and from the Energy Resources Program Account in the General Fund all moneys required to meet the loan requests of the corporation, su
• § 32813 — The Controller shall disburse moneys from the fund to the corporation subject to the provisions of this chapter.
• § 32814 — The Controller shall deposit in the fund all moneys received from the corporation in repayment of the principal and interest of loans made to the corporation.
• § 32820 — The corporation is authorized to borrow money from the fund, subject to the following terms and conditions: (a) The interest rate on loans from the fu
• § 32820.5 — Upon approval of the corporation to exercise the powers of a small business development corporation pursuant to Section 32352, the corporation shall cease to be liable for payment of interest on loans
• § 32821 — The corporation shall make application in writing to the Controller for loans from the fund.
• § 32822 — Within five working days after receipt of an application from the corporation for a loan from the fund, the Controller shall disburse the proceeds of the loan to the corporation, unless: (a) The corpo
• § 32823 — If the Controller finds either subdivision (a) or (b) of Section 32822 to be the case, the Controller shall deny the loan application of the corporation.
• § 329 — (a) For purposes of this section, the following definitions apply: (1) “Applicable law” means: (A) With respect to any bank, Division 1.
• § 330 — The authority vested in the Superintendent of Banks under subdivision (2) of Section 1 of Article XV of the California Constitution is delegated to the commissioner.
• § 3301 — (a) (1) (A) The department may, at any time and from time to time, examine the business and any office, within or outside this state, of any licensee, or any agent of a licensee, in order to ascertain
• § 3303 — (a) A licensee shall maintain, for all digital financial asset business activity with, or on behalf of, a resident for five years after the date of the activity, a record of all of the following: (1)
• § 3305 — The department may cooperate, coordinate, jointly examine, consult, and share records and other information with a self-regulatory organization, a federal or state agency, law enforcement, or a regula
• § 3307 — (a) A licensee shall file with the department a report of the following, as may be applicable: (1) A material change in information in the application for a license under this division or the most rec
• § 3309 — (a) For purposes of this section, “proposed person to be in control” means the person that would control a licensee after a proposed transaction that would result in a change in control of the license
• § 331 — The commissioner may adopt and implement any method of accepting electronic filings of applications, reports, or other matters, which, in the opinion of the commissioner, is secure.
• § 331.5 — (a) (1) A licensee subject to the commissioner’s jurisdiction shall establish and maintain an electronic service address designated for receiving communications and documents that are sent by the comm
• § 3311 — (a) Before a proposed merger or consolidation of a licensee with another person, the licensee shall submit all of the following, as applicable, to the department in a record: (1) An application in a f
• § 332 — (a) (1) In this section, “federal law” includes, but is not limited to, the United States Constitution, any federal statute, any federal court decision, and any regulation, circular, bulletin, interpr
• § 333 — The powers of supervision and examination of all licensees are vested in the commissioner.
• § 334 — The commissioner may promulgate or waive such rules and regulations as may be reasonable or necessary to carry out his or her duties and responsibilities.
• § 335 — (a) The commissioner, whenever in his or her opinion such action is necessary or appropriate to carry out his or her duties, may call a meeting of the board of directors of a licensee.
• § 336 — The commissioner may, at any time, require a licensee to write down any asset held by the licensee to a valuation that will represent the asset’s then fair market value.
• § 337 — (a) The commissioner, when conducting examinations under Section 500, 14250, 16150, or 16700, shall examine a licensee that maintains a correspondent account or payable-through account for compliance
• § 338 — Upon declaration of a state of emergency, pursuant to the California Emergency Services Act (Chapter 7 (commencing with Section 8550) of Division 1 of Title 2 of the Government Code) due to a wildfire
• § 3401 — For the purpose of this chapter, “enforcement measure” means an action that includes, but is not limited to, all of the following: (a) Suspend or revoke a license under this division.
• § 3403 — (a) The department may take an enforcement measure against a licensee or person that is not a licensee but has engaged, is engaging, or is about to engage in digital financial asset business activity
• § 3405 — (a) Except as provided in subdivision (b), the department may take an enforcement measure only after notice and opportunity for a hearing as appropriate in the circumstances.
• § 3407 — (a) If a person other than a licensee has engaged, is engaging, or is about to engage in digital financial asset business activity with, or on behalf of, a resident in violation of this division, the
• § 3409 — (a) Revocation of a license under this division is effective against a licensee one day after the department sends notice in a record of the revocation to the licensee by a means reasonably selected f
• § 3411 — The department may enter into a consent order with a person regarding an enforcement measure.
• § 3413 — Whenever the commissioner deems it necessary for the general welfare of the public, the commissioner has continuous authority to exercise the powers set forth in this division whether or not an applic
• § 3415 — (a) This chapter shall not be construed to provide a private right of action to a resident.
• § 350 — The chief deputy shall be appointed by the Governor and hold office at the pleasure of the Governor.
• § 3501 — (a) When engaging in digital financial business activity with a resident, a covered person shall provide to a resident the disclosures required by subdivision (b) and any additional disclosure the dep
• § 3503 — (a) (1) A covered person that has control of a digital financial asset for one or more persons shall at all times maintain in its control an amount of each type of digital financial asset sufficient t
• § 3505 — (a) (1) Except as provided for under paragraph (2), a covered exchange, prior to listing or offering a digital financial asset that the covered exchange can exchange on behalf of a resident, shall cer
• § 3507 — A covered person shall prominently display on its internet website a toll-free telephone number through which a resident can contact the licensee for customer service issues and receive live customer
• § 3509 — The requirements imposed on a covered person or a covered exchange under this chapter shall be operative on July 1, 2026.
• § 351 — (a) The chief officer of the Division of Corporations and Financial Institutions is the Senior Deputy Commissioner of Financial Protection and Innovation for the Division of Corporations and Financial
• § 352 — The commissioner may employ deputies in addition to the chief deputy, and examiners, appraisers, technical assistants, investigators, administrative assistants, clerks, and other employees that he or
• § 353 — Before entering upon the duties of his or her office each deputy and examiner shall take and subscribe to the constitutional oath of office.
• § 354 — The commissioner may require, at any time, of any deputy, examiner, or other employee of the department, an official bond in such amount as the commissioner may deem necessary.
• § 355 — The Commissioner of Financial Protection and Innovation, the Senior Deputy Commissioner of the Division of Financial Institutions, or any deputy or employee of the Division of Financial Institutions s
• § 356 — If the commissioner is unable to perform his or her duties for more than 30 consecutive days or if the office of the commissioner becomes vacant, the chief deputy shall have all the powers and duties
• § 357 — If a deputy commissioner or any examiner has knowledge of the insolvency or unsafe condition of any licensee and willfully fails to report that fact to the commissioner in writing, he or she is guilty