Title FIN, California Fin. Code

If it appears to the commissioner that any licensed escrow agent is conducting or has conducted business in an unsafe or injurious manner, the commissioner shall, by written order addressed to the agent direct the discontinuance of such unsafe or injurious practices. The order sh…

No order issued pursuant to Sections 17602 or 17603 may become final except after notice to any licensed escrow agent affected thereby of the intention of the commissioner to make such order final and of the reasons therefor and that upon receipt of a request the matter will be s…

The licensed escrow agent has ten (10) days after an order is made final in which to commence action to restrain enforcement of such order, and unless such action is commenced, and the enforcement of such order is enjoined within ten (10) days by the court in which the suit is br…

The commissioner may immediately revoke by order the escrow agent’s license if the licensee fails to comply with any order, unless the escrow agent secures a court order restraining the enforcement of the commissioner’s revocation order. (Amended by Stats. 2002, Ch. 772, Sec. 12.…

The license of an escrow agent shall be deemed revoked upon the completion or closure of a court approved liquidation of the business of the escrow agent, whether pursuant to Section 17635 or 17636, or otherwise, unless the escrow agent within 10 days of the court’s order approvi…

(a) Whenever it appears to the commissioner that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of this division or any rule or order hereunder, the commissioner may in the commissioner’s discretion bring an action in…

The commissioner may, after notice and a reasonable opportunity to be heard, suspend or revoke any license if he finds that: (a) The licensee has failed to maintain in effect a bond required under the provisions of this division. (b) The licensee has violated any provision of thi…

The revocation, suspension, surrender or expiration of an escrow agent’s license does not impair or affect pre-existing escrows lawfully contracted, but nothing contained in this division shall be deemed to authorize the acceptance of further funds or documents into escrow subseq…

The power of investigation and examination by the commissioner is not terminated by the surrender, suspension, or revocation of any license issued by him. (Added by Stats. 1973, Ch. 705.)

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 application for a license has been filed with the commissioner, any license has been i…

(a) When authorized to conduct business pursuant to this division, an industrial loan company may sell and issue its investment certificates subject to the provisions of this division. The commissioner may, by written order directed to a company or by rule or regulation, impose t…

An industrial loan company may, in addition to the sale of installment investment certificates with loans, sell or negotiate investment certificates either in certificates, or in receipt book form. The certificates may provide for the payment of money at any time, either fixed or…

No company may have investment certificates outstanding with a person or related persons in an aggregate amount in excess of 20 percent of the unimpaired capital stock and surplus of the company not available for dividends as provided in Section 18319. (Amended by Stats. 1989, Ch…

Investment or thrift certificates may be issued to or in the name of a minor and as such shall be for the exclusive right and benefit of such minor and may be redeemed in whole or part by said minor or his order and payment so made is a valid release and discharge to the company …

An investment or thrift certificate that is a multiple-party account as defined in Section 5132 of the Probate Code is governed by Part 2 (commencing with Section 5100) of Division 5 of the Probate Code. (Amended by Stats. 1990, Ch. 79, Sec. 11. Operative July 1, 1991, pursuant t…

In no event shall an industrial loan company have outstanding at any time its investment certificates (exclusive of those hypothecated with the company issuing them) in an aggregate sum in excess of 20 times the aggregate amount of its paid-up and unimpaired capital and such of i…

Notwithstanding Section 18319, an industrial loan company shall in no event: (a) Have outstanding at any time during its first 12 months of operation as an industrial loan company under this division, its investment certificates (exclusive of those hypothecated with the company i…

(a) Nothing in this division authorizes an industrial loan company to receive demand deposits. (b) Subject to Section 18315, an industrial loan company that is a member of the Federal Deposit Insurance Corporation pursuant to Section 18521.5 may use the term “certificate of depos…

An industrial loan company shall obtain the written consent of the commissioner prior to accepting any moneys pursuant to Section 17409. The commissioner may, by regulation or order, impose or revise limitations and requirements, including, but not limited to, liquidity and reser…

(a) An industrial loan company shall not impose any charge on a periodic investment or thrift certificate, or on an investor in an account evidenced by such certificate, for the failure of an investor to invest, or for the late investment of, any agreed periodic installment inves…

(a) In this section, “remit” means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. (b) No licensee shall appoint or continue any person as agent, unless the lic…

(a) No licensee shall appoint any person as an agent unless it has conducted a review of the proposed agent’s fitness to act as an agent and has determined that the proposed agent and any persons who control the proposed agent are of good character and sound financial standing. (…

A person may not provide money transmissions on behalf of a person not licensed or not exempt from licensure under this division. A person that engages in that activity provides money transmissions services to the same extent as if the person was a licensee, and shall be jointly …

(a) No agent of a licensee who has actual notice that the commissioner has suspended or revoked the license of the licensee or that the commissioner has issued an order taking possession of the property and business of the licensee shall conduct money transmission on behalf of th…

This chapter shall be known, and may be cited, as the Pawnbroker Education Act. (Added by Stats. 2024, Ch. 223, Sec. 3. (AB 2231) Effective January 1, 2025. Repealed as of January 1, 2029, pursuant to Section 21413.)

The Legislature finds and declares all of the following: (a) Pawnbroker businesses provide a valuable source of short-term credit for economically vulnerable consumers and the state’s unbanked population, as everyone who seeks a pawn loan can borrow money regardless of creditwort…

(a) The California Pawnbroker Education Council is hereby established to carry out the responsibilities and duties described in this chapter. (b) The council shall be governed by a board of directors composed of, but not limited to, members who shall be chosen in the following ma…

(a) The council shall, on or before January 1, 2026, develop and establish a standard course and curriculum in pawnbroker transactions that shall include at least eight hours of prelicensing education to be taken by an applicant for licensure, and eight hours of continuing educat…

(a) Individuals, entities, agencies, and associations that propose to offer educational courses that satisfy the prelicensing or continuing education requirements of this chapter shall apply for and obtain the approval of the council. (b) The council shall develop policies, proce…

(a) Beginning on January 1, 2026, the council shall issue a certificate to an applicant for a pawnbroker license, or a licensee applying for renewal of a pawnbroker license, who has satisfied the educational requirements of this chapter. (b) The council shall maintain records ver…

Nothing in this chapter authorizes the council to approve, deny, revoke, or suspend a license issued pursuant to Section 21300. (Added by Stats. 2024, Ch. 223, Sec. 3. (AB 2231) Effective January 1, 2025. Repealed as of January 1, 2029, pursuant to Section 21413.)

This chapter shall remain in effect only until January 1, 2029, and as of that date is repealed. (Added by Stats. 2024, Ch. 223, Sec. 3. (AB 2231) Effective January 1, 2025. Repealed as of January 1, 2029, by its own provisions. Note: Repeal affects Chapter 4, commencing with Sec…

(a) As often as the commissioner deems necessary and appropriate, but at least once every 36 months, the commissioner shall examine the affairs of each licensee for compliance with this division. The commissioner shall appoint suitable persons to perform the examination. The comm…

The commissioner may require persons who are not expressly excluded from this division under subdivision (b) of Section 28102 to file with the commissioner, under oath or otherwise, in the form and within a reasonable period of time as prescribed by the commissioner by special re…

In any proceeding under this division, the burden of proving an exemption or an exception from a definition is upon the person claiming it. (Added by Stats. 2018, Ch. 379, Sec. 20. (AB 38) Effective January 1, 2019.)

The commissioner, and all persons designated by him, may administer oaths, take the testimony of witnesses, and issue subpoenas requiring the attendance of witnesses and the production of books, documents, and other things under their control, at any examination, investigation, o…

All of the provisions of Chapter 2 (commencing with Section 1985), Title 3, Part 4 of the Code of Civil Procedure relating to the means of production of evidence out of court are applicable to any examination, investigation, or hearing under this division. (Added by Stats. 1972, …

The authority to make or conduct any examination, investigation, or hearing, including the authority to administer oaths and to subpoena witnesses, and to take their testimony may be delegated by the commissioner to any deputy, investigator, or auditor appointed by him for that p…

All hearings provided for in this division shall be conducted in accordance with the provisions of Chapter 5 (commencing with Section 11500), Part 1, Division 3, Title 2, of the Government Code, and the commissioner has all the powers granted therein, except that a hearing held i…

Every order, decision, license or other official act of the commissioner is subject to review, in accordance with law. (Added by Stats. 1972, Ch. 1057.)

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. (b) Order a person to cease and desist from doing digital financial asset business activity with…

(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 with, or on behalf of, a resident in any of the following instances: (1) The lic…

(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. (b) (1) (A) The department may take an enforcement measure, other than the imposition of a civil penalty …

(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 department may assess a civil penalty against the person in an amount not to exc…

(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 for the notice to be received by the recipient in one day to the address provided…

The department may enter into a consent order with a person regarding an enforcement measure. The order may provide that it does not constitute an admission of fact by a party. (Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)