State Codes and Statutes

Statutes > California > Fin > 1860-1868

FINANCIAL CODE
SECTION 1860-1868



1860.  (a) If it appears to the commissioner that a licensee is
violating or failing to comply with any law of this state, the
commissioner may direct the licensee to comply with the law by an
order issued under the commissioner's official seal, or if it appears
to the commissioner that any licensee is conducting its business in
an unsafe or injurious manner, the commissioner may in like manner
direct it to discontinue the unsafe or injurious practices. The order
shall require the licensee to show cause before the commissioner, at
a time and place to be fixed by the commissioner, as to why the
order should not be observed.
   (b) If, upon any hearing held pursuant to subdivision (a), the
commissioner finds that the licensee is violating or failing to
comply with any law of this state or is conducting its business in an
unsafe or injurious manner, the commissioner may make a final order
directing it to comply with the law or to discontinue the unsafe or
injurious practices. A licensee shall comply with the final order
unless, within 10 days after the issuance of the order, its
enforcement is restrained in a proceeding brought by the licensee.



1861.  (a) The commissioner may issue an order suspending or
revoking a license, or taking possession of and placing a licensee in
receivership, if after notice and an opportunity for hearing, the
commissioner finds that:
   (1) The licensee is violating this chapter or a regulation adopted
or an order issued under this chapter, or a condition of approval
issued under this chapter.
   (2) The licensee does not cooperate with an examination or
investigation by the commissioner.
   (3) The licensee engages in fraud, intentional misrepresentation,
or gross negligence.
   (4) The competence, experience, character, or general fitness of
the licensee, or any director, officer, employee, or person in
control of a licensee, indicates that it is not in the public
interest to permit the person to provide money transmission services.
   (5) The licensee engages in an unsafe or unsound practice.
   (6) The licensee is insolvent, suspends payment of its
obligations, or makes a general assignment for the benefit of its
creditors.
   (7) The licensee does not remove an agent after the commissioner
issues and serves upon the licensee a final order including a finding
that the agent has violated this chapter.
   (8) The licensee has applied for an adjudication of bankruptcy,
reorganization, arrangement, or other relief under any bankruptcy,
reorganization, insolvency, or moratorium law, or any person has
applied for any such relief under that law against the licensee and
the licensee has by any affirmative act approved of or consented to
the action or the relief has been granted.
   (9) Any fact or condition exists that, if it had existed at the
time when the licensee applied for its license, would have been
grounds for denying the application.
   (b) In determining whether a licensee is engaging in an unsafe or
unsound practice, the commissioner may consider the size and
condition of the licensee's provision of money transmission services,
the magnitude of the loss, the gravity of the violation of this
chapter, and the previous conduct of the person involved.




1862.  (a) The commissioner may issue an order suspending or
revoking the designation of an agent if, after notice and an
opportunity for hearing, the commissioner finds that:
   (1) The agent violated this chapter or a regulation adopted or an
order issued under this chapter.
   (2) The agent did not cooperate with an examination or
investigation by the commissioner.
   (3) The agent engaged in fraud, intentional misrepresentation, or
gross negligence.
   (4) The agent is convicted of a violation of a state or federal
anti-money laundering statute.
   (5) The competence, experience, character, or general fitness of
the agent, or any director, officer, employee, or person in control
of the agent, indicates that it is not in the public interest to
permit the agent to provide money transmissions.
   (6) The agent is engaging in an unsafe or unsound practice.
   (7) The agent has made or caused to be made in any application or
report filed with the commissioner or in any proceeding before the
commissioner, any statement that was at the time and in the light of
the circumstances under which it was made, false or misleading with
respect to any material fact, or has omitted to state in any of those
applications, reports, or proceedings any material fact which is
required to be stated therein.
   (8) The agent is an agent of a licensee who, because of its
operations and financial condition, is not competent to supervise and
monitor the agent.
   (9) The agent will not comply with all applicable provisions of
this chapter and of any regulation or order issued under this
chapter.
   (b) In determining whether an agent is engaging in an unsafe or
unsound practice, the commissioner may consider the size and
condition of the agent's provision of money transmission services,
the magnitude of the loss, the gravity of the violation of this
chapter or a rule adopted or order issued under this chapter, and the
previous conduct of the agent.
   (c) No licensee shall appoint as an agent any person with respect
to whom an order issued under this section is in effect.
   (d) No person with respect to whom an order issued under this
section is in effect shall become or continue to be an agent of any
licensee.
   (e) If applicable, the commissioner may disclose to the licensee
criminal history information upon which an order is based.



1863.  (a) Every order, decision, or other official act of the
commissioner is subject to review in accordance with law.
   (b) Whenever the commissioner has taken possession of the property
and business of any licensee, the licensee, within 10 days after
that taking, if it deems itself aggrieved thereby, may apply to the
superior court in the county in which the head office of the licensee
is located to enjoin further proceedings. The court, after citing
the commissioner to show cause why further proceedings should not be
enjoined and after a hearing and a determination of the facts upon
the merits, may dismiss the application or enjoin the commissioner
from further proceedings and direct the commissioner to surrender the
property and business to the licensee.



1864.  (a) If the commissioner finds that any of the factors set
forth in Section 1861 is true with respect to any licensee and that
it is necessary for the protection of the public interest, the
commissioner may issue an order immediately suspending or revoking
the licensee's license.
   (b) Within 30 days after the license is suspended or revoked
pursuant to subdivision (a), the licensee may file with the
commissioner an application for a hearing on the suspension or
revocation.
   (c) If the commissioner fails to commence a hearing within 15
business days after the application is filed with the commissioner
pursuant to subdivision (b) or within a longer period of time agreed
to by the licensee, the suspension or revocation shall be deemed
rescinded.
   (d) Within 30 days after the hearing, the commissioner shall
affirm, modify, or rescind the suspension or revocation. Otherwise,
the suspension or revocation shall be deemed rescinded.
   (e) The right of the licensee to petition for judicial review of
the suspension or revocation shall not be affected by the failure of
the licensee to apply to the commissioner for a hearing on the
suspension or revocation pursuant to subdivision (b).




1865.  (a) If the commissioner finds that any of the factors set
forth in Section 1862 is true with respect to any agent and that it
is necessary for the protection of the public interest, the
commissioner may issue an order immediately suspending or barring
that agent from continuing to be or becoming an agent of any licensee
during the period for which that order is in effect.
   (b) Within 30 days after an order is issued pursuant to
subdivision (a), the licensee or the agent or former agent with
respect to whom the order was issued may file with the commissioner
an application for a hearing on the order.
   (c) If the commissioner fails to commence a hearing within 20
business days after the application is filed with the commissioner
pursuant to subdivision (b) or within a longer period of time agreed
to by the parties, the suspension or revocation shall be deemed
rescinded.
   (d) Within 30 days after the hearing, the commissioner shall
affirm, modify, or rescind the order.
   (e) The right of the licensee or agent or former agent to petition
for judicial review of the order shall not be affected by the
failure of that person to apply to the commissioner for a hearing on
the order pursuant to subdivision (b).



1866.  The commissioner may assess a civil penalty against a person
that violates this chapter or a regulation adopted or an order issued
under this chapter in an amount not to exceed one thousand dollars
($1,000) for each violation or, in the case of a continuing
violation, one thousand dollars ($1,000) for each day or part thereof
during which the violation continues, plus this state's costs and
expenses for the investigation and prosecution of the matter,
including reasonable attorney's fees.



1867.  (a) A person that intentionally makes a false statement,
misrepresentation, or false certification in a record filed or
required to be maintained under this chapter or that intentionally
makes a false entry or omits a material entry in such a record is
guilty of a felony.
   (b) A person that knowingly engages in an activity for which a
license is required under this chapter without being licensed or
exempt from licensure under this chapter is guilty of a felony.
   (c) Nothing in this chapter limits the power of the state to
punish any person for any act that constitutes a crime under any
statute.


1868.  The enforcement provisions of this chapter are in addition to
any other enforcement powers that the commissioner may have under
law.

State Codes and Statutes

Statutes > California > Fin > 1860-1868

FINANCIAL CODE
SECTION 1860-1868



1860.  (a) If it appears to the commissioner that a licensee is
violating or failing to comply with any law of this state, the
commissioner may direct the licensee to comply with the law by an
order issued under the commissioner's official seal, or if it appears
to the commissioner that any licensee is conducting its business in
an unsafe or injurious manner, the commissioner may in like manner
direct it to discontinue the unsafe or injurious practices. The order
shall require the licensee to show cause before the commissioner, at
a time and place to be fixed by the commissioner, as to why the
order should not be observed.
   (b) If, upon any hearing held pursuant to subdivision (a), the
commissioner finds that the licensee is violating or failing to
comply with any law of this state or is conducting its business in an
unsafe or injurious manner, the commissioner may make a final order
directing it to comply with the law or to discontinue the unsafe or
injurious practices. A licensee shall comply with the final order
unless, within 10 days after the issuance of the order, its
enforcement is restrained in a proceeding brought by the licensee.



1861.  (a) The commissioner may issue an order suspending or
revoking a license, or taking possession of and placing a licensee in
receivership, if after notice and an opportunity for hearing, the
commissioner finds that:
   (1) The licensee is violating this chapter or a regulation adopted
or an order issued under this chapter, or a condition of approval
issued under this chapter.
   (2) The licensee does not cooperate with an examination or
investigation by the commissioner.
   (3) The licensee engages in fraud, intentional misrepresentation,
or gross negligence.
   (4) The competence, experience, character, or general fitness of
the licensee, or any director, officer, employee, or person in
control of a licensee, indicates that it is not in the public
interest to permit the person to provide money transmission services.
   (5) The licensee engages in an unsafe or unsound practice.
   (6) The licensee is insolvent, suspends payment of its
obligations, or makes a general assignment for the benefit of its
creditors.
   (7) The licensee does not remove an agent after the commissioner
issues and serves upon the licensee a final order including a finding
that the agent has violated this chapter.
   (8) The licensee has applied for an adjudication of bankruptcy,
reorganization, arrangement, or other relief under any bankruptcy,
reorganization, insolvency, or moratorium law, or any person has
applied for any such relief under that law against the licensee and
the licensee has by any affirmative act approved of or consented to
the action or the relief has been granted.
   (9) Any fact or condition exists that, if it had existed at the
time when the licensee applied for its license, would have been
grounds for denying the application.
   (b) In determining whether a licensee is engaging in an unsafe or
unsound practice, the commissioner may consider the size and
condition of the licensee's provision of money transmission services,
the magnitude of the loss, the gravity of the violation of this
chapter, and the previous conduct of the person involved.




1862.  (a) The commissioner may issue an order suspending or
revoking the designation of an agent if, after notice and an
opportunity for hearing, the commissioner finds that:
   (1) The agent violated this chapter or a regulation adopted or an
order issued under this chapter.
   (2) The agent did not cooperate with an examination or
investigation by the commissioner.
   (3) The agent engaged in fraud, intentional misrepresentation, or
gross negligence.
   (4) The agent is convicted of a violation of a state or federal
anti-money laundering statute.
   (5) The competence, experience, character, or general fitness of
the agent, or any director, officer, employee, or person in control
of the agent, indicates that it is not in the public interest to
permit the agent to provide money transmissions.
   (6) The agent is engaging in an unsafe or unsound practice.
   (7) The agent has made or caused to be made in any application or
report filed with the commissioner or in any proceeding before the
commissioner, any statement that was at the time and in the light of
the circumstances under which it was made, false or misleading with
respect to any material fact, or has omitted to state in any of those
applications, reports, or proceedings any material fact which is
required to be stated therein.
   (8) The agent is an agent of a licensee who, because of its
operations and financial condition, is not competent to supervise and
monitor the agent.
   (9) The agent will not comply with all applicable provisions of
this chapter and of any regulation or order issued under this
chapter.
   (b) In determining whether an agent is engaging in an unsafe or
unsound practice, the commissioner may consider the size and
condition of the agent's provision of money transmission services,
the magnitude of the loss, the gravity of the violation of this
chapter or a rule adopted or order issued under this chapter, and the
previous conduct of the agent.
   (c) No licensee shall appoint as an agent any person with respect
to whom an order issued under this section is in effect.
   (d) No person with respect to whom an order issued under this
section is in effect shall become or continue to be an agent of any
licensee.
   (e) If applicable, the commissioner may disclose to the licensee
criminal history information upon which an order is based.



1863.  (a) Every order, decision, or other official act of the
commissioner is subject to review in accordance with law.
   (b) Whenever the commissioner has taken possession of the property
and business of any licensee, the licensee, within 10 days after
that taking, if it deems itself aggrieved thereby, may apply to the
superior court in the county in which the head office of the licensee
is located to enjoin further proceedings. The court, after citing
the commissioner to show cause why further proceedings should not be
enjoined and after a hearing and a determination of the facts upon
the merits, may dismiss the application or enjoin the commissioner
from further proceedings and direct the commissioner to surrender the
property and business to the licensee.



1864.  (a) If the commissioner finds that any of the factors set
forth in Section 1861 is true with respect to any licensee and that
it is necessary for the protection of the public interest, the
commissioner may issue an order immediately suspending or revoking
the licensee's license.
   (b) Within 30 days after the license is suspended or revoked
pursuant to subdivision (a), the licensee may file with the
commissioner an application for a hearing on the suspension or
revocation.
   (c) If the commissioner fails to commence a hearing within 15
business days after the application is filed with the commissioner
pursuant to subdivision (b) or within a longer period of time agreed
to by the licensee, the suspension or revocation shall be deemed
rescinded.
   (d) Within 30 days after the hearing, the commissioner shall
affirm, modify, or rescind the suspension or revocation. Otherwise,
the suspension or revocation shall be deemed rescinded.
   (e) The right of the licensee to petition for judicial review of
the suspension or revocation shall not be affected by the failure of
the licensee to apply to the commissioner for a hearing on the
suspension or revocation pursuant to subdivision (b).




1865.  (a) If the commissioner finds that any of the factors set
forth in Section 1862 is true with respect to any agent and that it
is necessary for the protection of the public interest, the
commissioner may issue an order immediately suspending or barring
that agent from continuing to be or becoming an agent of any licensee
during the period for which that order is in effect.
   (b) Within 30 days after an order is issued pursuant to
subdivision (a), the licensee or the agent or former agent with
respect to whom the order was issued may file with the commissioner
an application for a hearing on the order.
   (c) If the commissioner fails to commence a hearing within 20
business days after the application is filed with the commissioner
pursuant to subdivision (b) or within a longer period of time agreed
to by the parties, the suspension or revocation shall be deemed
rescinded.
   (d) Within 30 days after the hearing, the commissioner shall
affirm, modify, or rescind the order.
   (e) The right of the licensee or agent or former agent to petition
for judicial review of the order shall not be affected by the
failure of that person to apply to the commissioner for a hearing on
the order pursuant to subdivision (b).



1866.  The commissioner may assess a civil penalty against a person
that violates this chapter or a regulation adopted or an order issued
under this chapter in an amount not to exceed one thousand dollars
($1,000) for each violation or, in the case of a continuing
violation, one thousand dollars ($1,000) for each day or part thereof
during which the violation continues, plus this state's costs and
expenses for the investigation and prosecution of the matter,
including reasonable attorney's fees.



1867.  (a) A person that intentionally makes a false statement,
misrepresentation, or false certification in a record filed or
required to be maintained under this chapter or that intentionally
makes a false entry or omits a material entry in such a record is
guilty of a felony.
   (b) A person that knowingly engages in an activity for which a
license is required under this chapter without being licensed or
exempt from licensure under this chapter is guilty of a felony.
   (c) Nothing in this chapter limits the power of the state to
punish any person for any act that constitutes a crime under any
statute.


1868.  The enforcement provisions of this chapter are in addition to
any other enforcement powers that the commissioner may have under
law.


State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 1860-1868

FINANCIAL CODE
SECTION 1860-1868



1860.  (a) If it appears to the commissioner that a licensee is
violating or failing to comply with any law of this state, the
commissioner may direct the licensee to comply with the law by an
order issued under the commissioner's official seal, or if it appears
to the commissioner that any licensee is conducting its business in
an unsafe or injurious manner, the commissioner may in like manner
direct it to discontinue the unsafe or injurious practices. The order
shall require the licensee to show cause before the commissioner, at
a time and place to be fixed by the commissioner, as to why the
order should not be observed.
   (b) If, upon any hearing held pursuant to subdivision (a), the
commissioner finds that the licensee is violating or failing to
comply with any law of this state or is conducting its business in an
unsafe or injurious manner, the commissioner may make a final order
directing it to comply with the law or to discontinue the unsafe or
injurious practices. A licensee shall comply with the final order
unless, within 10 days after the issuance of the order, its
enforcement is restrained in a proceeding brought by the licensee.



1861.  (a) The commissioner may issue an order suspending or
revoking a license, or taking possession of and placing a licensee in
receivership, if after notice and an opportunity for hearing, the
commissioner finds that:
   (1) The licensee is violating this chapter or a regulation adopted
or an order issued under this chapter, or a condition of approval
issued under this chapter.
   (2) The licensee does not cooperate with an examination or
investigation by the commissioner.
   (3) The licensee engages in fraud, intentional misrepresentation,
or gross negligence.
   (4) The competence, experience, character, or general fitness of
the licensee, or any director, officer, employee, or person in
control of a licensee, indicates that it is not in the public
interest to permit the person to provide money transmission services.
   (5) The licensee engages in an unsafe or unsound practice.
   (6) The licensee is insolvent, suspends payment of its
obligations, or makes a general assignment for the benefit of its
creditors.
   (7) The licensee does not remove an agent after the commissioner
issues and serves upon the licensee a final order including a finding
that the agent has violated this chapter.
   (8) The licensee has applied for an adjudication of bankruptcy,
reorganization, arrangement, or other relief under any bankruptcy,
reorganization, insolvency, or moratorium law, or any person has
applied for any such relief under that law against the licensee and
the licensee has by any affirmative act approved of or consented to
the action or the relief has been granted.
   (9) Any fact or condition exists that, if it had existed at the
time when the licensee applied for its license, would have been
grounds for denying the application.
   (b) In determining whether a licensee is engaging in an unsafe or
unsound practice, the commissioner may consider the size and
condition of the licensee's provision of money transmission services,
the magnitude of the loss, the gravity of the violation of this
chapter, and the previous conduct of the person involved.




1862.  (a) The commissioner may issue an order suspending or
revoking the designation of an agent if, after notice and an
opportunity for hearing, the commissioner finds that:
   (1) The agent violated this chapter or a regulation adopted or an
order issued under this chapter.
   (2) The agent did not cooperate with an examination or
investigation by the commissioner.
   (3) The agent engaged in fraud, intentional misrepresentation, or
gross negligence.
   (4) The agent is convicted of a violation of a state or federal
anti-money laundering statute.
   (5) The competence, experience, character, or general fitness of
the agent, or any director, officer, employee, or person in control
of the agent, indicates that it is not in the public interest to
permit the agent to provide money transmissions.
   (6) The agent is engaging in an unsafe or unsound practice.
   (7) The agent has made or caused to be made in any application or
report filed with the commissioner or in any proceeding before the
commissioner, any statement that was at the time and in the light of
the circumstances under which it was made, false or misleading with
respect to any material fact, or has omitted to state in any of those
applications, reports, or proceedings any material fact which is
required to be stated therein.
   (8) The agent is an agent of a licensee who, because of its
operations and financial condition, is not competent to supervise and
monitor the agent.
   (9) The agent will not comply with all applicable provisions of
this chapter and of any regulation or order issued under this
chapter.
   (b) In determining whether an agent is engaging in an unsafe or
unsound practice, the commissioner may consider the size and
condition of the agent's provision of money transmission services,
the magnitude of the loss, the gravity of the violation of this
chapter or a rule adopted or order issued under this chapter, and the
previous conduct of the agent.
   (c) No licensee shall appoint as an agent any person with respect
to whom an order issued under this section is in effect.
   (d) No person with respect to whom an order issued under this
section is in effect shall become or continue to be an agent of any
licensee.
   (e) If applicable, the commissioner may disclose to the licensee
criminal history information upon which an order is based.



1863.  (a) Every order, decision, or other official act of the
commissioner is subject to review in accordance with law.
   (b) Whenever the commissioner has taken possession of the property
and business of any licensee, the licensee, within 10 days after
that taking, if it deems itself aggrieved thereby, may apply to the
superior court in the county in which the head office of the licensee
is located to enjoin further proceedings. The court, after citing
the commissioner to show cause why further proceedings should not be
enjoined and after a hearing and a determination of the facts upon
the merits, may dismiss the application or enjoin the commissioner
from further proceedings and direct the commissioner to surrender the
property and business to the licensee.



1864.  (a) If the commissioner finds that any of the factors set
forth in Section 1861 is true with respect to any licensee and that
it is necessary for the protection of the public interest, the
commissioner may issue an order immediately suspending or revoking
the licensee's license.
   (b) Within 30 days after the license is suspended or revoked
pursuant to subdivision (a), the licensee may file with the
commissioner an application for a hearing on the suspension or
revocation.
   (c) If the commissioner fails to commence a hearing within 15
business days after the application is filed with the commissioner
pursuant to subdivision (b) or within a longer period of time agreed
to by the licensee, the suspension or revocation shall be deemed
rescinded.
   (d) Within 30 days after the hearing, the commissioner shall
affirm, modify, or rescind the suspension or revocation. Otherwise,
the suspension or revocation shall be deemed rescinded.
   (e) The right of the licensee to petition for judicial review of
the suspension or revocation shall not be affected by the failure of
the licensee to apply to the commissioner for a hearing on the
suspension or revocation pursuant to subdivision (b).




1865.  (a) If the commissioner finds that any of the factors set
forth in Section 1862 is true with respect to any agent and that it
is necessary for the protection of the public interest, the
commissioner may issue an order immediately suspending or barring
that agent from continuing to be or becoming an agent of any licensee
during the period for which that order is in effect.
   (b) Within 30 days after an order is issued pursuant to
subdivision (a), the licensee or the agent or former agent with
respect to whom the order was issued may file with the commissioner
an application for a hearing on the order.
   (c) If the commissioner fails to commence a hearing within 20
business days after the application is filed with the commissioner
pursuant to subdivision (b) or within a longer period of time agreed
to by the parties, the suspension or revocation shall be deemed
rescinded.
   (d) Within 30 days after the hearing, the commissioner shall
affirm, modify, or rescind the order.
   (e) The right of the licensee or agent or former agent to petition
for judicial review of the order shall not be affected by the
failure of that person to apply to the commissioner for a hearing on
the order pursuant to subdivision (b).



1866.  The commissioner may assess a civil penalty against a person
that violates this chapter or a regulation adopted or an order issued
under this chapter in an amount not to exceed one thousand dollars
($1,000) for each violation or, in the case of a continuing
violation, one thousand dollars ($1,000) for each day or part thereof
during which the violation continues, plus this state's costs and
expenses for the investigation and prosecution of the matter,
including reasonable attorney's fees.



1867.  (a) A person that intentionally makes a false statement,
misrepresentation, or false certification in a record filed or
required to be maintained under this chapter or that intentionally
makes a false entry or omits a material entry in such a record is
guilty of a felony.
   (b) A person that knowingly engages in an activity for which a
license is required under this chapter without being licensed or
exempt from licensure under this chapter is guilty of a felony.
   (c) Nothing in this chapter limits the power of the state to
punish any person for any act that constitutes a crime under any
statute.


1868.  The enforcement provisions of this chapter are in addition to
any other enforcement powers that the commissioner may have under
law.

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