Section 12301.4 Of Chapter 4. Licensee Regulations From California Financial Code >> Division 3. >> Chapter 4.
12301.4
. A licensee shall terminate and cancel any agency
immediately upon instruction from the commissioner and when it has
been established (a) that the agent has refused to permit the
examination of its books, accounts, records, and files; (b) that an
examination has revealed a shortage in its accounts relating to the
sale of checks; (c) that the agent after specific instruction to do
so has failed to remit to the licensee or deposit in its trust
account within the time specified in Section 12300.4 funds received
from the sale of checks, drafts, money orders, or other commercial
paper serving the same purpose or funds received for the purpose of
paying bills, invoices, or accounts of an obligor; (d) that the
agency has violated any provision of this chapter. No agency
terminated and canceled by a licensee pursuant to or for the reasons
set forth in this section shall be re-established by said licensee or
established by any other licensee until after the written consent of
the commissioner is given to the establishment or re-establishment
of such agency. If the licensee or the agent requests a hearing with
respect to such termination, the commissioner shall thereupon hold a
hearing within 10 days after receiving such request. If the
commissioner finds that the violations were purely technical and do
not substantially affect the agent's ability to perform his duties as
such agent, or if the commissioner finds that such violations did
not occur, the commissioner shall issue an order vacating his said
notice to the licensee.