Section 12307.3 Of Chapter 4. Licensee Regulations From California Financial Code >> Division 3. >> Chapter 4.
12307.3
. Whenever as a result of an examination or report it
appears to the commissioner that:
(a) The capital of any licensee is impaired;
(b) Any licensee is conducting its business in such an unsafe or
injurious manner as to render its further operations hazardous to the
public;
(c) Any licensee has suspended payment of its trust obligations;
(d) Any licensee has refused to submit its books, papers, and
affairs to the inspection of an examiner of the Division of
Corporations;
(e) Any officer of any licensee refuses to be examined under oath
touching the concerns of such licensee;
(f) Any licensee neglects or refuses to comply with any order of
the commissioner made pursuant to this division unless the
enforcement of such order is restrained in a proceeding brought by
such licensee; the commissioner may forthwith take possession of the
property and business of such licensee and retain possession until
such licensee resumes business or its affairs be finally liquidated
as herein provided. Such licensee, with the consent of the
commissioner, may resume business upon such terms as he may
prescribe.