California Code of Regulations
Title 10 - Investment
Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 80 - Money Transmission
Article 9 - Reports
Subarticle 4 - Special Reports
Section 80.8308 - Defaults and Events of Insolvency
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
Whenever any of the following events involving a licensee occurs, such licensee shall immediately file with the Commissioner a report describing the circumstances:
(a) If the licensee without probable legal cause dishonors or defaults in the payment of any payment instrument, travelers check, note, or other security.
(b) If the licensee or any subsidiary of the licensee applies for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any bankruptcy, reorganization, insolvency, or moratorium law.
(c) If any person applies against the licensee or any subsidiary of the licensee or against the business and property the licensee or of any subsidiary of the licensee for the appointment of a receiver or similar officer or for other relief of the type referred to in Subdivision (b) of this Section, or any such relief is granted.
1. Change without regulatory effect amending section filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).
Note: Authority cited: Section 33202, Financial Code. Reference: Sections 33221 and 33902, Financial Code.
