California Code, FIN 601.

California Code, FIN 601.

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Financial Code - FIN

DIVISION 1. FINANCIAL INSTITUTIONS [99 - 900] Â Â ( Division 1 repealed and added by Stats. 2011, Ch. 243, Sec. 2. ) Â Â CHAPTER 7. Liquidation and Conservation [600 - 710] Â Â ( Chapter 7 added by Stats. 2011, Ch. 243, Sec. 2. ) Â Â

ARTICLE 1. General Provisions [600 - 609] Â Â ( Article 1 added by Stats. 2011, Ch. 243, Sec. 2. )

  601.  Upon taking possession of the property and business of any licensee, the commissioner has authority, and it is his or her duty, to collect all moneys due to the licensee and to do other acts as are necessary or expedient to collect, conserve, or protect the licensee’s assets, property, and business, and he or she shall proceed to conserve or liquidate the affairs of the licensee as provided in this article. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)