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HomeFinancial CodeDiv. 6Ch. 6Art. 1§ 17629 Commissioner Asset Collection Authority

§ 17629 Commissioner Asset Collection Authority

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 17629 Commissioner Asset Collection Authority

This law lets a state official take control of a license holder's business and money, and do what's needed to collect, protect, or preserve it.

Key Takeaways

  • •The commissioner can take over a licensee's property, business, and assets.
  • •He may collect all money owed to the licensee and provide receipts.
  • •He can take any actions necessary to collect, conserve, or protect those assets.

Example

A restaurant's license is revoked because of health violations, so the commissioner takes over the cash register, collects any money the owner is owed, and uses that money to pay the restaurant's bills or keep the business running.

If a business loses its license, the commissioner can step in, take possession of its assets, collect payments due to the owner, and use those funds to protect or conserve the business.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 17629 Commissioner Asset Collection Authority

When the commissioner takes possession of the property, business, and assets of a licensee, he may collect all money due to such licensee and give receipt therefor. The commissioner may do such other acts as are necessary or expedient to collect, conserve, or protect the licensee’s business, property, and assets. (Added by Stats. 1963, Ch. 2130.)

Last verified: January 11, 2026

Key Terms

commissionerlicenseepropertybusinessassets

Related Statutes

  • § 17626 Licensee Asset Transfer Requirements
  • § 17622 Licensee Possession Challenge
  • § 17628 Custodian Appointment Authority
  • § 17648 Abandonment Of Unrecoverable Property
  • § 14858 Credit Union Insurance Requirement

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 17629.
View Official Source