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HomeFinancial Code[DIVISION 10. CON...Ch. 3Art. 2§ 23063 Good Faith Compliance Protection

§ 23063 Good Faith Compliance Protection

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

§ 23063 Good Faith Compliance Protection

Key Takeaways

  • •If you follow the written rules from the boss (commissioner), you won’t get in trouble even if the rule changes later.
  • •This protection only works if you acted in good faith (you honestly tried to follow the rule).
  • •It doesn’t matter if the rule is later canceled or called invalid—you’re still safe if you followed it at the time.

Example

A store owner follows a state rule about selling certain products, but later the rule is changed.

The store owner won’t get in trouble for following the old rule as long as they did it honestly and correctly at the time.

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

Official Source
View on CA.gov

§ 23063 Good Faith Compliance Protection

No provision imposing liability under this division, including the provisions of subdivision (a) of Section 23061 and subdivision (a) of Section 23062, shall apply to any act done or omitted in good faith in conformity with any written general rule, regulation, or specific ruling of the commissioner, notwithstanding that after the act or omission has occurred, the written general rule, regulation, or specific ruling is amended, rescinded, or determined by judicial or other authority to be invalid for any reason. (Added by Stats. 2002, Ch. 777, Sec. 10. Effective January 1, 2003. Section operative on December 31, 2004, or sooner, pursuant to Section 23104.)

Last verified: January 23, 2026

Key Terms

regulationliabilitycommissionauthorityprotectionconformity

Related Statutes

  • § 31002 Good Faith Compliance Protection
  • § 14252 Large Credit Union Audit Requirement
  • § 23052 License Suspension Or Revocation
  • § 327 Mortgage Lending Risk Guidelines
  • § 330 Banking Authority Delegation

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 23063.
View Official Source