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HomeFinancial CodeDiv. 15Ch. 1Art. 1§ 31002 Good Faith Compliance Protection

§ 31002 Good Faith Compliance Protection

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

§ 31002 Good Faith Compliance Protection

Key Takeaways

  • •If you follow the rules given by the commissioner or Attorney General, you won't get in trouble even if those rules change later.
  • •This protection only works if you acted in good faith, meaning you honestly tried to follow the rules.
  • •It doesn’t matter if the rule is later found to be wrong or invalid—you’re still safe if you followed it.

Example

A store owner follows a written rule from the government about how to label products. Later, the rule is changed, but the store owner is not punished for following the old rule.

The store owner won’t get in trouble because they honestly followed the rule at the time, even though it changed later.

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

Official Source
View on CA.gov

§ 31002 Good Faith Compliance Protection

No provision of this division imposing any liability applies to any act committed in good faith in conformity with any regulation, order, or written interpretive opinion of the commissioner or any such opinion of the Attorney General, notwithstanding that such regulation, order, or written interpretive opinion may later be amended, rescinded, or repealed or be determined by judicial or other authority to be invalid for any reason. (Amended by Stats. 1996, Ch. 1064, Sec. 623. Effective January 1, 1997. Operative July 1, 1997.)

Last verified: January 23, 2026

Key Terms

regulationliabilitycommissionattorney generalauthorityoperative julyprotectionconformity

Related Statutes

  • § 23063 Good Faith Compliance Protection
  • § 100002 Debt Collection Definitions
  • § 31052 Regulation Definition
  • § 5204 Partial Contract Invalidity
  • § 5205.5 Financial Statement Accounting Standards

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 31002.
View Official Source