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HomeFinancial CodeDiv. 1Ch. 6Art. 5§ 594 Licensee Asset Protection Notice

§ 594 Licensee Asset Protection Notice

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

§ 594 Licensee Asset Protection Notice

Key Takeaways

  • •If the government takes over a business, they tell everyone who has the business's stuff.
  • •After the government takes over, no one can claim the business's stuff for money they are owed.
  • •The government doesn’t have to tell people before taking over the business.

Example

A bank goes out of business, and the government takes control.

The government tells everyone who has the bank’s money or property. After that, no one can take the bank’s stuff to pay off debts they are owed.

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

Official Source
View on CA.gov

§ 594 Licensee Asset Protection Notice

(a) Upon taking possession of the property and business of any licensee, the commissioner shall give notice of that fact to all persons holding or having in their possession any assets of the licensee. No person knowing of the taking, or who has been notified thereof, shall have a lien or charge upon any assets of the licensee for any payment, advance, or clearance thereafter made or for any liability thereafter incurred. (b) The giving of notice in accordance with this section shall not be deemed to be a prerequisite to the taking of possession of the property and business of the licensee. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

Last verified: January 23, 2026

Key Terms

liabilitypossessioncommissionpropertylienclaimlicenseclearance

Related Statutes

  • § 595 Commissioner Possession Of Licensee
  • § 641 Conservator Powers And Duties
  • § 583 Public Final Orders Publication
  • § 23074 Department Property Transfer Authority
  • § 686 Customer Creditor Interest Claims

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 594.
View Official Source