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Financial Code - FIN - FIN § 17331.2

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17331.2

(a) Fidelity Corporation shall deny the application for a certificate or revoke the certificate of any person, upon any of the following grounds: (1) The application contains a material misrepresentation of fact or fails to disclose a material fact so as to render the application

Financial Code - FIN - FIN § 17331.3

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17331.3

(a) Notice to the person, and to the member with whom the person is employed, of the decision to deny an application for or to revoke or suspend a Fidelity Corporation Certificate, shall be effective immediately upon personal delivery, or by facsimile if written acknowledgment of

Financial Code - FIN - FIN § 17332

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17332

When either Fidelity Corporation or the insurer providing the fidelity bond or insurance policy, if any, under Section 17310, or both, pay an obligation on behalf of a member, Fidelity Corporation and the insurer shall be subrogated to the rights, claims, and remedies of the memb

Financial Code - FIN - FIN § 17333

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17333

The commissioner may forthwith upon written notice and order take possession of the property and business of Fidelity Corporation and retain possession until Fidelity Corporation satisfies the commissioner that it will operate in conformity with this chapter whenever it appears t

Financial Code - FIN - FIN § 17334

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17334

Whenever the commissioner has taken possession of the property and business of Fidelity Corporation, Fidelity Corporation within 10 business days after the taking, if it deems itself aggrieved thereby, may apply to the superior court in the county in which the head office of Fide

Financial Code - FIN - FIN § 17335

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17335

An appeal may be taken from the judgment of the court by the commissioner or by Fidelity Corporation in the manner provided by law for appeals from the judgment of a superior court to the court of appeal. An appeal from the judgment of the court does not operate as a stay of the

Financial Code - FIN - FIN § 17336

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17336

(a) Fidelity Corporation shall have independent authority to investigate claims filed by members pursuant to Section 17330. (b) Fidelity Corporation, upon submitting written notice to the commissioner, may conduct an examination or investigation of the business practices of a mem

Financial Code - FIN - FIN § 17337

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17337

Fidelity Corporation may invest its funds only as provided by rules of the commissioner adopted with a view to preserving reasonable liquidity. Upon request of the commissioner, Fidelity Corporation shall furnish an authorization for disclosure to the commissioner of financial re

Financial Code - FIN - FIN § 17339

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17339

Prior to incurring any extraordinary or nonrecurring expense, Fidelity Corporation shall first obtain the written consent of the commissioner.

Financial Code - FIN - FIN § 17340

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17340

In the event the board of directors of Fidelity Corporation deem it necessary and prudent to raise additional moneys for payment of claims or expenses of administration, it may, with the commissioner’s written consent, borrow money against its assets, including future assessments

Financial Code - FIN - FIN § 17341

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17341

The commissioner shall give prompt notice to Fidelity Corporation when the commissioner takes possession of the property and business of a member and shall give further prompt notice when the commissioner determines to liquidate the property and business of a member.

Financial Code - FIN - FIN § 17342

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17342

Memberships issued by Fidelity Corporation shall be nontransferable and shall be exempt from the provisions of the Corporate Securities Law of 1968.

Financial Code - FIN - FIN § 17343

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17343

No provision of the Insurance Code shall apply to Fidelity Corporation.

Financial Code - FIN - FIN § 17344

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17344

The operation of Fidelity Corporation shall at all times be subject to the regulation of the commissioner and the commissioner’s duly designated representatives. The commissioner and the commissioner’s duly designated representatives may at any time investigate the affairs and ex

Financial Code - FIN - FIN § 17345

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17345

Any member aggrieved by any action or decision of Fidelity Corporation may appeal to the commissioner within 30 days from the action or decision, except that all matters relating to claims for loss of trust obligations shall be decided under Section 17345.1. The commissioner’s de

Financial Code - FIN - FIN § 17345.1

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17345.1

(a) A member or successor in interest aggrieved by any action or decision of Fidelity Corporation may file a written request for a hearing with the commissioner within 30 days from the action or decision. (b) (1) Except as provided in subdivision (c), the hearing shall be conduct

Financial Code - FIN - FIN § 17346

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17346

(a) Fidelity Corporation and its members shall not advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner any statement or representation with regard to a guarantee

Financial Code - FIN - FIN § 17347

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17347

(a) The Secretary of State shall not file articles for the incorporation of Fidelity Corporation or an amendment to the articles unless the commissioner has issued a written approval of the articles or amendment. (b) Fidelity Corporation shall not adopt any bylaws or amendments t

Financial Code - FIN - FIN § 17348

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17348

In order to permit Fidelity Corporation to fulfill its obligation under this chapter, the commissioner shall furnish a list of all persons licensed under this division as of December 31 of each year and a copy of an escrow liability schedule filed with the commissioner. Each memb

Financial Code - FIN - FIN § 17349

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17349

If Fidelity Corporation is dissolved, subject to the approval of the commissioner, the net assets after settling all liabilities shall be distributed to the members on the basis of the number of each member’s licensed locations compared to the total number of all members’ license

Financial Code - FIN - FIN § 17350

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17350

All costs and expenses incurred by the commissioner in the administration of this chapter shall be paid to the commissioner by Fidelity Corporation. The limitation on the total assessment for each year set forth in paragraph (1) of subdivision (e) of Section 17207 shall not apply

Financial Code - FIN - FIN § 17400

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17400

The commissioner may from time to time make, amend, and rescind the rules, forms, and orders that are necessary to carry out the provisions of this division, and define any terms, whether or not used in this division, insofar as the definitions are not inconsistent with the provi

Financial Code - FIN - FIN § 17402

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17402

No person subject to this division or any officer thereof shall advertise in any manner or publish any statement of its capital, other than amounts fully paid in and accumulated surplus.

Financial Code - FIN - FIN § 17403

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17403

(a) No person subject to this division shall issue, circulate, or publish any advertisement by any means of communication, or make use of or circulate any letterheads, billheads, blank notes, blank receipts, blank escrow instructions, certificates, circulars, or any written, prin

Financial Code - FIN - FIN § 17403.1

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 17403.1

No person subject to this division shall describe as an escrow, whether orally, in writing, or electronically, any transaction that is not defined as such in Section 17003.