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HomeFinancial CodeDiv. 3Ch. 3§ 12213 Licensee Bond Replacement Rules

§ 12213 Licensee Bond Replacement Rules

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

§ 12213 Licensee Bond Replacement Rules

This law says that if a lawsuit is filed against a licensee's bond, the commissioner can tell them to get a new bond, and they must do it right away. If they don’t file the new bond within 10 days, they can lose their license.

Key Takeaways

  • •The commissioner can require a new bond when a lawsuit starts on the current bond.
  • •The licensee must file a new bond right after any lawsuit on the bond is resolved.
  • •If the new bond isn’t filed within 10 days of the settlement or the notice, the license can be suspended or revoked.

Example

A real‑estate agent’s bond is sued because a buyer says the agent didn’t follow the rules. The commissioner orders the agent to file a new bond.

The agent must file the new bond as soon as the lawsuit is settled, and must do it within 10 days. If the agent waits longer, the state can suspend or take away the agent’s license.

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

Official Source
View on CA.gov

§ 12213 Licensee Bond Replacement Rules

When an action is commenced on the bond of a licensee the commissioner may require the filing of a new bond, and immediately upon the recovery of any action on the bond the licensee shall file a new bond. Failure to file a new bond within 10 days of the recovery on a bond, or within 10 days after notification that a bond is required, constitutes sufficient grounds for the suspension or revocation of a license. (Enacted by Stats. 1951, Ch. 364.)

Last verified: January 10, 2026

Key Terms

bondlicenseecommissionersuspension or revocation of a license

Related Statutes

  • § 100018 Licensee Information Updates
  • § 100019 Licensee Compliance Requirements
  • § 100022 Licensee Debt Collection Termination
  • § 12207 Bond Approval Requirements
  • § 12209 Bond Duration And Cancellation

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 12213.
View Official Source