§ 17341 Notice To Fidelity Corporation

• •The commissioner must give prompt notice to Fidelity Corporation when taking possession of a member’s property and business.
• •The commissioner must also give prompt notice when deciding to liquidate (sell off) that property and business.
• •These notices keep Fidelity Corporation informed about changes in ownership and liquidation.

A member’s store is taken by the commissioner because the member can’t pay. The commissioner must promptly notify Fidelity Corporation that they now control the store, and later must again notify Fidelity when they plan to close the store and sell its assets.

The commissioner sends a quick notice to Fidelity each time they take possession and each time they decide to liquidate, so Fidelity stays informed about what’s happening with the member’s property.