§ 18501 Commissioner Notice To Guaranty

Key Takeaways

•The boss (commissioner) must tell the Guaranty Corporation right away when they take over a member's stuff and business.
•The boss must also tell the Guaranty Corporation quickly if they decide to sell off the member's stuff and close the business.
•This is to keep everyone in the loop when big changes happen to a member's business.

Example

Imagine you have a lemonade stand that’s part of a big club. The club has a rule that if your stand gets into trouble, the club leader has to tell the club’s protection group right away.

If the club leader takes over your lemonade stand because you’re not doing well, they have to tell the protection group immediately. Later, if the leader decides to close your stand and sell your stuff, they have to tell the protection group again, fast.

The commissioner shall give prompt notice to Guaranty 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. (Added by Stats. 1976, Ch. 964.)

Key Takeaways

•The boss (commissioner) must tell the Guaranty Corporation right away when they take over a member's stuff and business.
•The boss must also tell the Guaranty Corporation quickly if they decide to sell off the member's stuff and close the business.
•This is to keep everyone in the loop when big changes happen to a member's business.

Example

Imagine you have a lemonade stand that’s part of a big club. The club has a rule that if your stand gets into trouble, the club leader has to tell the club’s protection group right away.

Key Takeaways

Example

Key Terms

References

§ 18501 Commissioner Notice To Guaranty

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References