§ 675 Licensee Liquidation Proceedings

Key Takeaways

•If a person with a license (like a business or professional) is in big trouble and can't handle their own legal stuff, the commissioner can step in to help.
•The commissioner can start or defend lawsuits to clean up the mess, like paying off debts or closing things properly.
•This is only for people or businesses that already have a license and are failing to do what they're supposed to do.

Example

Imagine a small insurance company goes broke and can't pay its customers. The company's license is in trouble because it can't do its job.

The commissioner can take over and handle lawsuits for the company. This means the commissioner can sue people who owe the company money or defend the company if someone sues it. This helps make sure customers get paid what they're owed and things are closed down the right way.

The commissioner, in the name of the delinquent licensee or in his or her own name, may prosecute and defend any and all actions and other legal proceedings appropriate or necessary to the liquidation of the licensee. (Added by Stats. 2011, Ch. 243, Sec. 2. (SB 664) Effective January 1, 2012.)

Key Takeaways

•If a person with a license (like a business or professional) is in big trouble and can't handle their own legal stuff, the commissioner can step in to help.
•The commissioner can start or defend lawsuits to clean up the mess, like paying off debts or closing things properly.
•This is only for people or businesses that already have a license and are failing to do what they're supposed to do.

Example

Imagine a small insurance company goes broke and can't pay its customers. The company's license is in trouble because it can't do its job.

Key Takeaways

Example

Key Terms

References

§ 675 Licensee Liquidation Proceedings

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References