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Earlier editions: 2020-112018-11

DIVISION 7. INDUSTRIAL LOAN COMPANIES 18000-18707›CHAPTER 5. Administration and Powers of the Commissioner 18339-18427.11›ARTICLE 4. Possession, Conservatorship, and Liquidation by the Commissioner 18415-18425.17

§ 18415.18

California Financial Code · 2026 edition · updated 2026-10-04 · California

Upon taking possession of the property, and business of a company in any proceeding under this article, the commissioner shall have the power to do all of the following:

(a) Appoint one or more special deputy commissioners as his or her agent or agents with the powers specified in the certificate of appointment to assist in the duty of conservation or of liquidation and distribution.

(b) Employ the Attorney General as counsel or employ private counsel as may be deemed necessary to assist the commissioner in the performance of his or her duties under this chapter. Appointment of private counsel shall be made only with the consent of the Attorney General. The compensation of that counsel shall be fixed by the commissioner, subject to the approval of the court.

(c) Set the compensation of a special deputy commissioner.

(d) Require from each special deputy commissioner and from each assistant such security for the faithful performance of their duties as the commissioner may deem proper.

(Added by Stats. 1985, Ch. 140, Sec. 1. Effective July 1, 1985.)

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California Financial Code

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