Any licensee may surrender its license by filing with the commissioner such license and a report which shall be in such form, shall contain such information, shall be signed in such manner, and shall (if the commissioner so requires by regulation or order) be verified in such manner, as the commissioner may by regulation or order require.
Chapter 10Voluntary Surrender of License
Section § 31650
If someone who has a financial license in California wants to give it up, they need to send the license back to the commissioner along with a report. The report has to be in the format that the commissioner dictates, include the required information, signed properly, and possibly verified, depending on what the commissioner specifically requires.
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Section § 31651
This law says that if someone wants to voluntarily give up their license, it usually becomes effective 30 days after they turn in their license and a report to the commissioner. However, if there's a process to revoke or suspend the license already going on or started before the 30 days are up, then the surrender only takes effect when and how the commissioner decides.
(a)CA Financial Code § 31651(a) Except as otherwise provided in subdivision (b), a voluntary surrender of a license shall be effective on the 30th day after such license and the report called for in Section 31650 are filed with the commissioner or on such earlier date as the commissioner may by order specify.
(b)CA Financial Code § 31651(b) If a proceeding to revoke or suspend a license is pending at the time when such license and the report called for in Section 31650 are filed with the commissioner or if a proceeding to revoke
or suspend a license or to impose conditions upon the surrender of a license is instituted before the 30th day after such license and the report called for in Section 31650 are filed with the commissioner, the voluntary surrender of such license shall become effective at such time and upon such conditions as the commissioner may by order specify.
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