This section allows the commissioner to appoint a conservator to manage the property, business, and assets of a licensee if certain conditions arise. These conditions are described in another section (17621). The conservator will oversee the assets to ensure they are protected until the commissioner's further decision or the assets are returned to the licensee. This can also happen if the licensee’s board of directors requests it.

This law explains that when a conservator takes control of a licensee's property, business, and assets, they step into the shoes of the commissioner, holding the same rights, powers, and responsibilities. The conservator can do everything the licensee and its leaders could do. While managing the conservatorship, any costs incurred must be paid out of the licensee's assets, becoming a primary lien over other claims. The conservator's salary is determined by the commissioners and cannot exceed what a special deputy would earn during the licensee’s liquidation process.

This law requires that when a conservator is appointed for a financial licensee, the commissioner must quickly conduct an examination to understand the licensee's financial condition.

This section explains that a conservator, who is managing the assets and property of a financially troubled business, can organize meetings of the investors or board of directors. These meetings can be held for various reasons such as electing a new board of directors, filling board vacancies, or replacing officers. The conservator supervises these meetings and follows the procedures outlined in the organization's bylaws.

This law says that if the commissioner believes it can be done safely and benefits the public, they can end a conservatorship and allow the business to continue operations under its board of directors. However, this is subject to any terms, conditions, restrictions, and limitations set by the commissioner.