Fin. Code, § 28166 · Chapter 5. Enforcement
Fin. Code, § 28166
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
The commissioner may issue an order suspending or revoking a license if, after notice and an opportunity for hearing, the commissioner finds any of the following:
(a) The licensee is violating this division or a regulation adopted or an order issued under this division.
(b) The licensee does not cooperate with an examination or investigation by the commissioner.
(c) The licensee engages in fraud, intentional misrepresentation, or gross negligence in servicing a student loan.
(d) The competence, experience, character, or general fitness of the licensee, an individual specified in Section 28116, or any person responsible for servicing a student loan for the licensee indicates that it is not in the public interest to permit the licensee to continue servicing student loans.
(e) The licensee engages in unsafe or injurious practice.
(f) The licensee is insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors.
(g) Any fact or condition exists that, if it had existed at the time the licensee applied for the license, would have been grounds for denying the application.
Notes and commentary — not statutory text
History
Added by Stats. 2016, Ch. 824, Sec. 2. (AB 2251) Effective January 1, 2017. Operative July 1, 2018, pursuant to Section 28182.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FIN§ionNum=28166.
- Text hash
- sha256 77c0559900d07f7d382920f084058552f5419af3ac47ba1370742ad718100d68
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
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Financial Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.