{"data":{"id":"us-ca/fin-670","jurisdiction":"us-ca","citation":"FIN § 670","heading":"","body":"Upon taking possession of the property and business of a licensee that does not have federal deposit or share insurance, the commissioner may sell, compromise, or compound any bad or doubtful debt owing the licensee for a principal sum not exceeding ten thousand dollars ($10,000), upon those terms as the commissioner may deem proper. If the principal sum thereof exceeds ten thousand dollars ($10,000), the commissioner may compromise, compound, or sell the debt upon those terms as the court may approve. If it appears improbable that a recovery on a debt can be had, and that the costs of an action to collect would be lost, and the principal sum thereof does not exceed five hundred dollars ($500), the commissioner may determine that no suit thereon shall be brought. If the principal sum of that debt exceeds ten thousand dollars ($10,000), the commissioner may determine that no suit thereon be brought after obtaining approval of the court.","path":["Financial Code - FIN","DIVISION 1. FINANCIAL INSTITUTIONS [99. - 900.]","CHAPTER 7. Liquidation and Conservation [600. - 710.]","ARTICLE 4. Liquidation of an Uninsured Licensee [670. - 692.]"],"source_url":"https://downloads.leginfo.legislature.ca.gov/pubinfo_2025.zip","current_through":"2026-09-13","vintage":"","retrieved_at":"2026-09-14T05:56:33Z","sha256":"047c0ca8687ffe320c3a8e9729e2cbe5d478ba39ccbaccf56c87f982ca8daebb","source_id":"us-ca","stale":false,"prev":"us-ca/fin-652","next":"us-ca/fin-671"},"notice":"GroundRules: Original legal text. Not legal advice."}