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2020 California Code
Financial Code - FIN
DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT
CHAPTER 7 - Prohibited Practices and Penalties
Section 50509.

Universal Citation: CA Fin Code § 50509 (2020)
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50509.  

Any officer, director, partner, trustee, or employee of any entity who abstracts or misapplies any of the money, funds, or property of a licensee, or misapplies its credit, or abstracts or misapplies money, funds, trust obligations, or property deposited with a licensee, violates this division. If a violation results in a criminal conviction, the court shall, in addition to any other punishment imposed, order the person to make full restitution to the licensee. Nothing in this section shall be deemed or construed to repeal, amend, or impair any existing provision of law prescribing a punishment for such an offense.

(Added by Stats. 1994, Ch. 994, Sec. 7. Effective January 1, 1995. Section operative January 1, 1996, pursuant to Section 50601 (later repealed).)

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