Section 1048 - [Operative 2/15/2025] Rescission of Summary Revocation Order(a) The Commissioner shall rescind a summary revocation order issued under section 1040, subdivision (d), or section 1041, subdivision (c), if the former registrant submits a written request for reinstatement to the Commissioner at CCFPL.Applications@dfpi.ca.gov no later than one hundred eighty (180) days after the date of revocation, pays any annual registration fee required by section 1040, files any report required by section 1041, including reports that would have become due if the registration had not been revoked, and pays the following administrative fine:(1) $100 if the reinstatement request is received by the Commissioner up to fourteen (14) days after the date of revocation;(2) $200 if the reinstatement request is received by the Commissioner fifteen (15) days to thirty (30) days after the date of revocation;(3) $400 if the reinstatement request is received by the Commissioner thirty-one (31) days to sixty (60) days after the date of revocation;(4) $600 if the reinstatement request is received by the Commissioner sixty-one (61) days to ninety (90) days after the date of revocation; and(5) $600 plus $10 per day for each day after ninety (90) days if the reinstatement request is received by the Commissioner ninety-one (91) days to one hundred eighty (180) days after the date of revocation.(b) Rescission of the summary revocation order under subdivision (a) of this section shall be effective as of the date of revocation, such that there will be no lapse in the registration required by section 1010 of these rules, provided that reinstatement was not used by the registrant to evade the registration requirements.(c) Nothing in this section shall be construed to preclude the Commissioner from bringing an action under chapter 8 (commencing with section 90011) of division 24 of the Financial Code against a person for failure to maintain a registration as required under section 1010 of this subchapter.Cal. Code Regs. Tit. 10, § 1048
Note: Authority cited: Sections 90009 and 90010, Financial Code. Reference: Sections 90003, 90005, 90006, 90009, 90009.5, 90010 and 90018, Financial Code.
1. New article 3 (sections 1048-1053) and section filed 10-11-2024; operative 2/15/2025 (Register 2024, No. 41).