Section 1051 - [Operative 2/15/2025] Surrender of Registration(a) An application to surrender a registration shall be filed on Form MU1 with NMLS.(b) The Commissioner shall approve an application to surrender within 30 days after the application is transmitted unless a revocation proceeding under section 1052 is pending when the application is transmitted or such a proceeding is instituted within 30 days after the application is transmitted. If a revocation proceeding under section 1052 is pending or instituted, the application to surrender is deemed disapproved. The date the Commissioner approves an application to surrender is the effective date of the surrender.(c) Surrender of a registration does not affect a registrant's liability for acts committed prior to the surrender.(d) Surrender of a registration does not relieve a registrant of any obligation to pay a fee, fine, or other amount due to the Commissioner or to file any required report.Cal. Code Regs. Tit. 10, § 1051
Note: Authority cited: Section 90009, Financial Code. Reference: Section 90009, Financial Code.
1. New section filed 10-11-2024; operative 2/15/2025 (Register 2024, No. 41).