BlackletterCalifornia law

Financial Code § 17321.1

ARTICLE 3. Membership Fee and Assessments

Current as of September 28, 2026Fin. Code, § 17321.1Official source ↗

Added by Stats. 1988, Ch. 1458, Sec. 15. Effective September 28, 1988.

Fidelity Corporation shall levy a special assessment against its members whenever:

(a) Deemed necessary by the board of directors in the event of any extraordinary expenses which would seriously deplete the resources of the operations fund; or

(b) A proof of loss has been submitted by a member which, if paid during that fiscal year, would reduce the membership fund by 10 percent or more.