California § 18538 - In the event any member fails to pay an assessment when due, Guaranty Corporation
Full text of California Public Contract Code - PCC § 18538 — In the event any member fails to pay an assessment when due, Guaranty Corporation, with citation guidance and answers to common questions.
§ 18538. In the event any member fails to pay an assessment when due, Guaranty Corporation
In the event any member fails to pay an assessment when due, Guaranty Corporation shall report such default in writing to the commissioner and the defaulting member within 24 hours of such default and thereafter the rights and benefits of membership of such defaulting member in Guaranty Corporation shall be suspended and the defaulting member shall not be authorized to sell or issue its investment certificates in any form until all delinquent assessments are paid in full; provided, however, that the thrift obligations of the defaulting member shall continue to be protected as provided in this chapter. Within 30 days after default, Guaranty Corporation shall bring an action in law or in equity to enforce payment. If Guaranty Corporation does not bring such action within the time specified, the commissioner may bring an action in law or in equity to enforce such payment. Upon payment of all sums due, the member shall be reinstated and thereafter may sell and issue its investment certificates.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 18538
What does Public Contract Code - PCC § 18538 cover?
Section 18538 ("In the event any member fails to pay an assessment when due, Guaranty Corporation") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 18538?
A common citation format is "Public Contract Code - PCC § 18538" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 18538 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.