(a) If the director is not satisfied that an applicant or licensee is financially
responsible, the director may, in lieu of denying, suspending, or revoking the license,
accept an irrevocable guarantee of the obligations of the licensee to all California
farm products creditors. The guarantee shall be for any periods and in any amounts that the director may
from time to time require. The director may, as a condition of accepting and maintaining the guarantee, require
the guarantor to supply financial information to the director at times and to the
extent the director deems advisable.
(b) A guarantee placed with the director pursuant to subdivision (a) shall support
an action in a court of competent jurisdiction by a farm products creditor for obligations
of the licensee to the creditor and by a state officer for the obligations of the
licensee to the state related to transactions subject to the guarantee.
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