California

Financial Code

3,323 sections, each with the official text and a plain-English explanation of what it means for you.

• § 23048 — (a) The commissioner may require the attendance of witnesses and examine under oath all persons whose testimony the commissioner requires relative to transactions or business regulated by this divisio
• § 23049 — After an examination, investigation, or hearing under this division, if the commissioner deems it of public interest or advantage, the commissioner may certify a record to the proper prosecuting offic
• § 23050 — Whenever, in the opinion of the commissioner, any person is engaged in the business of deferred deposit transactions, as defined in this division, without a license from the commissioner, or any licen
• § 23051 — (a) Whenever the commissioner believes from evidence satisfactory to the commissioner that any person has violated or is about to violate a provision of this division, or a provision of any order, lic
• § 23052 — The commissioner may suspend or revoke any license, upon notice and reasonable opportunity to be heard, if the commissioner finds any of the following: (a) The licensee has failed to comply with any d
• § 23053 — The commissioner may by order summarily suspend or revoke the license of any licensee if that person fails to file the report required by Section 23026 within 10 days after notice by the commissioner
• § 23054 — The revocation, suspension, expiration, or surrender of any license does not impair or affect the obligation of any preexisting lawful contract between the licensee and any borrower.
• § 23055 — The proceedings under this article shall be conducted in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code, and in all cases the commi
• § 23056 — Every order, decision, license, or other official act of the commissioner is subject to judicial review in accordance with law.
• § 23058 — (a) If, upon inspection, examination or investigation, based upon a complaint or otherwise, the department has cause to believe that a person is engaged in the business of deferred deposit transaction
• § 23060 — (a) If any amount other than, or in excess of, the charges or fees permitted by this division is willfully charged, contracted for, or received, a deferred deposit transaction contract shall be void,
• § 23061 — (a) If any amount other than, or in excess of, the charges permitted by this division is charged, contracted for, or received in connection with a deferred deposit transaction, for any reason other th
• § 23062 — (a) If any provision of this division is violated in the making or collection of a deferred deposit transaction, for any reason other than a willful act of the licensee, the licensee shall forfeit all
• § 23063 — No provision imposing liability under this division, including the provisions of subdivision (a) of Section 23061 and subdivision (a) of Section 23062, shall apply to any act done or omitted in good f
• § 23064 — Any person who is injured by any violation of this division may bring an action for the recovery of damages, an equity proceeding to restrain and enjoin those violations, or both.
• § 23064.5 — The rights, remedies, and penalties established by this division are cumulative to the rights, remedies, or penalties established under other laws.
• § 23065 — Any person, including a partner or officer of an entity that is a licensee, who willfully violates any provision of this division or who willfully violates any rule or order adopted pursuant to this d
• § 23070 — (a) The Legislature finds and declares that it is in the public interest for the administration and enforcement of this division to be undertaken by the Department of Financial Protection and Innovati
• § 23071 — The Commissioner of Financial Protection and Innovation and the Department of Financial Protection and Innovation shall succeed to, and are vested with, all duties, powers, purposes, responsibilities,
• § 23072 — The Department of Financial Protection and Innovation may use the unexpended balance of funds available for use in connection with the performance of duties of the Department of Justice to which the D
• § 23073 — All officers and employees of the Department of Justice who, on the operative date of this division, are performing any duty, power, purpose, responsibility, or jurisdiction to which the Department of
• § 23074 — The Department of Financial Protection and Innovation shall have possession and control of all records, criminal history information, papers, equipment, supplies, moneys, funds, appropriations, licens
• § 23100 — (a) Check cashers that hold a valid permit prior to January 1, 2003, issued pursuant to Section 1789.
• § 23101 — Regulations of the commissioner adopted prior to June 30, 2003, to implement this division shall be adopted as emergency regulations.
• § 23102 — The deferred deposits made pursuant to a permit issued under Section 1789.
• § 23103 — It is the intent of the Legislature that this division shall be administered and enforced with sufficient program resources and funding including personnel to examine licensees as often as the commiss
• § 23104 — Except as provided in this article, the provisions of this division shall become effective on January 1, 2003, and shall become operative on December 31, 2004.
• § 23105 — The provisions of this division are severable.
• § 23106 — This division creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV of the California Constitution.
• § 24000 — (a) There is hereby established in the State Treasury the Financial Empowerment Fund.
• § 24001 — (a) The Commissioner of the Department of Financial Protection and Innovation shall administer an application process for grants of up to two hundred thousand dollars ($200,000) per applicant from the
• § 24002 — (a) This division shall remain in effect only until January 1, 2030, and as of that date is repealed.
• § 250 — In this chapter, unless the provision or context requires otherwise: (a) “New General Corporation Law” means Division 1 (commencing with Section 100), Title 1 of the Corporations Code, as in effect on
• § 251 — For purposes of Chapter 23 (commencing with Section 2300) of the new General Corporation Law, in the case of any subject institution existing on January 1, 1979: (a) The term “new law” shall mean the
• § 252 — (a) Sections 600 and 600.
• § 253 — In case the board of a subject institution has, prior to January 1, 1979, adopted a resolution levying an assessment on the common shares of such subject institution in accordance with an order issued
• § 254 — Article 3 (commencing with Section 640), Chapter 5 of the revised Banking Law applies to any distribution to its shareholders made after January 1, 1979, by a subject institution existing on January 1
• § 27000 — Insurance companies, personal finance companies, mortgage companies, mortgage insurance companies, building and loan associations, trust companies, fiduciaries, or fiduciary institutions may invest in
• § 27001 — Insurance companies, personal finance companies, mortgage companies, mortgage insurance companies, building and loan associations, trust companies, fiduciaries, fiduciary institutions, or public or pr
• § 27002 — Insurance companies, personal finance companies, mortgage companies, or mortgage insurance companies may make, invest in, or purchase loans or advances of credit insured by the Federal Housing Adminis
• § 27003 — Insurance companies, personal finance companies, mortgage companies, mortgage insurance companies, building and loan associations, or trust companies may make such loans secured by real property or le
• § 27004 — No law of this State, prescribing the nature, amount or form of security or requiring security upon which loans or investments may be made, or prescribing or limiting interest rates upon loans or adva
• § 27050 — Wherever, by statute of this State, collateral is required as security for the deposit of public or other funds, or deposits are required to be made with any public official or department, or an inves
• § 28000 — (a) Pursuant to the authority contained in Section 1 of Article XV of the State Constitution, and subject to subdivision (b), educational institutions of collegiate grade are authorized to make loans
• § 28001 — This division shall not apply to community colleges.
• § 28100 — This division may be known and cited as the “Student Loan Servicing Act.
• § 28102 — (a) No person shall engage in the business of servicing a student loan in this state without first obtaining a license pursuant to this division.
• § 28104 — For the purposes of this division, the following terms have the following meanings: (a) “Applicant” means a person applying for a license pursuant to this division.
• § 28106 — (a) The commissioner shall administer the provisions of this division and may promulgate rules and regulations and issue orders consistent with that authority.
• § 28108 — (a) The commissioner shall have the authority to conduct investigations and examinations of an applicant or licensee as follows: (1) For purposes of determining whether an applicant is eligible for a
• § 28110 — (a) Notwithstanding any other law, the commissioner may by rule or order prescribe circumstances under which to accept electronic records or electronic signatures.
• § 28111 — (a) The commissioner may require an applicant for a student loan servicer license or a student loan servicer licensee to make some or all of the filings with the commissioner through the Nationwide Mu
• § 28112 — An applicant shall apply for a license by submitting all of the following to the commissioner: (a) A completed application for a license in a form prescribed by the commissioner and signed under penal
• § 28114 — (a) The commissioner shall submit to the Department of Justice fingerprint images and related information required by the Department of Justice of every applicant for a license for purposes of obtaini
• § 28116 — (a) Upon the filing of an application for a license pursuant to Section 28112 and the payment of the fees, the commissioner shall investigate the applicant and its general partners and individuals own
• § 28117 — (a) Before an applicant is issued a license, the applicant shall file with the commissioner, in such form as the commissioner may require, an appointment irrevocably appointing the commissioner to be
• § 28118 — The commissioner shall, when the application is complete, including having received the information from the Department of Justice, either grant a license pursuant to this division or provide a writte
• § 28120 — (a) The proceedings for a denial of a license shall be conducted in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code.
• § 28122 — (a) The commissioner may deem an application for a license abandoned if the applicant fails to respond to any request for information required by the commissioner or department during an investigation
• § 28124 — A license shall remain effective until the license is either suspended or revoked by the commissioner or surrendered by the licensee.
• § 28125 — (a) The commissioner is authorized to establish relationships or contracts with the Nationwide Multistate Licensing System & Registry or other entities designated by the Nationwide Multistate Licensin
• § 28125.1 — (a) Except as otherwise provided in Section 1512 of the SAFE Act (12 U.
• § 28125.2 — The commissioner shall report regularly violations of this division, as well as enforcement actions and other relevant information, to the Nationwide Multistate Licensing System & Registry, to the ext
• § 28126 — (a) A licensee shall notify the commissioner, in writing, of any change in the information provided in the application for a license, as applicable, not later than 10 business days after the occurrenc
• § 28128 — (a) A licensee seeking to engage in the business of servicing student loans at a new location shall submit an application for a branch office license to the commissioner at least 10 days before engagi
• § 28130 — A licensee shall do all of the following: (a) Develop policies and procedures reasonably intended to promote compliance with this division.
• § 28132 — (a) A licensee shall not be required to comply with the requirements of subdivision (g) of Section 28130, if the licensee reasonably determines that any of the following apply: (1) A qualified written
• § 28138 — Notwithstanding subdivision (b) of Section 28134 and unless prohibited by federal law, a licensee shall retain and maintain its records of servicing a borrower’s student loan for a minimum of three ye
• § 28140 — (a) A licensee shall continuously maintain a minimum net worth of at least two hundred fifty thousand dollars ($250,000).
• § 28142 — (a) A licensee shall maintain a surety bond in accordance with this section in a minimum amount of twenty-five thousand dollars ($25,000).
• § 28144 — (a) Each licensee shall pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of this division, as estimated by the commissioner, for the ensui
• § 28146 — (a) A licensee shall file an annual report with the commissioner, on or before the 15th day of March, giving the relevant information that the commissioner reasonably requires concerning the business
• § 28148 — (a) At the end of the licensee’s fiscal year, but in no case more than 12 months after the last audit conducted pursuant to this section, each licensee shall cause its books and accounts to be audited
• § 28150 — A licensee that ceases to service student loans to borrowers shall inform the commissioner in writing and surrender the license and all other indicia of license to the commissioner.
• § 28152 — (a) As often as the commissioner deems necessary and appropriate, but at least once every 36 months, the commissioner shall examine the affairs of each licensee for compliance with this division.
• § 28153 — The commissioner may require persons who are not expressly excluded from this division under subdivision (b) of Section 28102 to file with the commissioner, under oath or otherwise, in the form and wi
• § 28153.5 — In any proceeding under this division, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
• § 28154 — (a) If a licensee fails to do either of the following, the commissioner shall impose a penalty in a sum of up to one hundred dollars ($100) for every day late: (1) To make any report required by law o
• § 28156 — (a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or suspend for a period not exceeding 12 months, or bar from any position of employment, management, o
• § 28158 — If, after investigation, the commissioner has reasonable grounds to believe that a licensee is conducting or has conducted business in an unsafe or injurious manner, the commissioner shall, by written
• § 28160 — Whenever, in the opinion of the commissioner, a person is engaged in the business of servicing student loans in this state, either actually or through subterfuge, without a license from the commission
• § 28162 — If, after investigation, the commissioner has reasonable grounds to believe that a licensee is failing to comply with this division or any regulation or order of the commissioner, the commissioner sha
• § 28164 — (a) No order issued pursuant to this chapter may become final except after notice to the affected licensee of the commissioner’s intention to make the order final and of the reasons for the finding.
• § 28166 — The commissioner may issue an order suspending or revoking a license if, after notice and an opportunity for hearing, the commissioner finds any of the following: (a) The licensee is violating this di
• § 28168 — (a) If, after investigation, the commissioner has reasonable grounds to believe that a person has engaged or is about to engage in any act or practice constituting a violation of any provision of this
• § 28170 — (a) If, upon inspection, examination or investigation, based upon a complaint or otherwise, the department has cause to believe that a person is engaged in the business of servicing student loans with
• § 28172 — (a) Any person who violates a provision of this division, or any rule or order under this division, shall be liable for a civil penalty not to exceed two thousand five hundred dollars ($2,500) for eac
• § 28174 — (a) The commissioner may refer the evidence that is available concerning any violation of this division or of any rule or order adopted under this division to the district attorney of the county in wh
• § 28176 — All hearings provided for in this division shall be conducted in accordance with the provisions of Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code.
• § 28178 — If any provision of this division or the application thereof to any person or circumstances is held invalid, illegal, or unenforceable, such invalidity, illegality, or unenforceability shall not affec
• § 28180 — The rights and remedies provided in this division are in addition to any other rights and remedies provided by law.
• § 28182 — This division shall become operative on July 1, 2018.
• § 29000 — As used in this division, “premium financing” means engaging in the business of advancing money, directly or indirectly, to an insurer or producer at the request of an insured pursuant to the terms of
• § 29001 — As used in this division, “finance charge” means any amount which the insured agrees to pay in excess of the premium and fees charged by the insurer or producer, and exclusive of the cost of credit li
• § 29002 — As used in this division, “premium finance agreement” means a loan contract, note, agreement, or obligation by which an insured agrees to pay to a lender in installments the principal amount advanced
• § 29003 — Any person engaged in premium financing may pay compensation to a licensed insurance agent or broker for arranging, directing or performing services in connection with a premium financing agreement; p
• § 3 — Any action or proceeding commenced before this code takes effect, or any right accrued, is not affected by this code, but all procedure taken shall conform to the provisions of this code as far as pos
• § 300 — (a) In this section: (1) “Business and industrial development corporation” means a corporation licensed under Division 15 (commencing with Section 31000).
• § 30000 — This division is known and may be cited as the “Securities Depository Law.
• § 30001 — Unless the context otherwise requires, the definitions set forth in this chapter govern the construction of this division.
• § 30002 — “Commissioner” means the Commissioner of Financial Protection and Innovation.
• § 30003 — “Person” means, in addition to the singular, persons, group of persons, cooperative, association, company, firm, partnership, corporation, limited liability company, or other legal entity.
• § 30004 — “Securities depository” means any person or group of persons who acts as the custodian of securities in accordance with a system for the central handling of securities whereby all securities of a part
• § 30005 — This division does not apply to: (a) A securities depository which is operated by a corporation, all of the capital stock (other than directors’ qualifying shares, if any) of which is held by or for a
• § 30006 — The commissioner may establish such rules and regulations as are reasonable or necessary to carry out the purposes and provisions of this division.
• § 301 — (a) This chapter is applicable to this division, Division 1.
• § 30200 — It shall be unlawful for any person to operate a securities depository within this state, or to solicit holders of securities within this state to place their securities into a securities depository l
• § 30201 — A securities depository shall only be operated by a corportion: (a) At least 90 percent of the capital stock of which is held by or for one or more persons (other than individuals), each of whom, (i)
• § 30202 — The commisioner shall charge and collect the following fees: (a) For filing an application for a securities depository license, two thousand five hundred dollars ($2,500).
• § 30203 — All money received by the commissioner shall be paid by him or her into the State Treasury to the credit of the State Corporations Fund.
• § 30204 — An application for a securities depository license shall be signed and verified by an authorized officer of the applicant, and shall set forth in such form as the commissioner may prescribe: (a) The n
• § 30205 — Upon the receipt of a proper and complete application for license, and all required fees, the commissioner shall immediately examine and investigate all facts connected with the proposed licensee, inc
• § 30206 — The commissioner may refuse to issue any license being applied for, and shall refuse to issue any license being applied for if upon his examination and investigation, and after appropriate hearing, he
• § 30207 — No licensee, or any other person, shall solicit deposits of securities or otherwise conduct the business of a licensee, by means of any statement or representation which is false, misleading, or decep
• § 30208 — A securities depository license is not transferable or assignable.
• § 30209 — Any person who operates a securities depository, or solicits holders of securities within this state to place securities in a securities depository, either directly as principal or indirectly as agent
• § 30210 — Every person subject to this division shall keep and use in its business, books, accounts, and records which will properly enable the commissioner to determine whether the operation of a securities de
• § 30211 — The business, accounts and records of every person licensed under this division are subject to inspection and examination by the commissioner at any time without prior notice.
• § 30212 — The actual cost of every inspection and examination shall be paid to the commissioner by the person examined and the commissioner may maintain an action for the recovery of such costs in any court of
• § 30213 — (a) Every person subject to this division shall submit to the commissioner, at such person’s own expense, financial statements prepared in accordance with generally accepted accounting principles cove
• § 30214 — If any person subject to this division fails to make any report required by law or by the commissioner, the commissioner shall immediately cause the books, records, papers, and affairs of said person
• § 30215 — If the commissioner, as a result of any examination or from any report made to him, shall find that any person subject to this division is in an insolvent condition, or is operating a securities depos
• § 30216 — Whenever in the opinion of the commissioner any person required by this division to be licensed is engaged in operating a securities depository or in soliciting securities holders within this state to
• § 30217 — The commissioner may from time to time make, amend, and rescind such rules, forms, and orders as are necessary to carry out the provisions of this law, including rules defining any terms, whether or n
• § 30218 — (a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify, or make a false entry in any record, document, or tangible object with the intent to impede, obstru
• § 30600 — A security depository license remains in effect until surrendered, revoked or suspended.
• § 30601 — If the commissioner has reason to believe that a licensed securities depository has violated its articles of incorporation, or any law or rule binding upon it, he shall, by written order addressed to
• § 30602 — If any licensed securities depository fails to make any report required by law or by the commissioner within 10 days from the day designated for the making of the report, or within any extension of ti
• § 30603 — If it appears to the commissioner that any licensed securities depository located within this state is conducting business in an unsafe or injurious manner, he shall, by written order addressed to the
• § 30604 — An order issued pursuant to Section 30601 or 30603 shall require the licensed securities depository to show cause before the commissioner, at a time fixed by the commissioner, why the order should not
• § 30605 — The licensed securities depository has 10 days after an order is made final in which to commence action to restrain enforcement of such order, and unless such action is commenced, and the enforcement
• § 30606 — (a) If a securities depository fails to comply with a final order and has not secured a court order restraining the enforcement of the final order, the commissioner may revoke the license of the secur
• § 30607 — The commissioner may commence and prosecute actions and proceedings to enjoin violations of this division or violations of orders or decisions of the commissioner rendered pursuant to this division, a
• § 30608 — The commissioner may, after notice and a reasonable opportunity to be heard, suspend, revoke, or decline to renew any license if he finds that: (a) The licensee has violated any provision of this divi
• § 30609 — (a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or suspend for a period not exceeding 12 months, or bar from any position of employment, management, o
• § 30700 — The commissioner, and all persons designated by him, may administer oaths, take the testimony of witnesses, and issue subpoenas requiring the attendance of witnesses and the production of books, docum
• § 30701 — All of the provisions of Chapter 2 (commencing with Section 1985), Title 3, Part 4 of the Code of Civil Procedure relating to the means of production of evidence out of court are applicable to any exa
• § 30702 — The authority to make or conduct any examination, investigation, or hearing, including the authority to administer oaths and to subpoena witnesses, and to take their testimony may be delegated by the
• § 30703 — All hearings provided for in this division shall be conducted in accordance with the provisions of Chapter 5 (commencing with Section 11500), Part 1, Division 3, Title 2, of the Government Code, and t
• § 30704 — Every order, decision, license or other official act of the commissioner is subject to review, in accordance with law.
• § 31000 — This division shall be known and may be cited as the “Business and Industrial Development Corporations Law”.
• § 31001 — This division shall be liberally construed to accomplish its purposes.
• § 31002 — No provision of this division imposing any liability applies to any act committed in good faith in conformity with any regulation, order, or written interpretive opinion of the commissioner or any suc
• § 31003 — In this division, unless otherwise expressly provided: (a) A reference to a statute or to a regulation includes such statute or regulation as amended, whether before or after the effective date of thi
• § 31004 — Except as otherwise provided in Chapter 14 (commencing with Section 31950) of this division: (a) The provisions of the Nonprofit Corporation Law (Division 2 (commencing with Section 5000) of Title 1 o
• § 31006 — If any provision of this division or the application thereof to any person or circumstances is held invalid, illegal, or unenforceable, such invalidity, illegality, or unenforceability shall not affec
• § 3101 — This division shall be known as the Digital Financial Assets Law.
• § 3102 — For purposes of this division: (a) “Applicant” means a person that applies for a license under this division.
• § 31020 — The Legislature finds all of the following: (a) That it is necessary to increase job opportunities in this state.
• § 31021 — (a) The purposes of this division are: (1) To provide for the licensing and regulation of business and industrial development corporations which will provide financing assistance and management assist
• § 3103 — (a) Except as otherwise provided in subdivision (b), this division governs the digital financial asset business activity of a person doing business in this state or, wherever located, who engages in o
• § 31030 — Subject to additional definitions contained in this division which are applicable to specific provisions of this division and unless the context otherwise requires, the definitions in this article app
• § 31031 — “Act” includes omission.
• § 31032 — “Affiliate”, when used with respect to a specified person, means any person (other than a natural person) controlling, controlled by, or under common control with, such specified person, directly or i
• § 31033 — “Business day” means any day other than (a) Saturday, (b) Sunday, and(c) any other day which is specified or provided for as a holiday in the Government Code.
• § 31034 — “Business firm” means any person which transacts business on a regular and continual basis, with respect to the transacting of such business.
• § 31034.5 — “Business firm in another state” means both of the following: (a) Any person which transacts business on a regular and continual basis at one or more places of business in another state of the United
• § 31035 — “Business firm in this state” means: (a) Any person which transacts business on a regular and continual basis at one or more places of business in this state, with respect to the transacting of such b
• § 31036 — “California corporation” means: (a) Any corporation organized under the General Corporation Law (Division 1 (commencing with Section 100), Title 1 of the Corporations Code) or any predecessor statute;
• § 31037 — “California nonprofit corporation” means any corporation organized under the Nonprofit Corporation Law (Division 2 (commencing with Section 5000) of Title 1 of the Corporations Code) or any predecesso
• § 31038 — “Control”, when used with respect to a specified person, means possession, direct or indirect, of the power to do either of the following: (a) To vote 35 percent or more of any class of the voting sec
• § 31039 — “Controlling person”, when used with respect to a specified person, means any person who controls such specified person, directly or indirectly through one or more intermediaries.
• § 31040 — “Corporate name” means the name of a corporation as set forth in the articles of incorporation of such corporation.
• § 31041 — “Financial institution” means any commercial bank, trust company, savings and loan association, credit union, industrial loan company, insurance company, or person engaged in the business of lending m
• § 31042 — “Insolvent”, when used with respect to any person, means a person who has ceased to pay his debts in the ordinary course of business, who cannot pay his debts as they become due, or whose liabilities
• § 31043 — To “issue”, when used with respect to any regulation or order, includes to adopt, amend, repeal, or rescind.
• § 31044 — “License” means a license issued under this division authorizing a California corporation to transact business as a business and industrial development corporation.
• § 31045 — “Licensee” means a California corporation which is licensed under this division.
• § 31046 — “Officer” means: (a) When used with respect to a corporation, any person appointed or designated as an officer of such corporation by or pursuant to applicable law or the articles of incorporation or
• § 31047 — “Order” means any approval, consent, authorization, exemption, denial, prohibition, or requirement applicable to a specific case issued by the commissioner.
• § 31047.5 — “Parent,” when used with respect to a specified person other than a natural person, means any person other than a natural person which controls the specified person, directly or indirectly through one
• § 31048 — “Person” means any natural person, proprietorship, joint venture, partnership, trust, business trust, syndicate, association, joint stock company, corporation, limited liability company, government, a
• § 31049 — “Principal shareholder”, when used with respect to a corporation, means any person who owns, directly or indirectly, of record or beneficially, securities representing 10 percent or more of the voting
• § 31050 — To “provide financing assistance” to a person includes: (a) To lend money or otherwise extend credit to such person; (b) To purchase securities issued by such person, either directly or indirectly thr
• § 31051 — To “provide management assistance” to a person includes: (a) To provide management or technical advice to such person; and (b) To provide management or technical services to such person.
• § 31052 — “Regulation” means any published regulation, rule, or standard of general application issued by the commissioner.
• § 31053 — “Security” has the meaning set forth in Section 25019 of the Corporations Code.
• § 31054 — “Subsidiary”, when used with respect to a specified person other than a natural person, means any person other than a natural person controlled by such specified person, directly or indirectly through
• § 31055 — “Commissioner” means the Commissioner of Financial Protection and Innovation, or other person to whom the commissioner delegates the authority to act for the commissioner in the particular matter.
• § 31056 — “Voting power” has the meaning set forth in Corporations Code Section 194.
• § 31100 — The commissioner shall administer the provisions of this division.
• § 31101 — (a) The commissioner may from time to time issue such regulations and orders as are in his or her opinion necessary to carry out the provisions and purposes of this division.
• § 31102 — Whenever the commissioner issues an order or license under this division, he or she may impose such conditions as are in his or her opinion necessary to carry out the provisions and purposes of this d
• § 31103 — Every final order, decision, license, or other official act of the commissioner under this division is subject to judicial review in accordance with law.
• § 31104 — In any proceeding under this division: (a) The burden of proving that an application should be approved is upon the applicant.
• § 31105 — No provision of this division shall be construed to require by implication that the commissioner hold a hearing on any matter.
• § 31106 — No provision of this division shall be construed to require by implication that the commissioner make written findings on any matter.
• § 31107 — Any application filed with the commissioner under this division or under any regulation or order issued under this division shall be in such form, shall contain such information, shall be signed in su
• § 31108 — In determining whether to approve any application filed under this division or under any regulation or order issued under this division, the commissioner may consider proposals made by the applicant,
• § 31109 — The commissioner may honor applications from interested persons for interpretive opinions regarding any provision of this division or of any regulation or order issued under this division.
• § 31110 — (a) The commissioner may (1) make such public or private investigations within or outside this state as he or she deems necessary to determine whether to approve any application filed with him or her
• § 31110.5 — The commissioner may provide information relating to a licensee to the Small Business Administration or to any governmental agency which licenses or regulates the licensee or any parent or subsidiary
• § 31111 — Notwithstanding the fact that the commissioner permits any licensee, any affiliate of a licensee, or any governmental agency to inspect or make copies of any record relating to a licensee or to any di
• § 31112 — The commissioner may refer such evidence as is available concerning any violation of this division or of any regulation or order issued under this division which constitutes a crime to the district at
• § 31113 — Before any applicant for a license is issued a license, such applicant and each parent and subsidiary of such applicant shall file, and each person who becomes a parent or subsidiary of a licensee sha
• § 31114 — Whenever any person, including any nonresident of this state, engages in conduct prohibited or made actionable by this division or by any regulation or order issued under this division, whether or not
• § 31115 — (a) Fees shall be paid to, and collected by, the commissioner, as follows: (1) The fee for filing with the commissioner an application for a license shall be two thousand dollars ($2,000).
• § 31150 — (a) Except as otherwise provided in subdivision (b), no person transacting business in this state, other than a licensee, shall use any name or title which indicates that it is a business and industri
• § 31151 — No person other than a California corporation may apply for or be issued a license.
• § 31152 — If the commissioner finds all of the following with respect to an application for a license, the commissioner shall approve the application: (a) That the applicant has net worth in an amount which is