California Financial Code

§ 12221

FIN § 12221 Effective Jan 1, 2004Div. 3 · Ch. 3

Statute text

Upon reasonable notice and opportunity to be heard, the commissioner may deny the application for the license for any of the following reasons:

(a)A false statement of a material fact has been made in the application for license.

(b)Any officer, director, or member of the applicant has, within the last 10 years, been (1) convicted of or pleaded nolo contendere to a crime, or (2) committed any act involving dishonesty, fraud, or deceit, which crime or act is substantially related to the qualifications, functions, or duties of a person engaged in business in accordance with the provisions of this division.

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Legislative history

Amended by Stats. 2003, Ch. 473, Sec. 15. Effective January 1, 2004.