California Financial Code

§ 18405

FIN § 18405 Effective Jan 1, 2016Div. 7 · Ch. 5 · Art. 3

Statute text

(a)On or before the 15th day of March of every year, each industrial loan company shall file with the commissioner an audit report containing audited financial statements together with such other relevant information as the commissioner may require relating to the company and to each place of business of the company. The audited financial statements shall include a balance sheet of the company prepared as of the last day of the preceding calendar year and statements of income and of surplus for such calendar year.

(b)The reports and financial statements referred to in subdivision (a) shall be prepared in accordance with generally accepted accounting principles and shall be accompanied by a report, certificate, or opinion of an independent certified public accountant or independent public accountant, and shall contain such relevant information as the commissioner may require. The audits shall be conducted in accordance with generally accepted auditing standards and the rules and regulations of the commissioner.

(c)For good cause and upon written request, the commissioner may extend the time for compliance with subdivision (a).

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Legislative history

Amended by Stats. 2015, Ch. 190, Sec. 42. (AB 1517) Effective January 1, 2016.