California Financial Code

§ 2033

FIN § 2033 Effective Jan 1, 2013Div. 1.2 · Ch. 3

Statute text

(a)The commissioner may conduct an examination of the applicant and the applicant shall pay the reasonable cost of the examination.

(b)If the commissioner finds all of the following with respect to an application for a license, the commissioner shall approve the application:

(1)The applicant has adequate tangible shareholders’ equity, as specified in Section 2040 to engage in the business of money transmission and the financial condition of the applicant is otherwise such that it will be safe and sound for the applicant to engage in the business of money transmission.

…

Legislative history

Amended by Stats. 2012, Ch. 356, Sec. 8. (SB 979) Effective January 1, 2013.