California Financial Code

§ 2035

FIN § 2035 Effective Jan 1, 2013Div. 1.2 · Ch. 3

Statute text

(a)No person shall, directly or indirectly, acquire control of a licensee unless the commissioner has first approved, in writing, the acquisition of control. An application to acquire control of a licensee shall be in writing, under oath, and in a form prescribed by the commissioner. The application shall contain that information which the commissioner may require.

(b)The commissioner shall not approve the application unless the commissioner finds all of the following:

(1)The applicant and all of the officers and directors of the applicant are of good character and sound financial standing.

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Legislative history

Amended by Stats. 2012, Ch. 356, Sec. 10. (SB 979) Effective January 1, 2013.