California Financial Code

§ 2125

FIN § 2125 Effective Jan 1, 2024Div. 1.2 · Ch. 7

Statute text

A licensee adding or replacing a key individual shall do all of the following:

(a)Provide notice to the commissioner within 15 days after the effective date of the key individual’s appointment.

(1)Within 90 days of compliance with this subdivision, the commissioner may issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual supports a determination by the commissioner that it is not in the best interests of the public or the licensee’s customers to permit the individual to be a key individual of the licensee.

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Legislative history

Added by Stats. 2023, Ch. 463, Sec. 10. (AB 1116) Effective January 1, 2024.