California Financial Code

§ 31152

FIN § 31152 Effective Jan 1, 1997Div. 15 · Ch. 3

Statute text

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

(a)That the applicant has net worth in an amount which is not less than one million five hundred thousand dollars ($1,500,000) and which is adequate for the applicant to transact business as a business and industrial development corporation.

(b)That the applicant has lendable funds in an amount which is not less than one million five hundred thousand dollars ($1,500,000) and which is adequate for the applicant to transact business as a business and industrial development corporation.

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Legislative history

Amended by Stats. 1996, Ch. 1064, Sec. 645. Effective January 1, 1997. Operative July 1, 1997.