California Financial Code

§ 31232

FIN § 31232 Effective Jan 1, 1997Div. 15 · Ch. 4 · Art. 4

Statute text

If the commissioner finds, with respect to an application for approval for a licensee to make, or to obligate itself to make, a distribution to its shareholders:

(a)That for the applicant to make, or to obligate itself to make, the distribution will not endanger the applicant’s ability to provide financing assistance and management assistance to business firms in this state; and

(b)That for the applicant to make, or to obligate itself to make, the distribution will not be unsafe or unsound; the commissioner shall approve the application. If, after notice and a hearing, the commissioner finds otherwise, he or she shall deny the application.

Legislative history

Amended by Stats. 1996, Ch. 1064, Sec. 653. Effective January 1, 1997. Operative July 1, 1997.