California Financial Code

§ 50126

FIN § 50126 Effective Oct 11, 2009Div. 20 · Ch. 2

Statute text

(a)Upon reasonable notice and opportunity to be heard, the commissioner may deny an application for any of the following reasons:

(1)A false statement of a material fact has been made in the application.

(2)Any officer, director, general partner, or person owning or controlling, directly or indirectly, 10 percent or more of the outstanding interests or equity securities of the applicant has, within the last 10 years, (A) been convicted of, or pleaded nolo contendere to, a crime or (B) committed any act involving dishonesty, fraud, or deceit, if the crime or act is substantially related to the qualifications, functions, or duties of a person engaged in business in accordance with this division.

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Legislative history

Amended by Stats. 2009, Ch. 160, Sec. 56. (SB 36) Effective October 11, 2009.