California Financial Code

§ 17209.3

FIN § 17209.3 Effective Jan 1, 2004Div. 6 · Ch. 2

Statute text

The commissioner may refuse to issue any license being applied for, and shall refuse to issue any license being applied for if upon the commissioner’s examination and investigation, and after appropriate hearing, the commissioner finds any of the following:

(a)That the corporation is to be formed for any business other than legitimate escrow agent services, or proposes to use a name that is misleading or in conflict with the name of an existing licensee.

(b)That any incorporator, officer, or director of the applicant has, within the last 10 years, been (1) convicted of or pleaded nolo contendere to a crime, or (2) committed any act involving dishonesty, fraud, or deceit, which crime or act is substantially related to the qualifications, functions, or duties of a person engaged in business in accordance with the provisions of this division.

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Legislative history

Amended by Stats. 2003, Ch. 473, Sec. 18. Effective January 1, 2004.