California Financial Code

§ 18116

FIN § 18116Div. 7 · Ch. 2 · Art. 2

Statute text

Upon the filing of an application, the commissioner shall make or cause to be made a careful investigation and examination relative to the following:

(a)The background and experience of the organizers or incorporators, the proposed officers and managers, and the proposed stockholders and directors.

(b)The need for industrial loan facilities or additional industrial loan facilities, as the case may be, in the community where the proposed industrial loan company is to be located, giving particular consideration to the adequacy of existing industrial loan facilities in the community.

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Legislative history

Amended by Stats. 1980, Ch. 974, Sec. 8.