California Financial Code

§ 22109

FIN § 22109 Effective Oct 4, 2017Div. 9 · Ch. 1 · Art. 3

Statute text

(a)Upon reasonable notice and opportunity to be heard, the commissioner may deny the application for a finance lender, broker, or program administrator license for any of the following reasons:

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

(2)The applicant or an officer, director, general partner, person responsible for the applicant’s lending activities or administering PACE programs for the applicant in this state, 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, been convicted of or pleaded nolo contendere to a crime, or committed an 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

Repealed (in Sec. 39) and added by Stats. 2017, Ch. 475, Sec. 40. (AB 1284) Effective October 4, 2017. Section operative January 1, 2019, by its own provisions.