California Financial Code

§ 23011

FIN § 23011 Effective Jan 1, 2003Div. 10 · Ch. 1 · Art. 2

Statute text

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

(1)Any false statement of 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

Added by Stats. 2002, Ch. 777, Sec. 10. Effective January 1, 2003. Section operative on December 31, 2004, or sooner, pursuant to Section 23104.