California Financial Code

§ 31551.5

FIN § 31551.5 Effective Jan 1, 1997Div. 15 · Ch. 8

Statute text

(a)For purposes of Section 31551, the commissioner may find:

(1)That an applicant or a director or officer of an applicant is not of good character if such person has been convicted of, or has pleaded nolo contendere to, a crime involving fraud or dishonesty.

(2)That an applicant’s plan to make a major change in the management of a licensee is detrimental to the safety and soundness of the licensee and to the public convenience and advantage if the plan provides for a person who has been convicted of, or has pleaded nolo contendere to, a crime involving fraud or dishonesty to become a director or officer of the licensee.

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Legislative history

Amended by Stats. 1996, Ch. 1064, Sec. 671. Effective January 1, 1997. Operative July 1, 1997.