California Financial Code

§ 3309

FIN § 3309 Effective Jan 1, 2024Div. 1.25 · Ch. 3

Statute text

(a)For purposes of this section, “proposed person to be in control” means the person that would control a licensee after a proposed transaction that would result in a change in control of the licensee.

(b)The following rules apply in determining whether a person has control over a licensee:

(1)There is a rebuttable presumption of control if a person directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing, 10 percent or more of the then outstanding voting securities issued by the licensee.

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Legislative history

Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.