California Code
Financial Code - FIN
DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS

CHAPTER 1 - General Provisions

ARTICLE 1 - Short Title, Construction, and Severability

Section 31000. - 31000. This division shall be known and may be cited...

Section 31001. - 31001. This division shall be liberally construed to accomplish its...

Section 31002. - 31002. No provision of this division imposing any liability applies...

Section 31003. - 31003. In this division, unless otherwise expressly provided: (a) A...

Section 31004. - 31004. Except as otherwise provided in Chapter 14 (commencing with...

Section 31006. - 31006. If any provision of this division or the application...

ARTICLE 2 - Legislative Findings and Purposes

Section 31020. - 31020. The Legislature finds all of the following: (a) That...

Section 31021. - 31021. (a) The purposes of this division are: (1) To...

ARTICLE 3 - Definitions

Section 31030. - 31030. Subject to additional definitions contained in this division which...

Section 31031. - 31031. “Act” includes omission. (Added by Stats. 1977, Ch. 1164.)

Section 31032. - 31032. “Affiliate”, when used with respect to a specified person,...

Section 31033. - 31033. “Business day” means any day other than (a) Saturday,...

Section 31034. - 31034. “Business firm” means any person which transacts business on...

Section 31034.5. - 31034.5. “Business firm in another state” means both of the...

Section 31035. - 31035. “Business firm in this state” means: (a) Any person...

Section 31036. - 31036. “California corporation” means: (a) Any corporation organized under the...

Section 31037. - 31037. “California nonprofit corporation” means any corporation organized under the...

Section 31038. - 31038. “Control”, when used with respect to a specified person,...

Section 31039. - 31039. “Controlling person”, when used with respect to a specified...

Section 31040. - 31040. “Corporate name” means the name of a corporation as...

Section 31041. - 31041. “Financial institution” means any commercial bank, trust company, savings...

Section 31042. - 31042. “Insolvent”, when used with respect to any person, means...

Section 31043. - 31043. To “issue”, when used with respect to any regulation...

Section 31044. - 31044. “License” means a license issued under this division authorizing...

Section 31045. - 31045. “Licensee” means a California corporation which is licensed under...

Section 31046. - 31046. “Officer” means: (a) When used with respect to a...

Section 31047. - 31047. “Order” means any approval, consent, authorization, exemption, denial, prohibition,...

Section 31047.5. - 31047.5. “Parent,” when used with respect to a specified person...

Section 31048. - 31048. “Person” means any natural person, proprietorship, joint venture, partnership,...

Section 31049. - 31049. “Principal shareholder”, when used with respect to a corporation,...

Section 31050. - 31050. To “provide financing assistance” to a person includes: (a)...

Section 31051. - 31051. To “provide management assistance” to a person includes: (a)...

Section 31052. - 31052. “Regulation” means any published regulation, rule, or standard of...

Section 31053. - 31053. “Security” has the meaning set forth in Section 25019...

Section 31054. - 31054. “Subsidiary”, when used with respect to a specified person...

Section 31055. - 31055. “Commissioner” means the Commissioner of Financial Protection and Innovation,...

Section 31056. - 31056. “Voting power” has the meaning set forth in Corporations...

CHAPTER 2 - Administration

Section 31100. - 31100. The commissioner shall administer the provisions of this division....

Section 31101. - 31101. (a) The commissioner may from time to time issue...

Section 31102. - 31102. Whenever the commissioner issues an order or license under...

Section 31103. - 31103. Every final order, decision, license, or other official act...

Section 31104. - 31104. In any proceeding under this division: (a) The burden...

Section 31105. - 31105. No provision of this division shall be construed to...

Section 31106. - 31106. No provision of this division shall be construed to...

Section 31107. - 31107. Any application filed with the commissioner under this division...

Section 31108. - 31108. In determining whether to approve any application filed under...

Section 31109. - 31109. The commissioner may honor applications from interested persons for...

Section 31110. - 31110. (a) The commissioner may (1) make such public or...

Section 31110.5. - 31110.5. The commissioner may provide information relating to a licensee...

Section 31111. - 31111. Notwithstanding the fact that the commissioner permits any licensee,...

Section 31112. - 31112. The commissioner may refer such evidence as is available...

Section 31113. - 31113. Before any applicant for a license is issued a...

Section 31114. - 31114. Whenever any person, including any nonresident of this state,...

Section 31115. - 31115. (a) Fees shall be paid to, and collected by,...

CHAPTER 3 - Licensing

Section 31150. - 31150. (a) Except as otherwise provided in subdivision (b), no...

Section 31151. - 31151. No person other than a California corporation may apply...

Section 31152. - 31152. If the commissioner finds all of the following with...

Section 31152.5. - 31152.5. (a) For purposes of Section 31152, the commissioner may...

Section 31153. - 31153. Before any applicant for a license is issued a...

Section 31154. - 31154. Whenever any application for a license has been approved...

Section 31155. - 31155. No license shall be transferable or assignable. (Added by...

Section 31156. - 31156. Each licensee shall post its license in a conspicuous...

Section 31157. - 31157. No licensee shall represent that it is sponsored, recommended,...

Section 31158. - 31158. (a) The fact that a California corporation is licensed...

CHAPTER 4 - Corporate Matters

ARTICLE 1 - Name

Section 31200. - 31200. The corporate name of each licensee shall include the...

Section 31201. - 31201. No licensee shall, except with the prior approval of...

ARTICLE 2 - Board of Directors

Section 31210. - 31210. The board of directors of each licensee shall consist...

Section 31211. - 31211. The board of directors of each licensee shall hold...

ARTICLE 3 - Securities

Section 31220. - 31220. Notwithstanding any other law of this state, but subject...

ARTICLE 4 - Distributions to Shareholders

Section 31230. - 31230. In this article, “distribution to its shareholders” has the...

Section 31231. - 31231. No licensee shall, except with the prior approval of...

Section 31232. - 31232. If the commissioner finds, with respect to an application...

Section 31233. - 31233. Notwithstanding the provisions of Section 31232, unless an application...

CHAPTER 5 - Offices

ARTICLE 1 - General Provisions

Section 31300. - 31300. Each licensee shall maintain its head office in this...

Section 31301. - 31301. No licensee shall maintain an office at any place...

Section 31302. - 31302. Each office of a licensee shall be located in...

Section 31303. - 31303. Each licensee shall post in a conspicuous place at...

Section 31304. - 31304. Each licensee shall maintain telephone service at each of...

Section 31305. - 31305. Each licensee shall maintain at each of its offices...

ARTICLE 2 - Establishing, Relocating, and Closing Offices

Section 31320. - 31320. (a) No licensee shall relocate its head office without...

Section 31322. - 31322. If the commissioner finds, with respect to an application...

CHAPTER 6 - Transaction of Business

Section 31400. - 31400. (a) Each licensee shall transact its business in a...

Section 31401. - 31401. No licensee shall engage in any business other than...

Section 31402. - 31402. Each licensee shall use its best efforts: (a) To...

Section 31403. - 31403. (a) Except as provided in subdivision (b), no licensee...

Section 31404. - 31404. Except as otherwise provided in subdivision (b) of Section...

Section 31405. - 31405. Except as otherwise provided in subdivisions (b), (c), and...

Section 31406. - 31406. No licensee shall, either by itself or in concert...

Section 31408. - 31408. No licensee shall, except with the prior approval of...

Section 31409. - 31409. No licensee shall, except with the prior approval of...

Section 31410. - 31410. This section creates and authorizes an exempt class of...

CHAPTER 7 - Records, Reports, and Examinations

Section 31500. - 31500. Each licensee shall adopt as its fiscal year the...

Section 31501. - 31501. Each licensee shall make and keep such books, accounts,...

Section 31502. - 31502. No licensee shall, except with the prior approval of...

Section 31503. - 31503. The commissioner may by order require a licensee to...

Section 31504. - 31504. Each licensee shall, not more than 90 days after...

Section 31506. - 31506. Each licensee, each director, officer, and employee of a...

Section 31507. - 31507. (a) The commissioner shall examine each licensee not less...

Section 31508. - 31508. (a) No licensee shall, except with the prior approval...

Section 31509. - 31509. The commissioner may publish any report filed with him...

CHAPTER 8 - Acquisition of Control

Section 31550. - 31550. No person shall, except with the prior approval of...

Section 31551. - 31551. If the commissioner finds, with respect to an application...

Section 31551.5. - 31551.5. (a) For purposes of Section 31551, the commissioner may...

Section 31552. - 31552. The commissioner may, by such regulations or orders as...

CHAPTER 9 - Merger and Purchase or Sale of Business

Section 31600. - 31600. In this chapter: (a) “Acquiring licensee” means: (1) In...

Section 31601. - 31601. No licensee shall merge with any other corporation unless:...

Section 31602. - 31602. No licensee shall purchase all or substantially all of...

Section 31603. - 31603. No licensee shall sell all or substantially all of...

Section 31604. - 31604. If the commissioner finds, with respect to an application...

Section 31605. - 31605. The commissioner may, by such regulations or orders as...

CHAPTER 10 - Voluntary Surrender of License

Section 31650. - 31650. Any licensee may surrender its license by filing with...

Section 31651. - 31651. (a) Except as otherwise provided in subdivision (b), a...

CHAPTER 12 - Crimes and Criminal Penalties

ARTICLE 1 - General Provisions

Section 31800. - 31800. It shall be unlawful for any person willfully to...

Section 31801. - 31801. It shall be unlawful for any person having custody...

Section 31802. - 31802. It shall be unlawful for any person, with intent...

ARTICLE 2 - Conflicts of Interest

Section 31820. - 31820. In this article, unless the context otherwise requires: (a)...

Section 31821. - 31821. (a) The commissioner may, by such regulations or orders...

Section 31822. - 31822. It shall be unlawful for any licensee, directly or...

Section 31823. - 31823. (a) It shall be unlawful for any licensee, directly...

Section 31824. - 31824. It shall be unlawful for any licensee or for...

Section 31825. - 31825. It shall be unlawful for any licensee, directly or...

Section 31826. - 31826. It shall be unlawful for any licensee, directly or...

Section 31827. - 31827. It shall be unlawful for any licensee, directly or...

Section 31828. - 31828. It shall be unlawful for any associate of a...

Section 31829. - 31829. It shall be unlawful for any licensee, directly or...

ARTICLE 3 - Criminal Penalties

Section 31880. - 31880. Any person who violates any provision of this chapter...

Section 31881. - 31881. Nothing in this division limits the power of the...

CHAPTER 13 - Civil Penalties

Section 31900. - 31900. If, after notice and a hearing, the commissioner finds...

Section 31901. - 31901. The provisions of Section 31900 are additional to, and...

CHAPTER 14 - Transition Provisions

Section 31950. - 31950. In this chapter: (a) “Member” has the meaning set...

Section 31951. - 31951. Except as otherwise provided in Sections 31004 and 31952,...

Section 31952. - 31952. In case any old corporation has, on the effective...