2012 California Codes
FIN - Financial Code
DIVISION 20 - CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT [50000 - 50706]
CHAPTER 4 - Financial Condition, Transaction and Bond Requirements
Section 50206
(a) Prior to a change of control of the business of a licensee, the person wishing to acquire control shall submit an application to the commissioner and pay an investigation fee of one hundred dollars ($100). The application shall contain the information that the commissioner, by rule, may prescribe as necessary to determine that the person meets the requirements of Section 50121.
(b) The commissioner shall approve or disapprove the proposed change of control of a licensee in accordance with the provisions of Section 50126.
(c) Upon notification by the commissioner that the change of control has been disapproved, the acquiring party shall immediately cease any activity subject to regulation under this division.
(Amended by Stats. 2009, Ch. 160, Sec. 67. Effective October 11, 2009.)
Disclaimer: These codes may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
