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2019 California Code
Financial Code - FIN
DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS
CHAPTER 6 - Transaction of Business
Section 31408.
Universal Citation: CA Fin Code § 31408 (2019)
31408.
No licensee shall, except with the prior approval of the commissioner, guarantee the debt of any other person or otherwise lend its credit to any other person; provided, however, that, whenever a licensee sells to another person an obligation to pay money, which obligation is owned by such licensee, such licensee may guarantee the payment of such obligation.
(Amended by Stats. 1996, Ch. 1064, Sec. 659. Effective January 1, 1997. Operative July 1, 1997.)
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