2020 California Code
Financial Code - FIN
DIVISION 12.5 - Student Loan Servicing Act
CHAPTER 3 - Licensee Duties
Section 28140.
(a) A licensee shall continuously maintain a minimum net worth of at least two hundred fifty thousand dollars ($250,000).
(b) Subject to the commissioner’s sole discretion, an applicant or licensee that is a wholly owned subsidiary of a public holding company required to comply with the reporting requirements of the Securities and Exchange Commission may satisfy the requirement of subdivision (a) by submitting the annual consolidated audited financial statements filed with the Securities and Exchange Commission, including consolidating financial statements of the subsidiary, which evidence to the commissioner’s satisfaction that the subsidiary meets the continuous minimum net worth requirements of at least two hundred fifty thousand dollars ($250,000).
(Amended by Stats. 2020, Ch. 154, Sec. 8. (AB 376) Effective January 1, 2021.)
