reglab/housing_qa huggingface dataset:
CA Fin Code § 31157 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 3 - Licensing|Section 31157.

31157.  No licensee shall represent that it is sponsored, recommended, or approved by, or that its abilities or qualifications have in any respect been passed upon by, the commissioner. Nothing in this section shall be deemed to prohibit a licensee from stating that it is licensed if the effect of such license is not misrepresented.(Amended by Stats. 1996, Ch. 1064, Sec. 649. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 31158 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 3 - Licensing|Section 31158.

31158.  (a) The fact that a California corporation is licensed under any law other than this division shall not preclude such corporation from applying for or being issued a license under this division unless the transaction of business by such corporation as a licensee under such other law would violate any provision of this division or of any regulation or order issued under this division or would be contrary to the purposes of this division.(b) The fact that a California corporation is licensed under this division shall not preclude such corporation from applying for or being issued a license under any other law unless the transaction of business by such corporation as a licensee under such other law would violate any provision of this division or of any regulation or order issued under this division or would be contrary to the purposes of this division.(Amended by Stats. 1987, Ch. 867, Sec. 13.)
CA Fin Code § 31400 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 6 - Transaction of Business|Section 31400.

31400.  (a) Each licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition.(b) No licensee shall commit any unsafe or unsound act.(Added by Stats. 1977, Ch. 1164.)
CA Fin Code § 31401 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 6 - Transaction of Business|Section 31401.

31401.  No licensee shall engage in any business other than one or more of the following:(a) The business of providing financing assistance and management assistance to business firms.(b) The business of a state development company in accordance with all applicable provisions of the Small Business Investment Act of 1958 and of the regulations of the Small Business Administration.(c) The business of a local development company in accordance with all applicable provisions of the Small Business Investment Act of 1958 and of the regulations of the Small Business Administration.(d) The business of a small business investment company in accordance with all applicable provisions of the Small Business Investment Act of 1958 and of the regulations of the Small Business Administration.(Amended by Stats. 1987, Ch. 867, Sec. 21.)
CA Fin Code § 31402 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 6 - Transaction of Business|Section 31402.

31402.  Each licensee shall use its best efforts:(a) To provide financing assistance to business firms in this state in cooperation with the Small Business Administration pursuant to Section 7(a) of the Small Business Act;(b) To obtain loans from the Small Business Administration pursuant to Sections 501 and 502 of the Small Business Investment Act of 1958; and(c) Otherwise to cooperate with, and meet the requirements of, the Small Business Administration for the purpose of providing financing assistance and management assistance to business firms in this state.(Added by Stats. 1977, Ch. 1164.)
CA Fin Code § 31403 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 6 - Transaction of Business|Section 31403.

31403.  (a) Except as provided in subdivision (b), no licensee shall provide financing assistance or management assistance to any person other than a business firm in this state.(b) (1) If a licensee provides financing assistance to a business firm in this state, the licensee may also provide financing assistance and management assistance to the business firm with respect to business transacted in any other state of the United States or the District of Columbia.(2) If a licensee provides financing assistance to a business firm in this state which is a franchisor, the licensee may also provide financing assistance and management assistance to any business firm in another state which is a franchisee of the franchisor.(3) If a licensee provides financing assistance to a business firm in this state which is a franchisee of a franchisor, the licensee may also provide financing assistance and management assistance to any business firm in another state which is a franchisee of the franchisor.(Amended by Stats. 1987, Ch. 867, Sec. 22.)
CA Fin Code § 31404 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 6 - Transaction of Business|Section 31404.

31404.  Except as otherwise provided in subdivision (b) of Section 31403, no licensee shall provide financing assistance or management assistance for use outside this state.(Amended by Stats. 1987, Ch. 867, Sec. 23.)
CA Fin Code § 31405 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 6 - Transaction of Business|Section 31405.

31405.  Except as otherwise provided in subdivisions (b), (c), and (d) of Section 31406:(a) No licensee shall provide financing assistance or management assistance to any business firm the primary business of which is to provide financing assistance or management assistance.(b) No licensee shall provide financing assistance to any business firm for the purpose of providing financing assistance to other persons or discharging, in whole or in part, any obligation incurred for such purpose.(Amended by Stats. 1987, Ch. 867, Sec. 24.)
CA Fin Code § 31406 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 6 - Transaction of Business|Section 31406.

31406.  No licensee shall, either by itself or in concert with any of its directors, officers, principal shareholders, or affiliates, any other licensee, or any of the directors, officers, principal shareholders, or affiliates of any other licensee, acquire or hold control of any business firm, except as follows:(a) Any licensee which has provided financing assistance to a business firm may, if and to the extent necessary to protect its interests as a creditor of, or investor in, such business firm, acquire and hold control of such business firm; provided, however, that such licensee shall divest itself of such control as soon as practicable and in any event within three years after acquiring such control or such longer period as the commissioner may approve.(b) Any licensee may, with the prior approval of the commissioner, acquire and hold control of a corporation which is licensed as a small business investment company under the Small Business Investment Act of 1958.(c) Any licensee may, with the prior approval of the commissioner, acquire and hold control of a corporation which is licensed as a personal property broker under Division 9 (commencing with Section 22000).(d) Any licensee may, with the prior approval of the commissioner, acquire and hold control of a corporation which transacts business as a local development company in accordance with all applicable provisions of the Small Business Investment Act of 1958 and of the regulations of the Small Business Administration.(Amended by Stats. 1996, Ch. 1064, Sec. 658. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 31408 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 6 - Transaction of Business|Section 31408.

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.)
CA Fin Code § 31409 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 6 - Transaction of Business|Section 31409.

31409.  No licensee shall, except with the prior approval of the commissioner, provide a lien or security interest in any of its property for the purpose of securing an obligation of, or an obligation incurred for the benefit of, any other person.(Amended by Stats. 1996, Ch. 1064, Sec. 660. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 31410 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 6 - Transaction of Business|Section 31410.

31410.  This section creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV of the State Constitution. The restrictions upon rates of interest contained in Section 1 of Article XV of the State Constitution shall not apply to any loans made by, or forbearances of, any licensee. This section shall apply retroactively to any such loans or forbearances.(Added by renumbering Section 31953 by Stats. 1987, Ch. 867, Sec. 31.)
CA Fin Code § 31500 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 7 - Records, Reports, and Examinations|Section 31500.

31500.  Each licensee shall adopt as its fiscal year the period from July 1st to and including the following June 30th.(Added by Stats. 1977, Ch. 1164.)
CA Fin Code § 31501 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 7 - Records, Reports, and Examinations|Section 31501.

31501.  Each licensee shall make and keep such books, accounts, and other records in such form and in such manner as the commissioner may by regulation or order require. All records so required shall be kept at such place and shall be preserved for such time as the commissioner may by regulation or order specify.(Amended by Stats. 1996, Ch. 1064, Sec. 661. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 31502 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 7 - Records, Reports, and Examinations|Section 31502.

31502.  No licensee shall, except with the prior approval of the commissioner, enter or carry on its books or records any asset at a valuation exceeding the actual cost of such asset to such licensee.(Amended by Stats. 1996, Ch. 1064, Sec. 662. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 31503 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 7 - Records, Reports, and Examinations|Section 31503.

31503.  The commissioner may by order require a licensee to write down any asset on its books and records to a valuation which represents its then value.(Amended by Stats. 1996, Ch. 1064, Sec. 663. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 31504 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 7 - Records, Reports, and Examinations|Section 31504.

31504.  Each licensee shall, not more than 90 days after the close of each of its fiscal years or within such longer period as the commissioner may by regulation or order specify, file with the commissioner an audit report containing:(a) Financial statements (including balance sheet, statement of income or loss, statement of changes in capital accounts, and statement of changes in financial position or, in the case of a licensee which is a California nonprofit corporation, comparable financial statements) for or as of the end of such fiscal year, prepared with audit by an independent certified public accountant or an independent public accountant in accordance with generally accepted accounting principles;(b) Report, certificate, or opinion of such independent certified public accountant or independent public account, stating that such financial statements were prepared in accordance with generally accepted accounting principles; and(c) Such other information as the commissioner may by regulation or order require.(Amended by Stats. 1996, Ch. 1064, Sec. 664. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 31506 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 7 - Records, Reports, and Examinations|Section 31506.

31506.  Each licensee, each director, officer, and employee of a licensee, and each parent and subsidiary of a licensee shall file with the commissioner such reports as and when the commissioner may by regulation or order require. In addition, each affiliate of a licensee (other than a parent or subsidiary of the licensee) shall file with the commissioner such reports regarding transactions between the affiliate and the licensee as and when the commissioner may require. Each report shall be in such form, shall contain such information, shall be signed in such manner, and shall (if the commissioner so requires by regulation or order) be verified in such manner, as the commissioner may by regulation or order require.(Amended by Stats. 1996, Ch. 1064, Sec. 665. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 31507 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 7 - Records, Reports, and Examinations|Section 31507.

31507.  (a) The commissioner shall examine each licensee not less frequently than once each calendar year.(b) (1) The commissioner may at any time examine any licensee or any parent or subsidiary of a licensee.(2) The commissioner may at any time examine any office of any licensee within or outside of this state.(3) The commissioner may at any time examine any affiliate of a licensee (other than a parent or subsidiary of the licensee) but only with respect to matters relating to transactions between the affiliate and the licensee.(c) The directors, officers, and employees of any licensee or of any affiliate of a licensee being examined by the commissioner and any other person having custody of any of the books, accounts, or records of the licensee or affiliate shall exhibit to the commissioner, on request, any or all of the books, accounts, and other records of the licensee or affiliate and shall otherwise facilitate the examination so far as it may be in their power to do so. However, in the case of an examination of an affiliate of a licensee other than a parent or subsidiary of the licensee, only books, accounts, and records of the affiliate that relate to transactions between the affiliate and the licensee shall be subject to this subdivision.(d) The commissioner may, if in his or her opinion it is necessary in the examination of any licensee or of any affiliate of a licensee, retain any certified public accountant, attorney, appraiser, or other person to assist him or her, and the licensee shall pay, within 10 days after receipt of a statement from the commissioner, the fees of that person.(Amended by Stats. 2003, Ch. 404, Sec. 20. Effective January 1, 2004.)
CA Fin Code § 31508 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 7 - Records, Reports, and Examinations|Section 31508.

31508.  (a) No licensee shall, except with the prior approval of the commissioner, cause or permit any other person to make or keep any of its books, accounts, or other records.(b) In case any person other than a licensee makes or keeps any of the books, accounts, or other records of such licensee, the provisions of this division and of any regulation or order issued under this division shall apply to such person with respect to the performance of such services and with respect to such books, accounts, and other records to the same extent as if such person were such licensee.(c) In case any person other than an affiliate of a licensee makes or keeps any of the books, accounts, or other records of such affiliate or, in the case of an affiliate other than a parent or subsidiary of the licensee, the books, accounts, and other records of the affiliate that relate to transactions between the affiliate and the licensee, the provisions of this division and of any regulation or order issued under this division shall apply to such person with respect to such books, accounts, and other records to the same extent as if such person were such affiliate.(Amended by Stats. 1996, Ch. 1064, Sec. 667. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 31509 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 7 - Records, Reports, and Examinations|Section 31509.

31509.  The commissioner may publish any report filed with him or her under this division or under any regulation or order issued under this division.(Amended by Stats. 1996, Ch. 1064, Sec. 668. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 31550 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 8 - Acquisition of Control|Section 31550.

31550.  No person shall, except with the prior approval of the commissioner, acquire control of a licensee.(Amended by Stats. 1996, Ch. 1064, Sec. 669. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 31551 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 8 - Acquisition of Control|Section 31551.

31551.  If the commissioner finds, with respect to an application for approval to acquire control of a licensee:(a) That the applicant and the directors and officers of the applicant are of good character and sound financial standing;(b) That it is reasonable to believe that, if the applicant acquires control of the licensee, the applicant will comply with all applicable provisions of this division and of any regulation or order issued under this division; and(c) That the applicant’s plans, if any, to make any major change in the business, corporate structure, or management of the licensee are not detrimental to the safety and soundness of the licensee or to the public convenience and advantage;The commissioner shall approve the application. If, after notice and a hearing, the commissioner finds otherwise, he or she shall deny the application.(Amended by Stats. 1996, Ch. 1064, Sec. 670. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 31551.5 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 8 - Acquisition of Control|Section 31551.5.

31551.5.  (a) For purposes of Section 31551, the commissioner may find:(1) That an applicant or a director or officer of an applicant is not of good character if such person has been convicted of, or has pleaded nolo contendere to, a crime involving fraud or dishonesty.(2) That an applicant’s plan to make a major change in the management of a licensee is detrimental to the safety and soundness of the licensee and to the public convenience and advantage if the plan provides for a person who has been convicted of, or has pleaded nolo contendere to, a crime involving fraud or dishonesty to become a director or officer of the licensee.(b) Subdivision (a) shall not be deemed to be the only grounds upon which the commissioner may find, for purposes of Section 31551, that an applicant or a director or officer of an applicant is not of good character or that an applicant’s plan to make a major change in the management of a licensee is detrimental to the safety and soundness of a licensee or to the public convenience and advantage.(Amended by Stats. 1996, Ch. 1064, Sec. 671. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 31552 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 8 - Acquisition of Control|Section 31552.

31552.  The commissioner may, by such regulations or orders as he or she deems necessary and appropriate, either unconditionally or upon specified terms and conditions or for specified periods, exempt from the provisions of this chapter any person or transaction or class of persons or transactions, if he or she finds such action to be in the public interest and that the regulation of such persons or transactions is not necessary for the purposes of this division.(Amended by Stats. 1996, Ch. 1064, Sec. 672. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 31600 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 9 - Merger and Purchase or Sale of Business|Section 31600.

31600.  In this chapter:(a) “Acquiring licensee” means:(1) In the case of a merger, the licensee which is the surviving corporation; (2) In the case of a purchase or sale, the licensee which is the purchaser.(b) “Disappearing corporation” has the meaning set forth in Section 165 of the Corporations Code.(c) “Surviving corporation” has the meaning set forth in Section 190 of the Corporations Code.(Added by Stats. 1977, Ch. 1164.)
CA Fin Code § 31601 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 9 - Merger and Purchase or Sale of Business|Section 31601.

31601.  No licensee shall merge with any other corporation unless:(a) In case such licensee is the surviving corporation, such merger shall have first been approved by the commissioner;(b) In case such licensee is a disappearing corporation, the surviving corporation is a licensee and such merger shall have first been approved by the commissioner.(Amended by Stats. 1996, Ch. 1064, Sec. 673. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 31602 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 9 - Merger and Purchase or Sale of Business|Section 31602.

31602.  No licensee shall purchase all or substantially all of the business of any other person unless such purchase shall have first been approved by the commissioner.(Amended by Stats. 1996, Ch. 1064, Sec. 674. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 31603 (2021)
2021 California Code|Financial Code - FIN|DIVISION 15 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|CHAPTER 9 - Merger and Purchase or Sale of Business|Section 31603.

31603.  No licensee shall sell all or substantially all of its business to any other person unless such other person is a licensee and such sale shall have first been approved by the commissioner.(Amended by Stats. 1996, Ch. 1064, Sec. 675. Effective January 1, 1997. Operative July 1, 1997.)