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Marginalia
Code · California · Financial Code

§ 17209.3

319 words·~1 min read·/ca/financial-code/17209-3

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The commissioner may refuse to issue any license being applied for, and shall refuse to issue any license being applied for if upon the commissioner’s examination and investigation, and after appropriate hearing, the commissioner finds any of the following:
(a)That the corporation is to be formed for any business other than legitimate escrow agent services, or proposes to use a name that is misleading or in conflict with the name of an existing licensee.
(b)That any incorporator, officer, or director of the applicant has, within the last 10 years, been
(1)convicted of or pleaded nolo contendere to a crime, or
(2)committed any act involving dishonesty, fraud, or deceit, which crime or act is substantially related to the qualifications, functions, or duties of a person engaged in business in accordance with the provisions of this division.
(c)That there is no officer or manager possessing a minimum of five years of responsible escrow or joint control experience stationed or to be stationed at the main office of the corporation and that there is no officer, manager or employee possessing a minimum of four years of responsible escrow or joint control experience stationed or to be stationed at each branch.
(d)That the proposed licensee’s financial program is unsound.
(e)A false statement of a material fact has been made in the application for license.
(f)The applicant, any officer, director, general partner, or incorporator of the applicant, or any person owning or controlling, directly or indirectly, 10 percent or more of the outstanding equity securities of the applicant has violated any provision of this division or the rules thereunder or any similar regulatory scheme of the State of California or a foreign jurisdiction.
(g)The applicant has failed to comply with the Fidelity Corporation’s membership requirements set forth in subdivision
(b)of Section 17312, in subdivision
(a)of Section 17320, and in Sections 17331 and 17331.1.
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