§ 31824
75 words·~1 min read·
/ca/financial-code/31824A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
It shall be unlawful for any licensee or for any associate of a licensee, directly or indirectly, to borrow money from:
(a)Any person to which such licensee has provided, or has committed to provide, financing assistance;
(b)Any director of, officer of, or person who owns a 10 percent or greater equity interest in, any person referred to in subdivision (a); or
(c)Any close relative of any person referred to in subdivision (b).