§ 28112. — 28112. (Amended by Stats. 2020, Ch. 154, Sec. 4.)

California § 28112.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 12.5.: DIVISION 12.5. Student Loan Servicing Act
• Ch. 2.: CHAPTER 2. Licensing
• Art. 2.: ARTICLE 2. Application for License

Text

An applicant shall apply for a license by submitting all of the following to the commissioner:
(a)
A completed application for a license in a form prescribed by the commissioner and signed under penalty of perjury.
(b)
The sum of one hundred dollars ($100) as a fee for investigating the application, plus the cost of fingerprint processing and the criminal history record check under Section 28116, and three hundred dollars ($300) as an application fee. The investigation fee, including the amount for the criminal history record check, and the application fee are not refundable if an application is denied or withdrawn.
(c)
Audited financial statements prepared in accordance with generally accepted accounting principles and acceptable to the commissioner that indicate a net worth of at least two hundred fifty thousand dollars ($250,000).
(d)
Subject to the commissioner’s 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 (c) by submitting the annual consolidated audited financial statements filed with the Securities and Exchange Commission, including consolidating financial statements of the subsidiary.

Legislative History

Amended by Stats. 2020, Ch. 154, Sec. 4. (AB 376) Effective January 1, 2021.