§ 28116. — 28116. (Amended by Stats. 2018, Ch. 379, Sec. 8.)

California § 28116.

• 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

(a)
Upon the filing of an application for a license pursuant to Section 28112 and the payment of the fees, the commissioner shall investigate the applicant and its general partners and individuals owning or controlling, directly or indirectly, 10 percent or more of the outstanding interests or any individual responsible for the conduct of the applicant’s servicing activities in this state, if the applicant is a partnership. If the applicant is a corporation, trust, limited liability company, or association, including an unincorporated organization, the commissioner shall investigate the applicant, its principal officers, directors, trustee, managing members, and individuals owning or controlling, directly or indirectly, 10 percent or more of the
outstanding equity securities or any individual responsible for the conduct of the applicant’s servicing activities in this state.
(b)
Upon the filing of an application for a license pursuant to Section 28128 and the payment of the fees, the commissioner shall investigate the individual responsible for the servicing activity of the licensee at the new location described in the application. The investigation may be limited to information that was not included in prior applications filed pursuant to this division. If the commissioner determines that the applicant has satisfied this division and does not find facts constituting reasons for denial, the commissioner shall issue and deliver a license to the applicant.
(c)
For the purposes of this section, “principal officers” shall mean
president, chief executive officer, treasurer, and chief financial officer, as may be applicable, and any other officer with direct responsibility for the conduct of the applicant’s servicing activities in this state.

Legislative History

Amended by Stats. 2018, Ch. 379, Sec. 8. (AB 38) Effective January 1, 2019.