California § 28140. 28140. (Amended by Stats. 2020, Ch. 154, Sec. 8.)

California Statutes

§ 28140. — 28140. (Amended by Stats. 2020, Ch. 154, Sec. 8.)

California § 28140.

Code FINFinancial Code - FIN

Div. 12.5.DIVISION 12.5. Student Loan Servicing Act

Ch. 3.CHAPTER 3. Licensee Duties

This text of California § 28140. (28140. (Amended by Stats. 2020, Ch. 154, Sec. 8.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Financial Code - FIN Code § 28140. (2026).

Text

(a)A licensee shall continuously maintain a minimum net worth of at least two hundred fifty thousand dollars ($250,000).

(b)Subject to the commissioner’s sole 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 (a) by submitting the annual consolidated audited financial statements filed with the Securities and Exchange Commission, including consolidating financial statements of the subsidiary, which evidence to the commissioner’s satisfaction that the subsidiary meets the continuous minimum net worth requirements of at least two hundred fifty thousand dollars ($250,000).

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(a)
A licensee shall continuously maintain a minimum net worth of at least two hundred fifty thousand dollars ($250,000).
(b)
Subject to the commissioner’s sole 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 (a) by submitting the annual consolidated audited financial statements filed with the Securities and Exchange Commission, including consolidating financial statements of the subsidiary, which evidence to the commissioner’s satisfaction that the subsidiary meets the continuous minimum net worth
requirements of at least two hundred fifty thousand dollars ($250,000).

Legislative History

Amended by Stats. 2020, Ch. 154, Sec. 8. (AB 376) Effective January 1, 2021.

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Bluebook (online)

California § 28140., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/FIN/28140..