§ 31507. — 31507. (Amended by Stats. 2003, Ch. 404, Sec. 20.)

California § 31507.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 15.: DIVISION 15. BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS
• Ch. 7.: CHAPTER 7. Records, Reports, and Examinations

Text

(a)
The commissioner shall examine each licensee not less frequently than once each calendar year.
(b)
(1)
The commissioner may at any time examine any licensee or any parent or subsidiary of a licensee.
(2)
The commissioner may at any time examine any office of any licensee within or outside of this state.
(3)
The commissioner
may at any time examine any affiliate of a licensee (other than a parent or subsidiary of the licensee) but only with respect to matters relating to transactions between the affiliate and the licensee.
(c)
The directors, officers, and employees of any licensee or of any affiliate of a licensee being examined by the commissioner and any other person having custody of any of the books, accounts, or records of the licensee or affiliate shall exhibit to the commissioner, on request, any or all of the books, accounts, and other records of the licensee or affiliate and shall otherwise facilitate the examination so far as it may be in their power to do so. However, in the case of an examination of an affiliate of a licensee other than a parent or subsidiary of the licensee, only books, accounts, and records of the affiliate that relate to transactions between the affiliate and the licensee shall be subject to this subdivision.
(d)
The commissioner may, if in his or her opinion it is necessary in the examination of any licensee or of any affiliate of a licensee, retain any certified public accountant, attorney, appraiser, or other person to assist him or her, and the licensee shall pay, within 10 days after receipt of a statement from the commissioner, the fees of that person.

Legislative History

Amended by Stats. 2003, Ch. 404, Sec. 20. Effective January 1, 2004.