- (a) Not more than 30 days nor less than five business days before commencing business, a subject institution shall file with the Commissioner a report signed by an officer of such subject institution, stating whether or not the subject institution is or is to be different in any material respect from what was proposed in the application for authority to organize the subject institution, and, if so, describing such difference.
- (b) As an administrative standard, if the Commissioner finds that a subject institution is or is to be different in any material respect from what was proposed in the application for authority to organize such subject institution and that, if such difference had existed at the time when the Commissioner decided the application for authority to organize the subject institution, he would have denied the application, the Commissioner will not issue a certificate of authority to the subject institution.
Note: Authority cited: Section 215, Financial Code. Reference: Sections 350, 362, 401 and 1934, Financial Code.
History
1. Change without regulatory effect amending section and adding new Note filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).
2. Amendment of subsection (a) and Note filed 4-14-98; operative 5-14-98 (Register 98, No. 16).