For purposes of this Article, an applicant shall be deemed to commence business at the time when, the Commissioner having issued such applicant a license, the applicant opens for the purpose of transacting business as a business and industrial development corporation pursuant to the Business and Industrial Development Corporation Law.

Note: Authority cited: Section 31101, 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).