Not less than five business days before an applicant is issued a license, such applicant shall implement each of the proposals which it represented in its application for a license, explicitly or implicitly, that it would implement before commencing to transact in the State of California the business of money transmission (for example, proposals to appoint officers, sell securities, or obtain financing) and shall file with the Commissioner a report regarding the implementation of each such proposal.

Note: Authority cited: Sections 321, 334 and 2039, Financial Code. Reference: Section 2039, Financial Code.

History

1. Change without regulatory effect amending section filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).

2. Amendment of section and Note filed 8-11-2015; operative 10-1-2015 (Register 2015, No. 33).