Financial Code section 100009
(a)
(1)Upon the filing of an application for a license pursuant to Section 100007 and the payment of the fees, if the applicant is a partnership, the commissioner shall investigate all of the following:(A)
The applicant.(B)
The applicant’s managing partners and supervising partners, as defined in the partnership agreement.(C)
Any individual owning or controlling, directly or indirectly, 10 percent or more of the outstanding interests in the applicant.(D)
Any individual responsible for the conduct of the applicant’s debt collection activities or policies in this state.(2)
Upon the filing of an application for a license pursuant to Section 100007 and the payment of the fees, if the applicant is a corporation, trust, limited liability company, or association, including an unincorporated organization, the commissioner shall investigate all of the following:(A)
The applicant.(B)
Any principal officer of the applicant.(C)
The applicant’s board of directors.(D)
Any trustee of the applicant.(E)
Any managing member of the applicant if the applicant is a limited liability company.(F)
Any individual owning or controlling, directly or indirectly, 10 percent or more of the outstanding equity securities in the applicant.(G)
Any individual responsible for the conduct of the applicant’s debt collection activities or policies in this state.(b)
Upon the filing of an application for a license pursuant to Section 100007 and the payment of the fees, the commissioner shall investigate the individual responsible for the debt collection activity of the licensee at the location described in the application. The investigation may be limited to information that was not included in prior applications filed pursuant to this division.(c)
For the purposes of this section, “principal officers” means a president, chief executive officer, chief operating officer, treasurer, and chief financial officer, as may be applicable, and any other officer with direct decisionmaking responsibility for the applicant’s debt collection activities or policies in this state.
Source:
Section 100009, https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FIN§ionNum=100009. (accessed May 14, 2025).