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§ 103.802. Approval to Conduct the Business of an Association in California.

10 CA ADC § 103.802Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 10. Investment
Chapter 2. Savings and Loan Commissioner (Refs & Annos)
Subchapter 3. Applications and Hearings
Article 8. Foreign Savings and Loan Association
10 CCR § 103.802
§ 103.802. Approval to Conduct the Business of an Association in California.
If the Commissioner finds each of the following with respect to an application by a foreign savings association for approval to conduct the business of an association in California, the Commissioner shall approve such application:
(a) That the applicant, any savings and loan holding company of the applicant, the directors and chief executive officer of the applicant and of any savings and loan holding company of the applicant, are each of good character and sound financial standing.
(b) That the financial history and condition of the applicant are satisfactory.
(c) That the applicant's plan to conduct the business of an association in California affords a reasonable promise of successful operation.
(d) That the foreign savings association has obtained a certificate of qualification from the Secretary of State under Chapter 21 (commencing with Section 2100) of Division 1 of the Corporations Code.
(e) That the state in which the home office of the applicant is located permits California associations to conduct the business of an association in such state in substantially the same manner as the applicant proposes to conduct in this State.
(f) That the applicant is not directly or indirectly controlled by a foreign holding company with its principal place of deposits located in a state outside the states listed in Financial Code Section 10011.
(g) That the applicant has provided all required information.
If the Commissioner finds otherwise, the Commissioner shall deny the application.

Credits

Note: Authority cited: Sections 8053 and 10012, Financial Code. Reference: Section 10012, Financial Code.
History
1. New section filed 7-1-87; operative 7-1-87 pursuant to Government Code Section 11346.2(d) (Register 87, No. 28).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 10, § 103.802, 10 CA ADC § 103.802
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