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Financial Code - FIN - FIN § 31231
Financial Code - FIN - FIN § 31231
No licensee shall, except with the prior approval of the commissioner, make, or obligate itself to make, any distribution to its shareholders.
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Financial Code - FIN - FIN § 31232
Financial Code - FIN - FIN § 31232
If the commissioner finds, with respect to an application for approval for a licensee to make, or to obligate itself to make, a distribution to its shareholders: (a) That for the applicant to make, or to obligate itself to make, the distribution will not endanger the applicant’s
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Financial Code - FIN - FIN § 31233
Financial Code - FIN - FIN § 31233
Notwithstanding the provisions of Section 31232, unless an application for approval for a licensee to make, or to obligate itself to make, a distribution to its shareholders is approved, denied, withdrawn, or abandoned within a period of 45 days after such application is filed wi
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Financial Code - FIN - FIN § 31300
Financial Code - FIN - FIN § 31300
Each licensee shall maintain its head office in this state.
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Financial Code - FIN - FIN § 31301
Financial Code - FIN - FIN § 31301
No licensee shall maintain an office at any place outside this state.
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Financial Code - FIN - FIN § 31302
Financial Code - FIN - FIN § 31302
Each office of a licensee shall be located in a place which is reasonably accessible to the public and shall, unless the commissioner approves otherwise, be open for the transaction of business during normal business hours on each business day.
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Financial Code - FIN - FIN § 31303
Financial Code - FIN - FIN § 31303
Each licensee shall post in a conspicuous place at each of its offices a sign which bears the corporate name of such licensee.
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Financial Code - FIN - FIN § 31304
Financial Code - FIN - FIN § 31304
Each licensee shall maintain telephone service at each of its offices and shall maintain a telephone listing under its corporate name for each of its offices.
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Financial Code - FIN - FIN § 31305
Financial Code - FIN - FIN § 31305
Each licensee shall maintain at each of its offices personnel who are competent to conduct the business of such office.
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Financial Code - FIN - FIN § 31320
Financial Code - FIN - FIN § 31320
(a) No licensee shall relocate its head office without the prior approval of the commissioner. (b) No licensee shall establish, relocate, or close any office (other than its head office) unless it files a report on the action with the commissioner not less than 30 days (or such s
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Financial Code - FIN - FIN § 31322
Financial Code - FIN - FIN § 31322
If the commissioner finds, with respect to an application by a licensee for approval to relocate its head office: (a) That the office at its proposed location will be reasonably accessible to the public; (b) That it is reasonable to believe that the applicant will operate the off
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Financial Code - FIN - FIN § 31400
Financial Code - FIN - FIN § 31400
(a) Each licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition. (b) No licensee shall commit any unsafe or unsound act.
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Financial Code - FIN - FIN § 31401
Financial Code - FIN - FIN § 31401
No licensee shall engage in any business other than one or more of the following: (a) The business of providing financing assistance and management assistance to business firms. (b) The business of a state development company in accordance with all applicable provisions of the Sm
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Financial Code - FIN - FIN § 31402
Financial Code - FIN - FIN § 31402
Each licensee shall use its best efforts: (a) To provide financing assistance to business firms in this state in cooperation with the Small Business Administration pursuant to Section 7(a) of the Small Business Act; (b) To obtain loans from the Small Business Administration pursu
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Financial Code - FIN - FIN § 31403
Financial Code - FIN - FIN § 31403
(a) Except as provided in subdivision (b), no licensee shall provide financing assistance or management assistance to any person other than a business firm in this state. (b) (1) If a licensee provides financing assistance to a business firm in this state, the licensee may also p
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Financial Code - FIN - FIN § 31404
Financial Code - FIN - FIN § 31404
Except as otherwise provided in subdivision (b) of Section 31403, no licensee shall provide financing assistance or management assistance for use outside this state.
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Financial Code - FIN - FIN § 31405
Financial Code - FIN - FIN § 31405
Except as otherwise provided in subdivisions (b), (c), and (d) of Section 31406: (a) No licensee shall provide financing assistance or management assistance to any business firm the primary business of which is to provide financing assistance or management assistance. (b) No lice
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Financial Code - FIN - FIN § 31406
Financial Code - FIN - FIN § 31406
No licensee shall, either by itself or in concert with any of its directors, officers, principal shareholders, or affiliates, any other licensee, or any of the directors, officers, principal shareholders, or affiliates of any other licensee, acquire or hold control of any busines
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Financial Code - FIN - FIN § 31408
Financial Code - FIN - FIN § 31408
No licensee shall, except with the prior approval of the commissioner, guarantee the debt of any other person or otherwise lend its credit to any other person; provided, however, that, whenever a licensee sells to another person an obligation to pay money, which obligation is own
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Financial Code - FIN - FIN § 31409
Financial Code - FIN - FIN § 31409
No licensee shall, except with the prior approval of the commissioner, provide a lien or security interest in any of its property for the purpose of securing an obligation of, or an obligation incurred for the benefit of, any other person.
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Financial Code - FIN - FIN § 31410
Financial Code - FIN - FIN § 31410
This section creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV of the State Constitution. The restrictions upon rates of interest contained in Section 1 of Article XV of the State Constitution shall not apply to any loans made by, or forbearanc
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Financial Code - FIN - FIN § 31500
Financial Code - FIN - FIN § 31500
Each licensee shall adopt as its fiscal year the period from July 1st to and including the following June 30th.
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Financial Code - FIN - FIN § 31501
Financial Code - FIN - FIN § 31501
Each licensee shall make and keep such books, accounts, and other records in such form and in such manner as the commissioner may by regulation or order require. All records so required shall be kept at such place and shall be preserved for such time as the commissioner may by re
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Financial Code - FIN - FIN § 31502
Financial Code - FIN - FIN § 31502
No licensee shall, except with the prior approval of the commissioner, enter or carry on its books or records any asset at a valuation exceeding the actual cost of such asset to such licensee.
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Financial Code - FIN - FIN § 31503
Financial Code - FIN - FIN § 31503
The commissioner may by order require a licensee to write down any asset on its books and records to a valuation which represents its then value.