Section 31551.5 Of Chapter 8. Acquisition Of Control From California Financial Code >> Division 15. >> Chapter 8.
31551.5
. (a) For purposes of Section 31551, the commissioner may
find:
(1) That an applicant or a director or officer of an applicant is
not of good character if such person has been convicted of, or has
pleaded nolo contendere to, a crime involving fraud or dishonesty.
(2) That an applicant's plan to make a major change in the
management of a licensee is detrimental to the safety and soundness
of the licensee and to the public convenience and advantage if the
plan provides for a person who has been convicted of, or has pleaded
nolo contendere to, a crime involving fraud or dishonesty to become a
director or officer of the licensee.
(b) Subdivision (a) shall not be deemed to be the only grounds
upon which the commissioner may find, for purposes of Section 31551,
that an applicant or a director or officer of an applicant is not of
good character or that an applicant's plan to make a major change in
the management of a licensee is detrimental to the safety and
soundness of a licensee or to the public convenience and advantage.