Section 1779.8 Of Article 2. Application From California Health And Safety Code >> Division 2. >> Chapter 10. >> Article 2.
1779.8
. (a) The applicant shall notify the department of material
changes in the application information submitted to the department,
including the applicant's financial and marketing projections.
(b) An applicant shall provide to the department at least 60 days'
advance written notice of any proposal to make any changes in the
applicant's corporate name, structure, organization, operation, or
financing.
(c) Within 30 calendar days after receiving notice of a change
affecting the applicant or the application, the department shall
advise the applicant:
(1) Whether additional information is required to process the
pending application.
(2) Whether an additional application fee is required.
(3) Whether a new application and application fee must be
submitted. The new application fee shall be twice the actual cost of
additional review time caused by the change. This additional fee is
payable to the department on demand.
(d) The department shall suspend the applicant's application and,
if applicable, its permit to accept deposits if the applicant fails
to give written notice of changes required by this section. The
suspension shall remain in effect until the department has both
assessed the potential impact of the changes on the interests of
depositors and taken such action as necessary under this chapter to
protect these interests.