California § 1779.8 - The applicant shall notify the department of material changes in the application

§ 1779.8. The applicant shall notify the department of material changes in the application

(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.