California § 28551 - The commissioner shall approve an application for approval to acquire control of
Full text of California Public Contract Code - PCC § 28551 — The commissioner shall approve an application for approval to acquire control of, with citation guidance and answers to common questions.
§ 28551. The commissioner shall approve an application for approval to acquire control of
The commissioner shall approve an application for approval to acquire control of a licensee only if, after notice and a hearing, the commissioner finds all of the following: (a) That the applicant and the directors and officers of the applicant are of good character and sound financial standing. (b) That it is reasonable to believe that, if the applicant acquires control of the licensee, the applicant will comply with all applicable provisions of this division and of any regulation or order issued under this division. (c) That the applicantâs plans, if any, to make any major change in the business, corporate structure, or management of the licensee are not detrimental to the safety and soundness of the licensee or the accredited investors of the licensee, or to the public convenience and advantage.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 28551
What does Public Contract Code - PCC § 28551 cover?
Section 28551 ("The commissioner shall approve an application for approval to acquire control of") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 28551?
A common citation format is "Public Contract Code - PCC § 28551" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 28551 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.