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HomeCorporations CodeCh. 7§ 28502 Licensee Reporting Requirements

§ 28502 Licensee Reporting Requirements

Corporations Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 28502 Licensee Reporting Requirements

Key Takeaways

  • •People who work for or own a licensed business must send reports to the commissioner when asked.
  • •These reports must be sent on time and filled out exactly how the commissioner wants.
  • •Even companies connected to the licensed business must report certain deals they make with the business.

Example

A bank (the licensee) has a sister company that sells office supplies. The bank buys chairs from this company.

The sister company must tell the commissioner about this sale, how much it cost, and other details, using the right forms and sending it on time.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 28502 Licensee Reporting Requirements

Each licensee, director, officer, and employee of a licensee, and each parent and subsidiary of a licensee shall file with the commissioner all reports that the commissioner may by regulation or order require within the timeframe specified. In addition, each affiliate of a licensee (other than a parent or subsidiary of the licensee) shall file with the commissioner all reports regarding transactions between the affiliate and the licensee that the commissioner may require within the timeframe specified. Each report shall be in a form, shall contain information, shall be signed in a manner, and shall be verified in a manner, that the commissioner may by regulation or order require. (Added by Stats. 1998, Ch. 668, Sec. 3. Effective January 1, 1999. Operative July 1, 1999, by Sec. 4 of Ch. 668.)

Last verified: January 23, 2026

Key Terms

licenseecommissionerreportsaffiliatetransactions

Related Statutes

  • § 28500 Licensee Recordkeeping Requirements
  • § 28501 Annual Audit Report Requirements
  • § 28504 Outsourcing Financial Records
  • § 28106 Licensee Record Confidentiality Rules
  • § 28503 Licensee Examination Requirements

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Corporations Code. Section 28502.
View Official Source