A licensee adding or replacing a key individual shall do all of the following:
(a) Provide notice to the commissioner within 15 days after the effective date of the key individual’s appointment.
(1) Within 90 days of compliance with this subdivision, the commissioner may issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual supports a determination by the commissioner that it is not in the best interests of the public or the licensee’s customers to permit the individual to be a key individual of the licensee.
(2) If the notice provided pursuant to this subdivision is not disapproved within 90 days after the date on which the notice was provided, the key individual shall be deemed approved. This timeframe does not apply to applications filed pursuant to Section 2035.
(b) Provide information, as applicable, required by Sections 80.4105 and 80.4105.10 of Title 10 of the California Code of Regulations, as amended from time to time, within 45 days of the effective date.
(Added by Stats. 2023, Ch. 463, Sec. 10. (AB 1116) Effective January 1, 2024.)