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HomeFinancial CodeDiv. 12.5Ch. 3§ 28130 Licensee Compliance Requirements

§ 28130 Licensee Compliance Requirements

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

§ 28130 Licensee Compliance Requirements

Key Takeaways

  • •Businesses must create rules to follow the law and make sure everyone knows them.
  • •They have to send reports to the government when asked.
  • •If they go bankrupt, they must tell the government within 5 days.
  • •They must give free info about loan repayment help on their website and remind borrowers once a year.

Example

A bank gives out student loans.

The bank must have clear rules to follow the law, send reports to the government, tell them if they go bankrupt, and put info on their website about how to pay back loans or get help if you can't pay.

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

Official Source
View on CA.gov

§ 28130 Licensee Compliance Requirements

A licensee shall do all of the following: (a) Develop policies and procedures reasonably intended to promote compliance with this division. (b) File with the commissioner any report required by the commissioner. (c) Comply with the provisions of this division and any regulation or order of the commissioner. (d) Submit to periodic examination by the commissioner as required by this division and any regulation or order of the commissioner. (e) Advise the commissioner of filing a petition for bankruptcy within five days of the filing. (f) Provide, free of charge on its internet website information or links to information regarding repayment and loan forgiveness options that may be available to borrowers and provide this information or these links to borrowers via written correspondence or email at least once per calendar year. (Amended by Stats. 2020, Ch. 154, Sec. 5. (AB 376) Effective January 1, 2021.)

Last verified: January 23, 2026

Key Terms

regulationcomplianceinformationcommissionnetportlicensebankruptcy

Related Statutes

  • § 17406 Licensee Audit Report Requirements
  • § 337 Iran Sanctions Compliance Examination
  • § 100020 Licensee Annual Fee Assessment
  • § 12221 License Denial Grounds
  • § 17415 Escrow Business Insolvency Rules

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 28130.
View Official Source