(a) A licensee shall file with the department a report of the following, as may be applicable:
(1) A material change in information in the application for a license under this division or the most recent annual report of the licensee under this division.
(2) A change in the licensee’s business for the conduct of its digital financial asset business activity with, or on behalf of, a resident that meets one of the following criteria:
(A) The change may raise a legal or regulatory issue about the permissibility of the licensee’s digital financial business activity.
(B) The proposed change may raise safety and soundness or operational concerns.
(C) The proposed change is to digital financial business activity that may cause such activity to be materially different from that previously listed on the application for licensing by the commissioner.
(3) A change of an executive officer, responsible individual, or person in control of the licensee.
(b) A report required by this section shall be filed not later than 15 days after the change described in subdivision (a).
(Added by Stats. 2023, Ch. 792, Sec. 1. (AB 39) Effective January 1, 2024.)