No licensee shall, except with the prior approval of the commissioner, provide a lien or security interest in any of its property for the purpose of securing an obligation of, or an obligation incurred for the benefit of, any other person.
Cal. Fin. Code § 31409
Transaction of Business
Known as the Business and Industrial Development Corporations Law
The act spans §§ 31000–31952 (132 sections).
Amended by Stats. 1996, Ch. 1064, Sec. 660
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.