No licensee shall, except with the prior approval of the commissioner, enter or carry on its books or records any asset at a valuation exceeding the actual cost of such asset to such licensee.
Cal. Fin. Code § 31502
Records, Reports, and Examinations
Known as the Business and Industrial Development Corporations Law
The act spans §§ 31000–31952 (132 sections).
Amended by Stats. 1996, Ch. 1064, Sec. 662
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.