State Codes and Statutes

Statutes > California > Fin > 31500-31509

FINANCIAL CODE
SECTION 31500-31509



31500.  Each licensee shall adopt as its fiscal year the period from
July 1st to and including the following June 30th.



31501.  Each licensee shall make and keep such books, accounts, and
other records in such form and in such manner as the commissioner may
by regulation or order require. All records so required shall be
kept at such place and shall be preserved for such time as the
commissioner may by regulation or order specify.



31502.  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.



31503.  The commissioner may by order require a licensee to write
down any asset on its books and records to a valuation which
represents its then value.


31504.  Each licensee shall, not more than 90 days after the close
of each of its fiscal years or within such longer period as the
commissioner may by regulation or order specify, file with the
commissioner an audit report containing:
   (a) Financial statements (including balance sheet, statement of
income or loss, statement of changes in capital accounts, and
statement of changes in financial position or, in the case of a
licensee which is a California nonprofit corporation, comparable
financial statements) for or as of the end of such fiscal year,
prepared with audit by an independent certified public accountant or
an independent public accountant in accordance with generally
accepted accounting principles;
   (b) Report, certificate, or opinion of such independent certified
public accountant or independent public account, stating that such
financial statements were prepared in accordance with generally
accepted accounting principles; and
   (c) Such other information as the commissioner may by regulation
or order require.



31506.  Each licensee, each director, officer, and employee of a
licensee, and each parent and subsidiary of a licensee shall file
with the commissioner such reports as and when the commissioner may
by regulation or order require. In addition, each affiliate of a
licensee (other than a parent or subsidiary of the licensee) shall
file with the commissioner such reports regarding transactions
between the affiliate and the licensee as and when the commissioner
may require. Each report shall be in such form, shall contain such
information, shall be signed in such manner, and shall (if the
commissioner so requires by regulation or order) be verified in such
manner, as the commissioner may by regulation or order require.




31507.  (a) The commissioner shall examine each licensee not less
frequently than once each calendar year.
   (b) (1) The commissioner may at any time examine any licensee or
any parent or subsidiary of a licensee.
   (2) The commissioner may at any time examine any office of any
licensee within or outside of this state.
   (3) The commissioner may at any time examine any affiliate of a
licensee (other than a parent or subsidiary of the licensee) but only
with respect to matters relating to transactions between the
affiliate and the licensee.
   (c) The directors, officers, and employees of any licensee or of
any affiliate of a licensee being examined by the commissioner and
any other person having custody of any of the books, accounts, or
records of the licensee or affiliate shall exhibit to the
commissioner, on request, any or all of the books, accounts, and
other records of the licensee or affiliate and shall otherwise
facilitate the examination so far as it may be in their power to do
so. However, in the case of an examination of an affiliate of a
licensee other than a parent or subsidiary of the licensee, only
books, accounts, and records of the affiliate that relate to
transactions between the affiliate and the licensee shall be subject
to this subdivision.
   (d) The commissioner may, if in his or her opinion it is necessary
in the examination of any licensee or of any affiliate of a
licensee, retain any certified public accountant, attorney,
appraiser, or other person to assist him or her, and the licensee
shall pay, within 10 days after receipt of a statement from the
commissioner, the fees of that person.



31508.  (a) No licensee shall, except with the prior approval of the
commissioner, cause or permit any other person to make or keep any
of its books, accounts, or other records.
   (b) In case any person other than a licensee makes or keeps any of
the books, accounts, or other records of such licensee, the
provisions of this division and of any regulation or order issued
under this division shall apply to such person with respect to the
performance of such services and with respect to such books,
accounts, and other records to the same extent as if such person were
such licensee.
   (c) In case any person other than an affiliate of a licensee makes
or keeps any of the books, accounts, or other records of such
affiliate or, in the case of an affiliate other than a parent or
subsidiary of the licensee, the books, accounts, and other records of
the affiliate that relate to transactions between the affiliate and
the licensee, the provisions of this division and of any regulation
or order issued under this division shall apply to such person with
respect to such books, accounts, and other records to the same extent
as if such person were such affiliate.



31509.  The commissioner may publish any report filed with him or
her under this division or under any regulation or order issued under
this division.

State Codes and Statutes

Statutes > California > Fin > 31500-31509

FINANCIAL CODE
SECTION 31500-31509



31500.  Each licensee shall adopt as its fiscal year the period from
July 1st to and including the following June 30th.



31501.  Each licensee shall make and keep such books, accounts, and
other records in such form and in such manner as the commissioner may
by regulation or order require. All records so required shall be
kept at such place and shall be preserved for such time as the
commissioner may by regulation or order specify.



31502.  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.



31503.  The commissioner may by order require a licensee to write
down any asset on its books and records to a valuation which
represents its then value.


31504.  Each licensee shall, not more than 90 days after the close
of each of its fiscal years or within such longer period as the
commissioner may by regulation or order specify, file with the
commissioner an audit report containing:
   (a) Financial statements (including balance sheet, statement of
income or loss, statement of changes in capital accounts, and
statement of changes in financial position or, in the case of a
licensee which is a California nonprofit corporation, comparable
financial statements) for or as of the end of such fiscal year,
prepared with audit by an independent certified public accountant or
an independent public accountant in accordance with generally
accepted accounting principles;
   (b) Report, certificate, or opinion of such independent certified
public accountant or independent public account, stating that such
financial statements were prepared in accordance with generally
accepted accounting principles; and
   (c) Such other information as the commissioner may by regulation
or order require.



31506.  Each licensee, each director, officer, and employee of a
licensee, and each parent and subsidiary of a licensee shall file
with the commissioner such reports as and when the commissioner may
by regulation or order require. In addition, each affiliate of a
licensee (other than a parent or subsidiary of the licensee) shall
file with the commissioner such reports regarding transactions
between the affiliate and the licensee as and when the commissioner
may require. Each report shall be in such form, shall contain such
information, shall be signed in such manner, and shall (if the
commissioner so requires by regulation or order) be verified in such
manner, as the commissioner may by regulation or order require.




31507.  (a) The commissioner shall examine each licensee not less
frequently than once each calendar year.
   (b) (1) The commissioner may at any time examine any licensee or
any parent or subsidiary of a licensee.
   (2) The commissioner may at any time examine any office of any
licensee within or outside of this state.
   (3) The commissioner may at any time examine any affiliate of a
licensee (other than a parent or subsidiary of the licensee) but only
with respect to matters relating to transactions between the
affiliate and the licensee.
   (c) The directors, officers, and employees of any licensee or of
any affiliate of a licensee being examined by the commissioner and
any other person having custody of any of the books, accounts, or
records of the licensee or affiliate shall exhibit to the
commissioner, on request, any or all of the books, accounts, and
other records of the licensee or affiliate and shall otherwise
facilitate the examination so far as it may be in their power to do
so. However, in the case of an examination of an affiliate of a
licensee other than a parent or subsidiary of the licensee, only
books, accounts, and records of the affiliate that relate to
transactions between the affiliate and the licensee shall be subject
to this subdivision.
   (d) The commissioner may, if in his or her opinion it is necessary
in the examination of any licensee or of any affiliate of a
licensee, retain any certified public accountant, attorney,
appraiser, or other person to assist him or her, and the licensee
shall pay, within 10 days after receipt of a statement from the
commissioner, the fees of that person.



31508.  (a) No licensee shall, except with the prior approval of the
commissioner, cause or permit any other person to make or keep any
of its books, accounts, or other records.
   (b) In case any person other than a licensee makes or keeps any of
the books, accounts, or other records of such licensee, the
provisions of this division and of any regulation or order issued
under this division shall apply to such person with respect to the
performance of such services and with respect to such books,
accounts, and other records to the same extent as if such person were
such licensee.
   (c) In case any person other than an affiliate of a licensee makes
or keeps any of the books, accounts, or other records of such
affiliate or, in the case of an affiliate other than a parent or
subsidiary of the licensee, the books, accounts, and other records of
the affiliate that relate to transactions between the affiliate and
the licensee, the provisions of this division and of any regulation
or order issued under this division shall apply to such person with
respect to such books, accounts, and other records to the same extent
as if such person were such affiliate.



31509.  The commissioner may publish any report filed with him or
her under this division or under any regulation or order issued under
this division.


State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 31500-31509

FINANCIAL CODE
SECTION 31500-31509



31500.  Each licensee shall adopt as its fiscal year the period from
July 1st to and including the following June 30th.



31501.  Each licensee shall make and keep such books, accounts, and
other records in such form and in such manner as the commissioner may
by regulation or order require. All records so required shall be
kept at such place and shall be preserved for such time as the
commissioner may by regulation or order specify.



31502.  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.



31503.  The commissioner may by order require a licensee to write
down any asset on its books and records to a valuation which
represents its then value.


31504.  Each licensee shall, not more than 90 days after the close
of each of its fiscal years or within such longer period as the
commissioner may by regulation or order specify, file with the
commissioner an audit report containing:
   (a) Financial statements (including balance sheet, statement of
income or loss, statement of changes in capital accounts, and
statement of changes in financial position or, in the case of a
licensee which is a California nonprofit corporation, comparable
financial statements) for or as of the end of such fiscal year,
prepared with audit by an independent certified public accountant or
an independent public accountant in accordance with generally
accepted accounting principles;
   (b) Report, certificate, or opinion of such independent certified
public accountant or independent public account, stating that such
financial statements were prepared in accordance with generally
accepted accounting principles; and
   (c) Such other information as the commissioner may by regulation
or order require.



31506.  Each licensee, each director, officer, and employee of a
licensee, and each parent and subsidiary of a licensee shall file
with the commissioner such reports as and when the commissioner may
by regulation or order require. In addition, each affiliate of a
licensee (other than a parent or subsidiary of the licensee) shall
file with the commissioner such reports regarding transactions
between the affiliate and the licensee as and when the commissioner
may require. Each report shall be in such form, shall contain such
information, shall be signed in such manner, and shall (if the
commissioner so requires by regulation or order) be verified in such
manner, as the commissioner may by regulation or order require.




31507.  (a) The commissioner shall examine each licensee not less
frequently than once each calendar year.
   (b) (1) The commissioner may at any time examine any licensee or
any parent or subsidiary of a licensee.
   (2) The commissioner may at any time examine any office of any
licensee within or outside of this state.
   (3) The commissioner may at any time examine any affiliate of a
licensee (other than a parent or subsidiary of the licensee) but only
with respect to matters relating to transactions between the
affiliate and the licensee.
   (c) The directors, officers, and employees of any licensee or of
any affiliate of a licensee being examined by the commissioner and
any other person having custody of any of the books, accounts, or
records of the licensee or affiliate shall exhibit to the
commissioner, on request, any or all of the books, accounts, and
other records of the licensee or affiliate and shall otherwise
facilitate the examination so far as it may be in their power to do
so. However, in the case of an examination of an affiliate of a
licensee other than a parent or subsidiary of the licensee, only
books, accounts, and records of the affiliate that relate to
transactions between the affiliate and the licensee shall be subject
to this subdivision.
   (d) The commissioner may, if in his or her opinion it is necessary
in the examination of any licensee or of any affiliate of a
licensee, retain any certified public accountant, attorney,
appraiser, or other person to assist him or her, and the licensee
shall pay, within 10 days after receipt of a statement from the
commissioner, the fees of that person.



31508.  (a) No licensee shall, except with the prior approval of the
commissioner, cause or permit any other person to make or keep any
of its books, accounts, or other records.
   (b) In case any person other than a licensee makes or keeps any of
the books, accounts, or other records of such licensee, the
provisions of this division and of any regulation or order issued
under this division shall apply to such person with respect to the
performance of such services and with respect to such books,
accounts, and other records to the same extent as if such person were
such licensee.
   (c) In case any person other than an affiliate of a licensee makes
or keeps any of the books, accounts, or other records of such
affiliate or, in the case of an affiliate other than a parent or
subsidiary of the licensee, the books, accounts, and other records of
the affiliate that relate to transactions between the affiliate and
the licensee, the provisions of this division and of any regulation
or order issued under this division shall apply to such person with
respect to such books, accounts, and other records to the same extent
as if such person were such affiliate.



31509.  The commissioner may publish any report filed with him or
her under this division or under any regulation or order issued under
this division.

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