ARTICLE 3. Definitions [31030. - 31056.]

Cal. Financial Code - FIN 3.
in effect

Cal. Financial Code - FIN § 31030. Section 31030.

Subject to additional definitions contained in this division which are applicable to specific provisions of this division and unless the context otherwise requires, the definitions in this article apply throughout this division.

Cal. Financial Code - FIN § 31032. Section 31032.

“Affiliate”, when used with respect to a specified person, means any person (other than a natural person) controlling, controlled by, or under common control with, such specified person, directly or indirectly through one or more intermediaries.

Cal. Financial Code - FIN § 31033. Section 31033.

“Business day” means any day other than (a) Saturday, (b) Sunday, and(c) any other day which is specified or provided for as a holiday in the Government Code.

Cal. Financial Code - FIN § 31034. Section 31034.

“Business firm” means any person which transacts business on a regular and continual basis, with respect to the transacting of such business.

Cal. Financial Code - FIN § 31034.5. Section 31034.5.

“Business firm in another state” means both of the following: (a) Any person which transacts business on a regular and continual basis at one or more places of business in another state of the United States or the District of Columbia, with respect to the transacting of that business at those places of business. (b) Any person which proposes to establish one or more places of business in another state of the United States or in the District of Columbia and to transact business on a regular and continual basis at those places of business, with respect to the establishment of those places of business and the transacting of that business at those places of business.

Cal. Financial Code - FIN § 31035. Section 31035.

“Business firm in this state” means: (a) Any person which transacts business on a regular and continual basis at one or more places of business in this state, with respect to the transacting of such business at such places of business; or (b) Any person which proposes to establish one or more places of business in this state and to transact business on a regular and continual basis at such places of business, with respect to the establishment of such places of business and the transacting of such business at such places of business.

Cal. Financial Code - FIN § 31036. Section 31036.

“California corporation” means: (a) Any corporation organized under the General Corporation Law (Division 1 (commencing with Section 100), Title 1 of the Corporations Code) or any predecessor statute; provided, however, that “California corporation” does not include any corporation which is a close corporation, as defined in Section 158 of the Corporations Code; or (b) Any corporation organized under Part 6 (commencing with Section 14200), Division 3, Title 1 of the Corporations Code, as added by Chapter 985 of the Statutes of 1975; or (c) Any California nonprofit corporation.

Cal. Financial Code - FIN § 31037. Section 31037.

“California nonprofit corporation” means any corporation organized under the Nonprofit Corporation Law (Division 2 (commencing with Section 5000) of Title 1 of the Corporations Code) or any predecessor statute.

Cal. Financial Code - FIN § 31038. Section 31038.

“Control”, when used with respect to a specified person, means possession, direct or indirect, of the power to do either of the following: (a) To vote 35 percent or more of any class of the voting securities issued by the specified person. (b) To direct or cause the direction of the management and policies of such specified person, whether through the ownership of voting securities, by contract (other than a commercial contract for goods or nonmanagement services), or otherwise; provided, however, that no natural person shall be deemed to control a person solely on account of being a director, officer, or employee of such person. For purposes of this subdivision, any person who, directly or indirectly, owns of record or beneficially, holds with power to vote, or holds proxies with discretionary authority to vote, 20 percent or more of any class of the then outstanding voting securities issued by a corporation shall be rebuttably presumed to control such corporation. This presumption is a presumption affecting the burden of proof.

Cal. Financial Code - FIN § 31039. Section 31039.

“Controlling person”, when used with respect to a specified person, means any person who controls such specified person, directly or indirectly through one or more intermediaries.

Cal. Financial Code - FIN § 31041. Section 31041.

“Financial institution” means any commercial bank, trust company, savings and loan association, credit union, industrial loan company, insurance company, or person engaged in the business of lending money.

Cal. Financial Code - FIN § 31042. Section 31042.

“Insolvent”, when used with respect to any person, means a person who has ceased to pay his debts in the ordinary course of business, who cannot pay his debts as they become due, or whose liabilities exceed his assets.

Cal. Financial Code - FIN § 31044. Section 31044.

“License” means a license issued under this division authorizing a California corporation to transact business as a business and industrial development corporation.

Cal. Financial Code - FIN § 31046. Section 31046.

“Officer” means: (a) When used with respect to a corporation, any person appointed or designated as an officer of such corporation by or pursuant to applicable law or the articles of incorporation or bylaws of such corporation or any person who performs with respect to such corporation functions usually performed by an officer of a corporation; and (b) When used with respect to a specified person other than a natural person or a corporation, any person who performs with respect to such specified person functions usually performed by an officer of a corporation with respect to such corporation.

Cal. Financial Code - FIN § 31047. Section 31047.

“Order” means any approval, consent, authorization, exemption, denial, prohibition, or requirement applicable to a specific case issued by the commissioner. “Order” includes any condition of a license and any agreement made by any person with the commissioner under this division.

Cal. Financial Code - FIN § 31047.5. Section 31047.5.

“Parent,” when used with respect to a specified person other than a natural person, means any person other than a natural person which controls the specified person, directly or indirectly through one or more intermediaries.

Cal. Financial Code - FIN § 31048. Section 31048.

“Person” means any natural person, proprietorship, joint venture, partnership, trust, business trust, syndicate, association, joint stock company, corporation, limited liability company, government, agency of any government, or any other organization; provided, however, that “person”, when used with respect to acquiring control of or controlling a specified person, includes any combination of two or more persons acting in concert.

Cal. Financial Code - FIN § 31049. Section 31049.

“Principal shareholder”, when used with respect to a corporation, means any person who owns, directly or indirectly, of record or beneficially, securities representing 10 percent or more of the voting power of such corporation.

Cal. Financial Code - FIN § 31050. Section 31050.

To “provide financing assistance” to a person includes: (a) To lend money or otherwise extend credit to such person; (b) To purchase securities issued by such person, either directly or indirectly through an underwriter; and (c) To lease property to such person.

Cal. Financial Code - FIN § 31051. Section 31051.

To “provide management assistance” to a person includes: (a) To provide management or technical advice to such person; and (b) To provide management or technical services to such person.

Cal. Financial Code - FIN § 31054. Section 31054.

“Subsidiary”, when used with respect to a specified person other than a natural person, means any person other than a natural person controlled by such specified person, directly or indirectly through one or more intermediaries.

Cal. Financial Code - FIN § 31055. Section 31055.

“Commissioner” means the Commissioner of Financial Protection and Innovation, or other person to whom the commissioner delegates the authority to act for the commissioner in the particular matter.
Source: CA Legislative Counsel Bulk DataURL: https://downloads.leginfo.legislature.ca.gov/pubinfo_2025.zipFetched: 6/27/2026

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