California Business and Professions Code 7533.5 – (a) A licensee shall notify the bureau within 30 days of any …
(a) A licensee shall notify the bureau within 30 days of any change in its corporate officers required to be named pursuant to subdivision (h) of Section 7525.1 or members or managers required to be named pursuant to subdivision (i) of Section 7525.1, and of any addition of a new partner.
(b) Applications, on forms prescribed by the director, shall be submitted by all new officers, members or managers, and partners. The director may suspend or revoke a license issued under this chapter if the director determines that the new officer, member or manager, or partner of a licensee has committed any of the acts constituting grounds to deny an application for a license or to take disciplinary action against a licensee pursuant to Section 7538 or 7538.5, respectively.
Terms Used In California Business and Professions Code 7533.5
- bureau: means the Bureau of Security and Investigative Services. See California Business and Professions Code 7512.4
- director: means the Director of Consumer Affairs, unless the context indicates otherwise. See California Business and Professions Code 7512.1
- license: means license, certificate, registration, or other means to engage in a business or profession regulated by this code or referred to in Section 1000 or 3600. See California Business and Professions Code 23.7
- licensee: means a person licensed under this chapter. See California Business and Professions Code 7512.6
- manager: means an individual designated under an operating agreement of a manager-managed limited liability company who is responsible for performing the management functions for the limited liability company specified in subdivision (c) of §. See California Business and Professions Code 7512.15
- member: means an individual who is a member of a limited liability company as specified in §. See California Business and Professions Code 7512.14
- Subdivision: means a subdivision of the section in which that term occurs, unless some other section is expressly mentioned. See California Business and Professions Code 15
(c) This section shall remain in effect only until January 1, 2025, and as of that date is repealed.
(Amended (as amended by Stats. 2020, Ch. 312, Sec. 85) by Stats. 2022, Ch. 625, Sec. 27. (SB 1443) Effective January 1, 2023. Repealed as of January 1, 2025, by its own provisions. See later operative version, as amended by Sec. 28 of Stats. 2022, Ch. 625.)