(a) It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to any associate of another licensee if any associate of the first licensee receives, has received, or is about to receive, directly or indirectly, financing assistance or a commitment for financing assistance from such other licensee.

(b) It shall be unlawful for any licensee, directly or indirectly, to provide financing assistance to any associate of another licensee if any associate of the first licensee receives, has received, or is about to receive, directly or indirectly financing assistance or a commitment for financing assistance from a third licensee pursuant to any contract, understanding, or arrangement among such licensees.

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Terms Used In California Financial Code 31823

  • Associate: when used with respect to a licensee, means:

    California Financial Code 31820

  • Contract: A legal written agreement that becomes binding when signed.

(Added by Stats. 1977, Ch. 1164.)

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