California CodesBusiness and Professions Code - BPCDivision 3 — Professions and Vocations GenerallyChapter 11 — RepossessorsArticle 4 — LicensesSection 7503.9
(a) Except as provided in this section, a repossession agency license issued under this chapter is not assignable.
(b) A repossession agency may apply to the chief for consent and, upon receipt of the consent and payment of the processing fee authorized by Section 7511, may assign a license to another business entity as long as the direct and indirect owners of the assignor own all of the assignee immediately after the assignment.
Notes
Prohibits assignment of a repossession-agency license except through the stated process. Allows an agency, with the chief’s consent and payment of the authorized processing fee, to assign its license to another business entity only when all direct and indirect owners of the assigning entity own all of the assignee immediately after assignment.
Use as reference
Lexinter.net | California Code, Business and Professions Code - BPC § 7503.9 | https://laws.lexinter.net/codes/california/business-and-professions-code/division-3/chapter-11/article-4/section-7503-9