California Financial Code

§ 18021

FIN § 18021 Effective Jan 1, 1997Div. 7 · Ch. 1 · Art. 2

Statute text

(a)An industrial loan company shall not deposit its funds except with a bank, trust company, or savings association authorized to do business in this state, except as provided in subdivision (b).

(b)An industrial loan company which is insured, as that term is defined in Section 18003.5, may also deposit its funds in an out-of-state financial institution, the accounts of which are insured by the Federal Deposit Insurance Corporation.

(c)Funds deposited in an out-of-state financial institution shall not in any case exceed the applicable amount of federal deposit insurance.

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Legislative history

Amended by Stats. 1996, Ch. 1064, Sec. 583. Effective January 1, 1997. Operative July 1, 1997.