California Financial Code

§ 18272

FIN § 18272Div. 7 · Ch. 3 · Art. 5

Statute text

An industrial loan company shall diversify the loans and lease obligations it makes and other obligations it acquires, both as to the types of debtors and obligors, types of collateral, and as to terms and types of repayment schedules. The requirement for diversification notwithstanding, an industrial loan company may specialize in its lending, leasing, and other authorized practices under this division. The commissioner may promulgate rules and regulations pursuant to this section.

Legislative history

Amended by Stats. 1984, Ch. 873, Sec. 4.