California Financial Code

§ 18274

FIN § 18274Div. 7 · Ch. 3 · Art. 5

Statute text

The principal balances of loans made, or obligations purchased, by an industrial loan company that has investment certificates outstanding, which loans or obligations are secured by unimproved real property, shall not in the aggregate exceed 5 percent of the company’s assets unless the commissioner consents to the taking of collateral to protect an existing jeopardized obligation.

Legislative history

Amended by Stats. 1986, Ch. 296, Sec. 4.