California Financial Code

§ 18415

FIN § 18415Div. 7 · Ch. 5 · Art. 4

Statute text

The commissioner may take possession of the property and business of any industrial loan company and retain possession until the company resumes business or its affairs are liquidated if any of the following grounds exist:

(a)The capital of an industrial loan company is impaired.

(b)An industrial loan company has violated its articles of incorporation or any law of this state.

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Legislative history

Amended by Stats. 1989, Ch. 583, Sec. 2.5.