California Financial Code

§ 18438

FIN § 18438Div. 7 · Ch. 6

Statute text

If a loan is made or other thing is purchased or discounted in violation of Section 18271, 18272, 18273, 18274, or 18437, the officers, directors and shareholders of the industrial loan company, its holding company, or its affiliates participating therein or knowingly approving the same shall be personally liable for any loss suffered by the industrial loan company by reason thereof.

Legislative history

Amended by Stats. 1980, Ch. 418, Sec. 5.