California Financial Code

§ 18455

FIN § 18455 Effective Jan 1, 1998Div. 7 · Ch. 6

Statute text

An industrial loan company shall not, directly or indirectly, make any loan to, or purchase a contract, loan, or chose in action from, hold a lease obligation of, or purchase a lease contract from, any of the following:

(a)A person who is an officer or director of the industrial loan company or of its holding or affiliated company.

(b)A person who is a holder of record or beneficiary of the shares of the industrial loan company or of any holding or affiliated company. This restriction shall not apply to persons holding less than 10 percent of the shares of a holding company or affiliated company that is exempt from the qualification requirements of the Corporate Securities Law of 1968 contained in Section 25130 of the Corporations Code, pursuant to subdivision (a) or (b) of Section 25101 of the Corporations Code.

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Legislative history

Amended by Stats. 1997, Ch. 201, Sec. 6. Effective January 1, 1998.