California Financial Code

§ 18685

FIN § 18685 Effective Sep 25, 1996Div. 7 · Ch. 10 · Art. 3

Statute text

(a)No foreign (other state) industrial loan company that does not already maintain a California branch office may:

(1)Merge as the surviving corporation (Section 148) with a California industrial loan company or California bank pursuant to paragraph (1) of subdivision (a) of Section 18684 unless the California industrial loan company or California bank has been in existence for at least five years.

(2)Purchase the whole business unit, of a California industrial loan company or California bank pursuant to paragraph (2) of subdivision (a) of Section 18684 unless the California industrial loan company or California bank has been in existence for at least five years.

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Legislative history

Amended by Stats. 1996, Ch. 887, Sec. 57. Effective September 25, 1996.