California Financial Code

§ 18705

FIN § 18705 Effective Sep 25, 1996Div. 7 · Ch. 10 · Art. 5

Statute text

(a)No office of a California industrial loan company that conducts authorized agency activities as agent for an insured depository institution in accordance with this article shall, on that account, be deemed to be an office of the insured depository institution.

(b)For purposes of this division, no insured depository institution that has a California industrial loan company engaged in authorized agency activities as its agent shall on that account be deemed to be transacting business in this state.

Legislative history

Amended by Stats. 1996, Ch. 887, Sec. 72. Effective September 25, 1996.