California Financial Code

§ 22340

FIN § 22340 Effective Jan 1, 1997Div. 9 · Ch. 2 · Art. 3

Statute text

(a)A licensee may sell promissory notes evidencing the obligation to repay loans made by the licensee pursuant to this division or evidencing the obligation to repay loans purchased from and made by another licensee pursuant to this division to institutional investors, and may make agreements with institutional investors for the collection of payments or the performance of services with respect to those notes.

(b)For the purpose of this section, “institutional investor” means the following:

(1)The United States or any state, district, territory, or commonwealth thereof, or any city, county, city and county, public district, public authority, public corporation, public entity, or political subdivision of a state, district, territory, or commonwealth of the United States, or any agency or other instrumentality of any one or more of the foregoing.

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Legislative history

Amended by Stats. 1996, Ch. 672, Sec. 1. Effective January 1, 1997.