reglab/housing_qa huggingface dataset:
CA Fin Code § 18477 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 1 - Definitions|Section 18477.

18477.  “Thrift obligations” as used in this chapter include principal invested in investment or thrift certificates however evidenced, and unpaid interest thereon accrued as of the last interest accrual date prior to the date the commissioner takes possession of the property and business of a member or the date such member is the subject of an order for relief in bankruptcy, whichever occurs sooner.(Amended by Stats. 2009, Ch. 500, Sec. 41. (AB 1059) Effective January 1, 2010.)
CA Fin Code § 18478 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 1 - Definitions|Section 18478.

18478.  “Fund” means the Guaranty Corporation Fund established pursuant to Section 18535.(Added by Stats. 1985, Ch. 142, Sec. 9. Effective July 1, 1985.)
CA Fin Code § 18479 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 1 - Definitions|Section 18479.

18479.  “Capital contribution” means the amount each member is required to maintain as an investment in the corporation pursuant to Section 18535.(Added by Stats. 1985, Ch. 142, Sec. 10. Effective July 1, 1985.)
CA Fin Code § 18480 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 1 - Definitions|Section 18480.

18480.  “Member account” means the total of all amounts credited to a member for paid-in capital contributions, and other credits, net of any charges to that participating member.(Added by Stats. 1985, Ch. 142, Sec. 11. Effective July 1, 1985.)
CA Fin Code § 18481 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 1 - Definitions|Section 18481.

18481.  “Guaranteed investment certificate” means a thrift obligation guaranteed by Guaranty Corporation pursuant to Section 18523.(Added by Stats. 1985, Ch. 142, Sec. 12. Effective July 1, 1985.)
CA Fin Code § 18490 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18490.

18490.  When the property and business of a member, other than a special member, has been liquidated or is in the process of liquidation by the commissioner and the proceeds of liquidation distributed ratably are insufficient to pay up to fifty thousand dollars ($50,000) of each thrift obligation specified in Section 18523, the commissioner shall direct Guaranty Corporation to pay and Guaranty Corporation shall pay each such deficiency at the direction of and in amounts as directed by the commissioner within 10 days from the date the commissioner makes demand for payment. If the total funds available from Guaranty Corporation at that time are insufficient to pay in full the amounts provided by Section 18523, the amount paid to each thriftholder shall be ratably reduced in proportion to the amount by which the fund is deficient, and thereafter further payments shall be made ratably to such thriftholders in accordance with the directions of the commissioner as additional funds are paid into the fund from assessments or otherwise. If the thrift obligations are paid, each member’s account and special member’s account shall be reduced ratably based on the account balance for the total amount paid.(Amended by Stats. 1985, Ch. 142, Sec. 13. Effective July 1, 1985.)
CA Fin Code § 18491 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18491.

18491.  (a) When the property and business of a member, other than a special member, is being liquidated, the commissioner may direct Guaranty Corporation to pay each thrift obligation of the member specified in Section 18523 up to fifty thousand dollars ($50,000). Guaranty Corporation shall pay the thrift obligations at the direction of, and in the amounts directed by, the commissioner within 10 days from the date the commissioner makes demand for payment under this section. If the total funds available from Guaranty Corporation at that time are insufficient to pay in full the amounts provided by Section 18523, the amount paid to each thriftholder shall be ratably reduced in proportion to the amount by which the fund is deficient, and thereafter further payments shall be made ratably to those thriftholders in accordance with the directions of the commissioner as additional funds become available to Guaranty Corporation.(b) When any thrift obligation is paid up to the guaranteed amount as provided in subdivision (a), Guaranty Corporation shall be assigned all rights, title, and interest to each individual thrift obligation up to the amount paid by Guaranty Corporation to each individual thriftholder.(c) Guaranty Corporation shall first receive ratable liquidation proceeds up to the amount paid by Guaranty Corporation to a thriftholder prior to any payment of liquidation proceeds to a thriftholder whose account was in excess of fifty thousand dollars ($50,000).(d) Each member’s account and each special member’s account shall be reduced ratably based on the account balance for the total amount paid pursuant to subdivision (a). Liquidation proceeds paid to Guaranty Corporation pursuant to subdivision (c) shall ratably increase each member and special member account based on the account balance for the total amount paid pursuant to subdivision (a).(Amended by Stats. 1985, Ch. 142, Sec. 14. Effective July 1, 1985.)
CA Fin Code § 18493 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18493.

18493.  Whenever it appears to the commissioner that Guaranty Corporation has:(a) Violated its articles of incorporation or any law of this state;(b) Not paid amounts as directed by the commissioner pursuant to Section 18490;(c) Invested its funds in violation of Section 18497;(d) Not levied assessments as required by Sections 18535 and 18536;(e) Has not brought and diligently prosecuted an action to enforce payment as required by Section 18538;(f) Violated any section of this chapter; or(g) Neglected or refused to submit its books, papers, and affairs to the inspection of any examiner; the commissioner may forthwith take possession of the property and business of Guaranty Corporation and retain possession until Guaranty Corporation satisfies the commissioner that it will operate in conformity with this chapter. During the time the commissioner has such possession he shall perform the duties and carry out the obligations of Guaranty Corporation.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18494 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18494.

18494.  Whenever the commissioner has taken possession of the property and business of Guaranty Corporation, Guaranty Corporation within 10 days after such taking, if it deems itself aggrieved thereby, may apply to the superior court in the county in which the head office of Guaranty Corporation is located to enjoin further proceedings. The court, after citing the commissioner to show cause why further proceedings should not be enjoined, and after a hearing and a determination of the facts upon the merits, may dismiss such application or enjoin the commissioner from further proceedings and direct him to surrender the property and business to Guaranty Corporation, or make such further order as may be just.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18495 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18495.

18495.  An appeal may be taken from the judgment of the court by the commissioner or by Guaranty Corporation in the manner provided by law for appeals from the judgment of a superior court to the court of appeal. An appeal from the judgment of the court does not operate as a stay of the judgment unless the court, on good cause, so orders.(Amended by Stats. 1998, Ch. 931, Sec. 150. Effective September 28, 1998.)
CA Fin Code § 18496.1 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18496.1.

18496.1.  (a) A director, officer, employee, or agent of Thrift Guaranty Corporation shall be subject to liability for acts of fraud, willful misconduct, or reckless or criminal acts arising out of, or in connection with, the performance of his or her duties on behalf of Thrift Guaranty Corporation, but shall not be subject to liability or causes of action for acts other than those set forth in this section.(b) The board of directors shall exercise reasonable efforts to obtain directors, officers, employees, and agents, errors and omissions liability insurance coverage and shall within 30 days from the end of each fiscal year submit to the commissioner its reports, advising the commissioner of the terms and costs of such coverage, if available.(Added by Stats. 1985, Ch. 1349, Sec. 1. Effective October 1, 1985.)
CA Fin Code § 18497 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18497.

18497.  Guaranty Corporation may invest its funds only in readily marketable securities as provided by rules of the commissioner.Upon request of the commissioner, Guaranty Corporation shall furnish an authorization for disclosure to the commissioner of financial records of such funds pursuant to Section 7473 of the Government Code.(Amended by Stats. 1985, Ch. 142, Sec. 17. Effective July 1, 1985.)
CA Fin Code § 18498 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18498.

18498.  Income from investments shall be recorded in an income account and be used to defray expenses of administration. Income from investments that exceeds an amount determined by the board of directors to be adequate to provide for current expenses may be credited to members’ accounts. Each member’s account shall receive credit ratably based on the account balance, for the amount of the excess. Income received by Guaranty Corporation, whether or not credited to members’ accounts, shall be subject to a demand of the commissioner made pursuant to Section 18490 except as to that portion reserved by the board of directors for expenses of administration during the calendar year.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18499 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18499.

18499.  Expenses of administration that exceed income from investments at year end shall be charged to members’ accounts. Each member’s account shall be charged ratably based on the account balance for the amount of the excess.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18500 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18500.

18500.  Guaranty Corporation shall have authority to:(a)  Borrow funds when necessary to effectuate the provisions of this chapter. (b) Make loans to, deposits in, purchase assets or securities of, assume liabilities of, or make contributions to any Guaranty Corporation member to minimize the deficiency payments that might be required under Article 2 (commencing with Section 18490).(c) Organize a new thrift company to assume the thrift obligations and temporarily perform the functions of the closed company. The commissioner may waive any provision of the Industrial Loan Law necessary to enable Guaranty Corporation to organize a new thrift company.(d) Act as a conservator or receiver of a member company that the commissioner has taken possession of.(e) Guaranty Corporation may use the fund, or any portion of the fund, in exercising its authority.(f) Employ consultants, advisors, and others to assist Guaranty Corporation in fulfilling its obligations and objectives.(Amended by Stats. 1985, Ch. 142, Sec. 18. Effective July 1, 1985.)
CA Fin Code § 18501 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18501.

18501.  The commissioner shall give prompt notice to Guaranty Corporation when the commissioner takes possession of the property and business of a member and shall give further prompt notice when the commissioner determines to liquidate the property and business of a member.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18502 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18502.

18502.  Memberships issued by Guaranty Corporation shall be nontransferable and shall be exempt from the provisions of the Corporate Securities Law of 1968.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18503 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18503.

18503.  The commissioner and the commissioner’s duly designated representatives may at any time investigate the affairs and examine the books, accounts, records and files used by Guaranty Corporation. The commissioner and the commissioner’s duly designated representatives shall have free access to the offices, books, accounts, papers, records, files, safes, and vaults of Guaranty Corporation.(Amended by Stats. 1985, Ch. 142, Sec. 19. Effective July 1, 1985.)
CA Fin Code § 18504 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18504.

18504.  Any member or industrial loan company making application to participate in Guaranty Corporation aggrieved by any action or decision of Guaranty Corporation may appeal to the commissioner within 30 days from the action or decision.(Amended by Stats. 1985, Ch. 142, Sec. 20. Effective July 1, 1985.)
CA Fin Code § 18505 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18505.

18505.  (a) After consultation with, and approval by, the Thrift Guaranty Corporation, the commissioner shall adopt rules and regulations regarding information to be given to holders of investment certificates of industrial loan companies including, but not limited to, information containing any reference to a guarantee or insurance program of investment certificates, and the time and conditions for payments to the holders of investment certificates, in the event an industrial loan company is taken over by the commissioner. These regulations shall include the means for informing investment certificate holders of their rights.(b) It is the intent of the Legislature that the commissioner authorize information which can be clearly understood by a typical investment certificate holder. In addition, the information may in no way imply that the State of California stands behind or is involved with any type of guarantee or insurance program for industrial loan companies investment certificate holders.(c) These rules and regulations shall be adopted on an emergency basis within 60 days of the effective date of this section.(Repealed and added by Stats. 1985, Ch. 142, Sec. 21.5. Effective July 1, 1985.)
CA Fin Code § 18506 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18506.

18506.  No person shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner any statement or representation with regard to its membership in Guaranty Corporation or that any of its thrift obligations are in any manner guaranteed.(Amended by Stats. 1989, Ch. 583, Sec. 3.)
CA Fin Code § 18507 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18507.

18507.  In order to permit Guaranty Corporation to fulfill its obligations under this chapter, the commissioner shall furnish to Guaranty Corporation a list of all industrial loan companies that are not insured companies which have outstanding thrift obligations and one copy of the independent audit report on each such industrial loan company filed with him as of the preceding December 31 and not later than April 1 of each year.(Amended by Stats. 1986, Ch. 1011, Sec. 5. Effective September 23, 1986.)
CA Fin Code § 18508 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18508.

18508.  An industrial loan company or its successor shall not be entitled to receive a refund, return, withdrawal, or distribution of the amount in its member’s account or of any assessments paid by it except upon liquidation of Guaranty Corporation.(Repealed and added by Stats. 1989, Ch. 583, Sec. 5.)
CA Fin Code § 18509 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18509.

18509.  (a) Guaranty Corporation may elect to wind up and dissolve upon approval of the commissioner, the board, and the members in accordance with Section 8610 of the Corporations Code, after (1) each industrial loan company has become a member of the Federal Deposit Insurance Corporation or redeemed all of its outstanding thrift obligations or (2) Guaranty Corporation has satisfied its guarantee of thrift obligations as provided in this chapter.(b) Upon liquidation, after complying with the provisions of Section 8713 of the Corporations Code and notwithstanding Section 8717 of the Corporations Code, the assets of Guaranty Corporation shall be distributed to its members, past and present, including special members, ratably based on the balance of the members’ accounts, as established by resolution of the Board of Directors of Guaranty Corporation in accordance with the following:(1) The account of each member, past and present, including special members, shall be credited with all assessments paid by the member to Guaranty Corporation.(2) For each fiscal year, all current and prior expenses of administration of Guaranty Corporation shall be charged to the accounts of all members, past and present, including special members, ratably based on the balance of each account. (3) With respect to the account of each member to whom Guaranty Corporation has advanced funds or on whose behalf Guaranty Corporation has paid claims and expenses, the following adjustments shall be made:(A) The member’s account shall be charged in the amount of the funds advanced or paid as of the date of advance or payment.(B) If the amount advanced or paid exceeds the balance of the member’s account, then (i) the member’s account shall be deemed to have been closed, and the excess shall be allocated and charged ratably to the accounts of all other members, past and present, including special members, and (ii) if the member continued to operate after the date of the advance or payment, whether under new ownership or management or under the management of Guaranty Corporation, then a new member account shall, for purposes of this section, be deemed to have been established for the member with a zero balance, which shall be credited with subsequent assessments paid.(Repealed and added by Stats. 1989, Ch. 583, Sec. 7.)
CA Fin Code § 18510 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18510.

18510.  The Board of Directors of Guaranty Corporation shall be composed of five members, at least two of which shall be public members. The five members shall be appointed by the commissioner. The commissioner shall consult with the President of Thrift Guaranty Corporation before making an appointment. Public members shall not be affiliated with any company or affiliate of any company or employed by any state agency. A public member shall not be a relative of any officer or director of any company or its affiliates.(Amended by Stats. 1996, Ch. 1064, Sec. 614. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 18511 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18511.

18511.  Guaranty Corporation shall establish a permanent office in this state.(Added by Stats. 1985, Ch. 142, Sec. 25. Effective July 1, 1985.)
CA Fin Code § 18512 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 2 - General|Section 18512.

18512.  The commissioner may require Guaranty Corporation to obtain a bond, insurance, or reinsurance which provides additional protection against losses to its members’ thriftholders. The type, amount, and form of this protection is subject to the commissioner’s written approval.(Added by Stats. 1985, Ch. 142, Sec. 26. Effective July 1, 1985.)
CA Fin Code § 18520 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 3 - Purpose and Scope of Guaranty Corporation|Section 18520.

18520.  It shall be the purpose of Guaranty Corporation to guarantee full payment of guaranteed accounts of members, exclusive of special members, up to fifty thousand dollars ($50,000) for each account, subject to the express limitations provided in this chapter.(Amended by Stats. 1985, Ch. 142, Sec. 27. Effective July 1, 1985.)
CA Fin Code § 18521.6 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 3 - Purpose and Scope of Guaranty Corporation|Section 18521.6.

18521.6.  No industrial loan company which fails to comply with the requirements of subdivision (b) of Section 18521.5 by June 30, 1990, may continue to sell and issue investment certificates beyond that date.(Added by Stats. 1987, Ch. 787, Sec. 6.)
CA Fin Code § 18525 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 3 - Purpose and Scope of Guaranty Corporation|Section 18525.

18525.  Notwithstanding any other provision of this division, Guaranty Corporation, with the written consent of the commissioner, shall have the power to assume obligations, enter into contracts, including contracts of guarantee or suretyship, incur liabilities, borrow money, lend money or otherwise use its credit, and secure any of its obligations, contracts, or liabilities by mortgage, pledge, security interest, or other encumbrances of all or any part of its property and assets, including, but not limited to, income from assessments of members or rights thereto, and income.(Amended by Stats. 1985, Ch. 142, Sec. 34. Effective July 1, 1985.)
CA Fin Code § 18536 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 7 - Guarantee of Thrift Accounts|ARTICLE 4 - Assessments|Section 18536.

18536.  Guaranty Corporation shall send a written notice of assessment to each member assessed within 10 days after the levy of any assessment. Amounts assessed shall be paid to Guaranty Corporation by each member assessed not later than 90 days following written notice of assessment.(Added by Stats. 1976, Ch. 964.)