reglab/housing_qa huggingface dataset:
CA Fin Code § 18018.1 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 1 - Definitions|Section 18018.1.

18018.1.  “Primary capital,” as used in this division, means the sum of common stock, perpetual preferred stock, capital surplus, undivided profits, capital reserves, and mandatory convertible debt (to the extent of 20 percent of primary capital exclusive of that debt).(Added by Stats. 1989, Ch. 663, Sec. 1.1. Operative January 1, 1991, by Sec. 20 of Ch. 663.)
CA Fin Code § 18018.2 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 1 - Definitions|Section 18018.2.

18018.2.  “Secondary capital,” as used in this division, means the sum of mandatory convertible debt that is not included in primary capital, limited life preferred stock, and subordinated notes and debentures, all in an amount up to 50 percent of primary capital. Issues of limited life preferred stock and subordinated notes and debentures, except mandatory convertible debt, shall have original weighted average maturities of at least seven years to be included within capital surplus under primary capital.(Added by Stats. 1989, Ch. 663, Sec. 1.2. Operative January 1, 1991, by Sec. 20 of Ch. 663.)
CA Fin Code § 18018.3 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 1 - Definitions|Section 18018.3.

18018.3.  “Perpetual preferred stock,” as used in this division, means a preferred stock that does not have a stated maturity date or that can not be redeemed at the option of the holder. It includes those issues of preferred stock that automatically convert into common stock at a stated date. It excludes those issues, the rate on which increases, or can increase, in such a manner that would effectively require the issuer to redeem the issue.(Added by Stats. 1989, Ch. 663, Sec. 1.3. Operative January 1, 1991, by Sec. 20 of Ch. 663.)
CA Fin Code § 18018.4 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 1 - Definitions|Section 18018.4.

18018.4.  “Mandatory convertible debt,” as used in this division, means a subordinated debt instrument which requires the issuer to convert that instrument into common or perpetual preferred stock by a date at or before the maturity of the debt instrument. The maturity of those instruments shall be 12 years or less.(Added by Stats. 1989, Ch. 663, Sec. 1.4. Operative January 1, 1991, by Sec. 20 of Ch. 663.)
CA Fin Code § 18018.5 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 1 - Definitions|Section 18018.5.

18018.5.  “Limited life preferred,” as used in this division, means preferred stock which has a maturity or which may be redeemed at the option of the holder.(Added by Stats. 1989, Ch. 663, Sec. 1.5. Operative January 1, 1991, by Sec. 20 of Ch. 663.)
CA Fin Code § 18018.6 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 1 - Definitions|Section 18018.6.

18018.6.  “Subordinated notes and debentures,” as used in this division, means an obligation other than an investment certificate obligation that:(a) Bears on its face, in boldface type no smaller than the largest size type used in the obligation, the following: “this obligation is not a deposit and is not insured by the Federal Deposit Insurance Corporation.”(b) (1) Has a maturity of at least seven years, or (2) in the case of an obligation or issue that provides for scheduled repayments of principal, has an average maturity of at least seven years; however, the commissioner may permit the issuance of an obligation or issue with a shorter maturity or average maturity if the commissioner has determined that exigent circumstances require the issuance of that obligation or issue. This subdivision shall not apply to mandatory convertible obligations or issues.(c) States expressly that the obligation is subordinated and junior in right of payment to the issuing industrial loan company’s obligations to its investment certificate holders and to the industrial loan company’s other obligations to its general and secured creditors, and is ineligible as collateral for a loan by the issuing industrial loan company.(d) Is unsecured.(e) States expressly that the issuing industrial loan company may not retire any part of its obligation without the prior written consent of the commissioner. (f) Includes, if the obligation is issued to a depository institution, a specific waiver of the right of offset by the lending depository institution.(Added by Stats. 1989, Ch. 663, Sec. 1.6. Operative January 1, 1991, by Sec. 20 of Ch. 663.)
CA Fin Code § 18019 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 1 - Definitions|Section 18019.

18019.  “Capital Stock,” as used in this division, means one-class voting common stock.(Added by Stats. 1989, Ch. 663, Sec. 2. Operative January 1, 1991, by Sec. 20 of Ch. 663.)
CA Fin Code § 18020 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 2 - General Provisions|Section 18020.

18020.  An industrial loan company shall not appoint or continue in office any officer, director or management personnel who do not have the qualifications required by Section 18117 (d).(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18021 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 2 - General Provisions|Section 18021.

18021.  (a) An industrial loan company shall not deposit its funds except with a bank, trust company, or savings association authorized to do business in this state, except as provided in subdivision (b).(b) An industrial loan company which is insured, as that term is defined in Section 18003.5, may also deposit its funds in an out-of-state financial institution, the accounts of which are insured by the Federal Deposit Insurance Corporation.(c) Funds deposited in an out-of-state financial institution shall not in any case exceed the applicable amount of federal deposit insurance.(d) The depository shall be approved by a majority vote of the board of directors or the executive committee, exclusive of the vote of any director who is an officer, director, trustee, or shareholder of the depository so designated. An out-of-state savings association subject to the Management Consignment Program of the Office of Thrift Supervision shall not be used as a depository.(e) An industrial loan company shall furnish an authorization for disclosure to the commissioner of the financial records of deposits pursuant to Section 7473 of the Government Code. No deposit shall be made in an out-of-state financial institution unless that institution agrees in writing to disclose financial records of the industrial loan company to the commissioner.(Amended by Stats. 1996, Ch. 1064, Sec. 583. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 18022 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 2 - General Provisions|Section 18022.

18022.  No industrial loan company shall invest any of its funds, except as authorized in this division. Industrial loan companies may invest their funds in investments that are legal investments for commercial banks, including the capital stock, obligations, or other securities of one or more corporations, subject to rules and orders prescribed by the commissioner. Companies may also invest their funds in the choses in action issued by any other industrial loan company.(Amended by Stats. 1996, Ch. 223, Sec. 1. Effective January 1, 1997.)
CA Fin Code § 18022.5 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 2 - General Provisions|Section 18022.5.

18022.5.  An industrial loan company may organize, sponsor, operate, control, or render investment advice to, an investment company, or underwrite, distribute, or sell securities of any investment company which has qualified to sell its securities in this state pursuant to Part 2 (commencing with Section 25100) of Division 1, Title 4 of the Corporations Code, if the officers and employees of the industrial loan company who sell these securities meet such standards with respect to training experience, and sales practices as established by the Secretary of Business, Consumer Services, and Housing or the secretary’s designee. For the purpose of this section, “investment company” means an investment company as defined in the Investment Company Act of 1940 (15 U.S.C., Sec. 80a-1 et seq.).(Amended by Stats. 2014, Ch. 401, Sec. 33. (AB 2763) Effective January 1, 2015.)
CA Fin Code § 18023 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 2 - General Provisions|Section 18023.

18023.  If an industrial loan company has investment or thrift certificates outstanding, then such company shall not borrow, except by the sale of investment or thrift certificates, in an amount in excess of 300 percent of the amount represented by its outstanding capital stock, surplus and undivided profits, without the written consent of the commissioner. All sums so borrowed in excess of 150 percent of outstanding capital stock, surplus and undivided profits shall be unsecured borrowings or, if secured, approved in writing by the commissioner in advance of the borrowings, and be included as investment or thrift certificates for purposes of computing the ratio allowed under Sections 18319 and 18320.(Amended by Stats. 1985, Ch. 142, Sec. 1. Effective July 1, 1985.)
CA Fin Code § 18023.1 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 2 - General Provisions|Section 18023.1.

18023.1.  In addition to the borrowings under Section 18023, an industrial loan company may borrow funds from the Federal Home Loan Bank, the Federal Deposit Insurance Corporation, or a Federal Reserve Bank, which borrowed funds shall not be included in the borrowing limitations contained in Section 18023.(Amended by Stats. 1998, Ch. 827, Sec. 6. Effective January 1, 1999.)
CA Fin Code § 18024 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 2 - General Provisions|Section 18024.

18024.  An industrial loan company shall not transact business or make any loan provided for by this division under any other name than that set forth in the articles of incorporation as filed with the commissioner.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18025 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 2 - General Provisions|Section 18025.

18025.  No person shall use a holding company or any other device for the purpose of evading or avoiding any of the provisions of this division. This section shall not affect the right of a holding company to issue preferred stock or debentures when permitted to do so under the Corporate Securities Law of 1968. “Holding company” means any company which directly or through one or more intervening subsidiaries, whether or not wholly owned, controls or has the power to control a majority of the shares of an industrial loan company.(Amended by Stats. 1980, Ch. 418, Sec. 1.)
CA Fin Code § 18027 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 2 - General Provisions|Section 18027.

18027.  Corporations subject to this division are not subject to the provisions or regulations of the California Financing Law (Division 9 (commencing with Section 22000)).(Amended by Stats. 2020, Ch. 370, Sec. 117. (SB 1371) Effective January 1, 2021.)
CA Fin Code § 18028 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 2 - General Provisions|Section 18028.

18028.  All corporations formed under the provisions of this division are taxed in the same manner and at the same rates as other corporations are taxed pursuant to Section 27 of Article XIII of the Constitution of this state.(Amended by Stats. 1983, Ch. 725, Sec. 1.)
CA Fin Code § 18029 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 2 - General Provisions|Section 18029.

18029.  Each industrial loan company shall keep and use in its business, books, accounts, and records which will enable the commissioner to determine if the company is complying with the provisions of this division and with the rules and regulations made by the commissioner.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18030 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 2 - General Provisions|Section 18030.

18030.  Each industrial loan company shall preserve the books, accounts, and records, including cards used in the card system, if any, for a least two years after making the final entry on any loan or purchased obligation recorded therein.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18040 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 3 - Real Property Held|Section 18040.

18040.  An industrial loan company may purchase, hold and convey real property for the following purposes only:(a) Real property conveyed to it in satisfaction of debts previously contracted in the course of its business.(b) Real property purchased at sale under judgments, decrees or mortgage foreclosures or foreclosures of or trustees’ sales under deeds of trust under securities held by it. No company shall bid at any such sale a larger amount than is necessary to satisfy its debt and costs.(c) Real property necessary as premises for the transaction of its business. No company shall invest directly or indirectly an amount exceeding one-third of its paid-up capital stock and surplus not available for dividends as provided in Section 18319 in the lot and building in which the business of the company is carried on, leasehold improvements, furniture, fixtures, vaults, automobiles, and other personal property, necessary and proper to carry on its business.(d) The provisions of this section shall not apply to property acquired and held for lease pursuant to Section 18310.(Amended by Stats. 1989, Ch. 663, Sec. 3. Operative January 1, 1991, by Sec. 20 of Ch. 663.)
CA Fin Code § 18041 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 3 - Real Property Held|Section 18041.

18041.  (a) The commissioner may establish rules and regulations regarding the sale of any real property acquired pursuant to subdivision (a) or (b) of Section 18040, consistent with what constitutes sound business practices for industrial loan companies.(b) Real property acquired pursuant to subdivision (a) or (b) of Section 18040 shall not be held for a longer period than five years without the written consent of the commissioner.(Amended by Stats. 1984, Ch. 873, Sec. 1.)
CA Fin Code § 18042 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 3 - Real Property Held|Section 18042.

18042.  The authority of a three-fourths vote of all the directors is necessary to authorize the purchase of a lot and building necessary as premises for the transaction of business as an industrial loan company or to authorize the construction of such building.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18043 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 3 - Real Property Held|Section 18043.

18043.  Real property held by an industrial loan company shall be conveyed by an instrument under the corporate seal of the corporation, signed by the president or vice president, and the secretary or assistant secretary.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18055 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 4 - Advertising|Section 18055.

18055.  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 in connection with the business of an industrial loan company any statement or representation with regard to the rates, terms, or conditions for making or negotiating loans, or with regard to investment certificates, which is false, misleading, or deceptive.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18056 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 4 - Advertising|Section 18056.

18056.  An industrial loan company shall not use any advertising which refers to the supervision of such company by the state or any department or official thereof.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18057 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 4 - Advertising|Section 18057.

18057.  An industrial loan company shall not use any advertising nor make any representations which indicate, imply or might lead a person to believe that the company is a savings association.(Amended by Stats. 1996, Ch. 1064, Sec. 585. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 18058 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 4 - Advertising|Section 18058.

18058.  An industrial loan company shall not use any advertising nor make any representations which indicate, infer or might lead a person to believe that investment certificates are insured unless such is the fact.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18060 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 4 - Advertising|Section 18060.

18060.  (a) Except as provided in subdivision (b), industrial loan company which issues thrift certificates shall not use any thrift advertisement which refers to the industrial loan company’s ownership by, or affiliation with, any other entity unless the advertisement also discloses in as prominent a manner and as large a type size as the referenced ownership or affiliation was stated, whether or not the owner or affiliate so named guarantees thrift certificates issued by the industrial loan company.(b) (1) Subdivision (a) applies to an insured company when the other entity guarantees the thrift certificates issued by the insured company.(2) Subdivision (a) does not apply to an insured company when the other entity does not guarantee the thrift certificates issued by the insured company and the advertisement referring to the insured company’s ownership by, or affiliation with, the other entity does not state or imply that the assets or reserves of the other entity may be used to guarantee thrift certificates of the insured company.(Amended by Stats. 1986, Ch. 1011, Sec. 2. Effective September 23, 1986.)
CA Fin Code § 18061 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 4 - Advertising|Section 18061.

18061.  If an industrial loan company refers in any advertisement to rates of charge, discount, charges or costs of loans, those charges shall be stated fully and clearly in a manner as may be necessary to prevent misunderstanding thereof by prospective borrowers and to give adequate information to prospective borrowers. If the rates or costs advertised do not apply to loans of all classes, this fact shall be clearly indicated in the advertisement.(Amended by Stats. 1998, Ch. 827, Sec. 8. Effective January 1, 1999.)
CA Fin Code § 18062 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 4 - Advertising|Section 18062.

18062.  An industrial loan company shall not use any advertisement after its use has been disapproved by the commissioner and the industrial loan company has been notified in writing of the disapproval. Commencing July 1, 1990, the commissioner may require a company to obtain written or oral approval of any advertisement for investment or thrift certificates prior to publication thereof in order to avoid false, misleading, or deceptive advertising.(Amended by Stats. 2006, Ch. 538, Sec. 173. Effective January 1, 2007.)
CA Fin Code § 18063 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 1 - General Provisions|ARTICLE 4 - Advertising|Section 18063.

18063.  The commissioner may require an industrial loan company to maintain a file of all advertising copy for a period of 12 months from the date of its use. The file shall be available to the commissioner upon request.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18100 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 2 - Formation and Organization|ARTICLE 1 - General|Section 18100.

18100.  When authorized by the commissioner as provided in this chapter, a corporation may be organized under the laws of this state, or an existing California corporation may amend its articles of incorporation, to engage in an industrial loan business. Except as otherwise provided in this division, an industrial loan company may be incorporated pursuant to Division 1 (commencing with Section 100), Title 1, of the Corporations Code.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18100.5 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 2 - Formation and Organization|ARTICLE 1 - General|Section 18100.5.

18100.5.  Each industrial loan company, other than a premium finance agency, that has issued and has outstanding thrift obligations shall, as a condition to its authority to conduct business under this division, participate as a member of the Federal Deposit Insurance Corporation.(Amended by Stats. 1998, Ch. 827, Sec. 9. Effective January 1, 1999.)
CA Fin Code § 18101 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 2 - Formation and Organization|ARTICLE 1 - General|Section 18101.

18101.  If the commissioner approves an application to engage in business as an industrial loan company filed pursuant to Article 2 (commencing with Section 18115) of this chapter, he shall issue a certificate in duplicate authorizing the organization of the corporation, or the amendment of its articles of incorporation, and specifying the date on which, and the conditions under which, it may commence business as an industrial loan company, including the place where it will be located.(Added by Stats. 1976, Ch. 964.)