reglab/housing_qa huggingface dataset:
CA Fin Code § 18367 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 1 - General|Section 18367.

18367.  (a) If at any time the commissioner is of the opinion that the further sale of investment certificates by an industrial loan company would be unfair, unjust or inequitable to the purchasers of its investment certificates, the commissioner may, notwithstanding any other provision of this division, order the company to desist and refrain from the further sale of its investment certificates.(b) The company named in any order issued pursuant to subdivision (a) of this section may, within 15 days after receipt thereof, file with the commissioner its written request for hearing. The filing of such request shall not operate to postpone or suspend the effectiveness of any order issued by the commissioner unless otherwise directed by the commissioner. The commissioner shall, within 15 days after the receipt of such written request or at such later time as may be mutually agreed with the company, cause such matter to be heard and shall thereafter issue his final decision. Such decision may be amended or set aside by the commissioner at any time.(c) Every order or decision of the commissioner made pursuant to this section is subject to judicial review in accordance with law.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18368 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 1 - General|Section 18368.

18368.  (a) The commissioner may make the agreements that he or she deems necessary or appropriate in exercising his or her powers.(b) (1) The agreements authorized under subdivision (a) may include, but are not limited to, agreements with agencies of this state, of other states of the United States, or of the United States that regulate financial institutions, relating to examinations of industrial loan companies and other matters.(2) Any agreement with a government agency that regulates financial institutions is exempt from the advertising and competitive bidding requirements of the Public Contract Code.(Amended by Stats. 1996, Ch. 887, Sec. 52. Effective September 25, 1996.)
CA Fin Code § 18390 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 2 - Examinations|Section 18390.

18390.  For the purpose of discovering violations of this division or securing information required, the commissioner may at any time investigate the affairs and examine the books, accounts, records, and files of every corporation engaged in the business of an industrial loan company or broker, or its holding company or affiliates, whether such corporation acts or claims to act as principal or agent, or under or without the authority of this division. For the purposes of examination and investigation, the commissioner and the commissioner’s duly designated representatives shall have free access to the offices and places of business, books, accounts, papers, records, files, safes and vaults of all such corporations and their holding companies or affiliates.(Amended by Stats. 1980, Ch. 418, Sec. 3.)
CA Fin Code § 18391 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 2 - Examinations|Section 18391.

18391.  Whenever in the judgment of the commissioner the condition of any industrial loan company renders it necessary or expedient to devote any extraordinary attention to its affairs, the commissioner may make any extra examination or investigation and perform any necessary services in connection with its affairs.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18392 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 2 - Examinations|Section 18392.

18392.  The industrial loan company examined shall pay to the commissioner the cost of any examination, investigation or services, including the salary or other compensation paid to the persons making the examination or investigation or rendering services, and overhead costs in connection therewith as fixed by the commissioner. In determining the cost of examination, investigation, or services, the commissioner may use the estimated average hourly cost for all persons performing examinations, investigations, or services for industrial loan companies for the fiscal year.(Amended by Stats. 1981, Ch. 946, Sec. 4.)
CA Fin Code § 18393 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 2 - Examinations|Section 18393.

18393.  The commissioner shall, upon receipt of written notification by an industrial loan company that it intends to engage in or is engaging in transactions permitted under Section 18209, make an examination of the affairs and records of each such industrial loan company at least once each year. Such examination shall be made or performed unless such company notifies the commissioner of its election to discontinue such activity and gives evidence that it has disposed of all evidences of indebtedness arising from any such transactions.(Added by Stats. 1976, Ch. 964.)
CA Fin Code § 18394 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 2 - Examinations|Section 18394.

18394.  Investigation and examination reports prepared by the commissioner’s duly designated representatives shall not be public records. Those reports may be disclosed to the officers and directors of a company which is the subject of a report for the purpose of corrective action by those officers or directors. Any such disclosure shall not operate as a waiver of the exemption specified in subdivision (d) of Section 6254 of the Government Code.(Added by Stats. 1988, Ch. 537, Sec. 1. Superseded on January 1, 2023; see amendment by Stats. 2021, Ch. 615.)
CA Fin Code § 18394 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 2 - Examinations|Section 18394.

18394.  Investigation and examination reports prepared by the commissioner’s duly designated representatives shall not be public records. Those reports may be disclosed to the officers and directors of a company that is the subject of a report for the purpose of corrective action by those officers or directors. That type of disclosure shall not operate as a waiver of the exemption specified in Section 7929.000 of the Government Code.(Amended by Stats. 2021, Ch. 615, Sec. 110. (AB 474) Effective January 1, 2022. Operative January 1, 2023, pursuant to Sec. 463 of Stats. 2021, Ch. 615.)
CA Fin Code § 18396 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 2 - Examinations|Section 18396.

18396.  (a) In this section, “governmental agency” includes, without limitation, any agency of this state, of any other state of the United States, of the United States, or of any foreign nation.(b) The commissioner may furnish information to a governmental agency that regulates financial institutions.(c) The commissioner may furnish to a governmental agency that administers a loan guarantee or similar program, information relating to a person who participates in the program.(d) The commissioner may furnish to a governmental agency that regulates business activities, other than the type described in subdivision (b), information relating to:(1) A suspected violation of a law administered by the agency.(2) A person involved in an application to the agency for a license, approval, or other authorization.(e) The commissioner may furnish to a governmental agency that is a law enforcement agency, information relating to a suspected crime.(f) This section does not prescribe the only circumstances under which the commissioner may furnish information.(Added by Stats. 1995, Ch. 479, Sec. 5. Effective October 2, 1995.)
CA Fin Code § 18405 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 3 - Reports and Financial Statements|Section 18405.

18405.  (a) On or before the 15th day of March of every year, each industrial loan company shall file with the commissioner an audit report containing audited financial statements together with such other relevant information as the commissioner may require relating to the company and to each place of business of the company. The audited financial statements shall include a balance sheet of the company prepared as of the last day of the preceding calendar year and statements of income and of surplus for such calendar year.(b) The reports and financial statements referred to in subdivision (a) shall be prepared in accordance with generally accepted accounting principles and shall be accompanied by a report, certificate, or opinion of an independent certified public accountant or independent public accountant, and shall contain such relevant information as the commissioner may require. The audits shall be conducted in accordance with generally accepted auditing standards and the rules and regulations of the commissioner.(c) For good cause and upon written request, the commissioner may extend the time for compliance with subdivision (a).(d) If the report, certificate, or opinion of the independent accountant referred to in subdivision (b) hereof is in any way qualified, the commissioner may require the company to take such action as he or she deems appropriate to permit an independent accountant to remove such qualification from the report, certificate, or opinion.(e) The commissioner may reject any financial statement, report, certificate, or opinion filed pursuant to this section by notifying the company required to make such filing of its rejection and the cause thereof. Within 30 days after the receipt of such notice, the company shall correct such deficiency, and the failure so to do shall be deemed a violation of this division. The commissioner shall retain a copy of all filings so rejected.(Amended by Stats. 2015, Ch. 190, Sec. 42. (AB 1517) Effective January 1, 2016.)
CA Fin Code § 18406 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 3 - Reports and Financial Statements|Section 18406.

18406.  Each industrial loan company which has issued and which has outstanding investment certificates shall:(a) Post in a conspicuous and prominent place in each business location a condensed statement of its financial condition, and(b) Furnish to a person prior to such person’s investment in an investment certificate a copy of its latest condensed statement of its financial condition. Each year a copy of the condensed statement shall be furnished by mail or hand-delivered to each investment certificate holder.(c) Maintain and have available for public inspection a copy of its latest audited financial statement required by subdivision (a) of Section 18405 in each of its business locations. Any person shall, upon request, be permitted to inspect the statement during regular business hours.(d) The statement required by subdivisions (a) and (b) shall set forth such information and be in such form as may be required by the commissioner.(Repealed and added by Stats. 1976, Ch. 964.)
CA Fin Code § 18407 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 3 - Reports and Financial Statements|Section 18407.

18407.  An industrial loan company shall, when requested by the commissioner, submit its unaudited financial statements, prepared in accordance with generally accepted accounting principles and consisting of at least a balance sheet and a statement of income as of the date and for the period specified by the commissioner. The commissioner may require the submission of such reports on a monthly or other periodic basis.(Repealed and added by Stats. 1976, Ch. 964.)
CA Fin Code § 18408 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 3 - Reports and Financial Statements|Section 18408.

18408.  An industrial loan company shall make other special reports to the commissioner as the commissioner may from time to time require.(Repealed and added by Stats. 1976, Ch. 964.)
CA Fin Code § 18409 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 3 - Reports and Financial Statements|Section 18409.

18409.  The commissioner shall make and file annually with the department as a public record a composite of reports filed by industrial loan companies, and any comments thereon that he or she deems in the public interest.(Amended by Stats. 1996, Ch. 1064, Sec. 596. Effective January 1, 1997. Operative July 1, 1997.)
CA Fin Code § 18410 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 3 - Reports and Financial Statements|Section 18410.

18410.  For the purposes of the composite report provided for by Section 18409, an industrial loan company shall furnish statistical information as is reasonably required by the commissioner, including information for each place of business of the company and as to any parent, subsidiary or affiliated company.(Repealed and added by Stats. 1976, Ch. 964.)
CA Fin Code § 18411 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 3 - Reports and Financial Statements|Section 18411.

18411.  The commissioner may by rule or regulation specify the form and contents of the financial statements, reports, certificates and opinions required to be filed pursuant to this article, and may require that such reports and financial statements be verified in such manner as he may prescribe.(Repealed and added by Stats. 1976, Ch. 964.)
CA Fin Code § 18412 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 3 - Reports and Financial Statements|Section 18412.

18412.  Each report required under this article shall be filed with the commissioner at the time that the commissioner by regulation or order may require. If any industrial loan company fails to make any report required by this article at the time specified by the commissioner, or fails to include in that report any matter required by this article or by the commissioner, the commissioner shall assess and collect a penalty of one hundred dollars ($100) for each day which that report is delayed or withheld by the failure or neglect of that industrial loan company.(Added by Stats. 1990, Ch. 679, Sec. 1.)
CA Fin Code § 18415 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 4 - Possession, Conservatorship, and Liquidation by the Commissioner|Section 18415.

18415.  The commissioner may take possession of the property and business of any industrial loan company and retain possession until the company resumes business or its affairs are liquidated if any of the following grounds exist:(a) The capital of an industrial loan company is impaired.(b) An industrial loan company has violated its articles of incorporation or any law of this state.(c) An industrial loan company is conducting its business in an unsafe or unauthorized manner.(d) An industrial loan company refuses to submit its books, papers and affairs to the inspection of any examiner.(e) An officer of any industrial loan company refuses to be examined upon oath touching the concerns of such industrial loan company.(f) An industrial loan company has suspended payment of its obligations.(g) An industrial loan company is in such condition that it is unsound or unsafe for it to transact business.(h) An industrial loan company neglects or refuses to observe any order of the commissioner made pursuant to this division, unless the enforcement of that order is restrained in a proceeding brought by the industrial loan company.(i) An industrial loan company (1) fails to become and continue as either a member of the Federal Deposit Insurance Corporation or a member of the Thrift Guaranty Corporation of California in accordance with Chapter 7 (commencing with Section 18475), (2) has its right to participate in the Thrift Guaranty Corporation of California suspended or revoked pursuant to subdivision (a) of Section 18496 and it is not a member of the Federal Deposit Insurance Corporation, or (3) fails to pay any assessment levied pursuant thereto within the time specified.(j) A member industrial loan company of Guaranty Corporation refuses to permit Guaranty Corporation, its appointed certified public accountant or public accountant, or specialized committees or employees to fulfill their duties under Section 18496.(k) An industrial loan company has sold or issued investment certificates in violation of the provisions of this division.(l) An industrial loan company has failed to maintain in effect a bond required under the provisions of this division.(m) Any fact or condition exists which, if it had existed at the time of the original application for authority to organize and establish a corporation to engage in the industrial loan business reasonably would have warranted the commissioner in disapproving the application.(n) An application for membership in the Federal Deposit Insurance Corporation has not been filed with and accepted by the Federal Deposit Insurance Corporation on or before January 15, 1990.If the commissioner takes possession of the business and property of an industrial loan company, the company, with the consent of the commissioner, may resume business upon prescribed conditions.(Amended by Stats. 1989, Ch. 583, Sec. 2.5.)
CA Fin Code § 18415.1 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 4 - Possession, Conservatorship, and Liquidation by the Commissioner|Section 18415.1.

18415.1.  Whenever the commissioner has taken possession of the property and business of an industrial loan company, that industrial loan company, within 10 days after the taking, if it deems itself aggrieved thereby, may apply to the superior court in the county in which the head office of the industrial loan company is located to enjoin further proceedings. The commissioner may exercise all powers granted by this article during the 10-day period after taking possession of the property and business of the industrial loan company. 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 the application or enjoin the commissioner from further proceedings and direct the commissioner to surrender the property and business to the industrial loan company, or make such further order as may be just.(Added by Stats. 1985, Ch. 140, Sec. 1. Effective July 1, 1985.)
CA Fin Code § 18415.2 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 4 - Possession, Conservatorship, and Liquidation by the Commissioner|Section 18415.2.

18415.2.  An appeal may be taken from the judgment of the court by the commissioner or by the industrial loan company in the manner provided by law for appeals from the judgment of a superior court to the court of appeal.(Amended by Stats. 1998, Ch. 931, Sec. 149. Effective September 28, 1998.)
CA Fin Code § 18415.3 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 4 - Possession, Conservatorship, and Liquidation by the Commissioner|Section 18415.3.

18415.3.  (a) Whenever the net worth of an industrial loan company, exclusive of its good will, is less than 90 percent of the aggregate sum of its outstanding investment certificates, exclusive of those hypothecated with the company issuing them, divided by the fraction that is its investment certificates ratio permitted by the commissioner, the commissioner shall by written order direct the company to make good the alleged deficiency of net worth. Pursuant to the commissioner’s orders, the company’s net worth shall be at least 100 percent of the aggregate sum of its outstanding investment certificates, exclusive of those hypothecated with the company issuing them, divided by the fraction that is its investment certificates ratio permitted by the commissioner.(b) If the company fails to cure the alleged deficiency of net worth within the commissioner’s specified time, not to exceed 120 days, the commissioner may take possession of the company’s property and business. If the alleged deficiency is not cured within 120 days of the order, the commissioner shall take possession of the company’s property and business.(Amended by Stats. 2006, Ch. 538, Sec. 174. Effective January 1, 2007.)
CA Fin Code § 18415.4 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 4 - Possession, Conservatorship, and Liquidation by the Commissioner|Section 18415.4.

18415.4.  The commissioner may also, upon the request of the board of directors of a company, take possession of the property and business of a company and as conservator, take such action as the commissioner deems proper.(Added by Stats. 1985, Ch. 140, Sec. 1. Effective July 1, 1985.)
CA Fin Code § 18415.5 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 4 - Possession, Conservatorship, and Liquidation by the Commissioner|Section 18415.5.

18415.5.  Upon taking possession of the property and business of any industrial loan company, the commissioner shall give notice of that fact to all persons holding or having in their possession any assets of the company. The notice required by this section shall not be deemed to be a prerequisite to the taking of possession of the property and business of the industrial loan company. No person knowing of the taking, or who has been notified thereof, shall have a lien or charge upon any assets of the company for any payment, advance or clearance thereafter made, or for any liability thereafter incurred.Notice is deemed given when the commissioner has either made personal service of the notice, or mailed the notice to the person by certified mail.(Added by Stats. 1985, Ch. 140, Sec. 1. Effective July 1, 1985.)
CA Fin Code § 18415.6 (2021)
2021 California Code|Financial Code - FIN|DIVISION 7 - INDUSTRIAL LOAN COMPANIES|CHAPTER 5 - Administration and Powers of the Commissioner|ARTICLE 4 - Possession, Conservatorship, and Liquidation by the Commissioner|Section 18415.6.

18415.6.  Any officer, agent, employee, director, or stockholder of a company who refuses to comply with the demand for possession issued under Section 18415 shall be guilty of a misdemeanor punishable by a fine of not more than one thousand dollars ($1,000) or imprisonment not exceeding one year or by both such fine and imprisonment.(Added by Stats. 1985, Ch. 140, Sec. 1. Effective July 1, 1985.)