reglab/statecodes huggingface dataset:
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 2 - General › Section 18594.

18594. Any corporation organized as an industrial loan company other than a premium finance agency shall conduct any insurance premium financing business under the authority of this chapter and it shall be subject to all of the provisions of this chapter in respect to such business, as if it were a premium finance agency.
(Amended by Stats. 1998, Ch. 827, Sec. 17. Effective January 1, 1999.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 2 - General › Section 18596.

18596. A premium finance company may issue or sell investment certificates only (a) to its customers directly in connection with the financing of premiums for those customers, provided that the aggregate finance charges, including interest paid or not paid on those investment certificates, do not exceed those charges permitted under Section 18626 and (b) to any institutional investors, governmental agency, or instrumentality as the Commissioner of Financial Protection and Innovation may designate by rule.
(Amended by Stats. 2022, Ch. 452, Sec. 131. (SB 1498) Effective January 1, 2023.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 3 - Provisions of Premium Finance Agreements › Section 18605.

18605. A premium finance agreement shall be in writing and the printed portion thereof shall be in at least eight-point type. The agreement shall set forth:
1. The names and addresses of the insured and the company, and the date of the agreement.
2. A description of the insurance contracts for which the premiums are advanced including the total amount of the premiums and fees and a specific breakdown thereof by policies and a general description of coverages.
3. The amount of the downpayment.
4. The cost, if any, for credit life insurance.
5. The principal balance.
6. The finance charges.
7. The unpaid balance.
8. The due date of the first installment.
9. The number, amount and frequency of payment of the installments.
10. A statement that the insured may prepay the full amount due and receive a refund credit of the unearned finance charge, in the manner provided by Section 18629.
(Repealed and added by Stats. 1976, Ch. 964.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 3 - Provisions of Premium Finance Agreements › Section 18606.

18606. A premium finance agreement shall not be executed by or on behalf of the insured when it contains any blank space to be filled in thereafter; however, if any insurance contract, premiums for which are advanced or to be advanced under the agreement, has not been issued at the time of execution and the premium finance agreement so provides, the name of the insurer, the policy number and the due date of the first installment may be left blank and inserted later. In connection with the financing of an additional premium or policies, upon the completion of the computations necessary to determine the amount of the revised unpaid balance and the number and amount of future installment payments, the company shall mail notice of the changes to the insured at his address shown in the agreement. The notice of the revised finance agreement shall set forth:
(a) The unpaid balance, as adjusted.
(b) The number and frequency of each installment under the revised finance agreement.
(c) The amount of each installment.
(d) A statement to the insured that he may disaffirm the revised finance agreement by mailing, to the company’s office, notice of his intention to do so within 10 days of the company’s mailing of the notice of the revised finance agreement.
(e) A statement to the insured that the company may, in the event he disaffirms, cancel his insurance contract or contracts as provided in Section 18608, except that the 10-day period required by that section shall be deemed to commence with the mailing of the notice of the revised finance agreement.
(Repealed and added by Stats. 1976, Ch. 964.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 3 - Provisions of Premium Finance Agreements › Section 18607.

18607. Upon receipt of the loan form the company shall promptly mail to the insured at the address shown in the agreement, or deliver to the insured personally, either a notice to the effect that the application for a loan is rejected or a copy of the agreement, thereby signifying acceptance by the company, or if the agreement contained any blank space when it was executed by or on behalf of the insured and such blank space was subsequently filled in, a copy of the agreement as so filled in and the insured shall in such event have 10 days in which to disaffirm his obligation under the premium finance agreement by giving written notice thereof to the producer and the company. In the event the agreement is not disaffirmed by the insured, the agreement shall be as binding an obligation of the insured as if the agreement were complete on its face when it was executed.
(Repealed and added by Stats. 1976, Ch. 964.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 3 - Provisions of Premium Finance Agreements › Section 18608.

18608. (a) A premium finance agreement may contain a power of attorney or other authority enabling the company to cancel the insurance contract or contracts listed in the agreement in the event of default in the terms thereof.
(b) Upon the exercise of such a right to cancel, the company shall mail to the insured, to his or her last known address or to the address shown on the premium finance agreement at least 10 days prior to cancellation, a notice of its intent to cancel the insurance contract or contracts.
(c) The liability of a company to any person or corporation upon the exercise of such a right or authority of cancellation shall be limited to the amount of the principal balance, except in the event of willful failure by the company to mail the notice required by this section.
(Amended by Stats. 1999, Ch. 428, Sec. 2. Effective January 1, 2000.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 3 - Provisions of Premium Finance Agreements › Section 18609.

18609. All statutory, regulatory and contractual restrictions providing that the insured or the insurer shall not cancel the insurance contract unless the insured or the insurer first satisfies such restrictions by giving a prescribed notice of cancellation to a governmental agency, the insurer, the insured, the holder of a security interest in the subject of the insurance, or other prescribed party, shall not be affected by the provisions of this division. However, any cancellation notice period required by such statutory, regulatory or contractual restriction shall not be cumulative to the period required by Section 18606 or 18608. If cancellation of the insurance contract is initiated by the company under the terms of this division, the insurer shall (in accordance with the requirement for a prescribed notice), on behalf of itself or the insured, give such notice to the governmental agency, the holder of a security interest in the subject of the insurance or other prescribed party; and the insurer shall determine and calculate the effective date of cancellation (in accordance with the terms of that prescribed notice) from the date it receives the notice of request for cancellation from the company. In no instance shall the effective date of cancellation be prior to that established by the company.
(Repealed and added by Stats. 1976, Ch. 964.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 3 - Provisions of Premium Finance Agreements › Section 18610.

18610. The insurer within a reasonable time after the effective date of cancellation shall return whatever gross unearned premiums or accrued dividends are payable under the insurance contract to the company, which financed the insurance contract, for the benefit of the insured. Whenever any funds are received by the company which are in excess of the amount due to the company, such an excess shall be remitted promptly to the insured or to his order or to the insurance agent for the account of the insured.
(Amended by Stats. 1983, Ch. 356, Sec. 2.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 3 - Provisions of Premium Finance Agreements › Section 18611.

18611. At the time of mailing the notice required by Section 18606 or 18608, the employee of the company who is doing the mailing shall prepare and sign an affidavit setting forth the following:
(a) The name and address of the employee doing the mailing.
(b) That the employee is over 18 years of age.
(c) The date and place of deposit in the mail.
(d) The addressee’s name and address as shown on the envelope mailed.
(e) That the envelope weas sealed and deposited in the mail with the postage thereon fully paid.
An affidavit of mailing, prepared as prescribed in this section, shall raise a rebuttable presumption that the notice was mailed to the addressee stated in the affidavit.
(Repealed and added by Stats. 1976, Ch. 964.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 4 - Limitation on Finance Charges › Section 18625.

18625. A premium finance agency shall not, except as otherwise provided by law, impose, take, receive, reserve or charge a finance charge which in the aggregate is greater than that which is permitted by this article.
(Repealed and added by Stats. 1976, Ch. 964.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 4 - Limitation on Finance Charges › Section 18626.

18626. A premium finance agency may, in a premium finance agreement, contract for, charge, receive, and collect a finance charge which shall not exceed in the aggregate:
(a) Two percent per month on that part of the unpaid principal balance of any loan up to, including, but not in excess of, one thousand dollars ($1,000).
(b) One percent per month on any remainder of such unpaid principal balance in excess of one thousand dollars ($1,000).
As used in this article “consumer insurance premium finance loan” shall mean an insurance premium finance loan where the insurance policies which are security for the loan are for personal, family or household use.
(c) As an alternative to the charges authorized by subdivisions (a) and (b), a premium finance agency may contract for and receive charges at a rate not exceeding 1.6 percent per month on the unpaid principal balance.
(Amended by Stats. 1983, Ch. 356, Sec. 3.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 4 - Limitation on Finance Charges › Section 18627.

18627. If the finance charge computed under Section 18626 is less than twenty-five dollars ($25), a minimum finance charge of twenty-five dollars ($25) may be imposed.
(Amended by Stats. 1979, Ch. 984.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 4 - Limitation on Finance Charges › Section 18628.

18628. The finance charge may be computed from the effective date of the insurance coverage, provided that the company shall pay the premium due the insurer, either:
(a) Within 30 days from the effective date of the insurance coverage; or
(b) Within 30 days after the receipt by the company of a proper premium finance agreement; or
(c) Within 15 days after the company has mailed to the insured, notice of a revised finance agreement pursuant to Section 18606 whichever is later.
If the conditions of subdivision (a), (b), or (c) are not met the finance charge shall be computed from the date the proceeds of the loan are forwarded to the insurer. In the event the company receives a proper premium finance agreement later than 60 days from the effective date of the policy financed, a proportioned adjustment of the finance charge shall be made after such 60-day period.
(Added by Stats. 1976, Ch. 964.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 4 - Limitation on Finance Charges › Section 18629.

18629. Notwithstanding the provisions of any premium finance agreement to the contrary, any insured may pay the obligation in full at any time before maturity of the final installment. If he does so, he shall receive a refund credit of the unearned finance charge computed in accordance with Section 18635 or 18637, except where the amount of the refund credit is less than one dollar ($1) no refund need be made, and except that where the earned finance charge amounts to less than the minimum finance charge permitted by Section 18627, the company may retain as an earned finance charge a sum equal to the minimum permitted by Section 18627 or the maximum prescribed by Section 18627, whichever is applicable.
(Amended by Stats. 1979, Ch. 270.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 4 - Limitation on Finance Charges › Section 18630.

18630. In the event that the insurance policy or policies which are the subject of a premium finance agreement are canceled by the insured or by the insurer, for any cause, the insured shall be entitled to receive a refund credit of the unearned finance charge. This refund credit shall be calculated in the same manner as prescribed in Section 18629, and shall be paid to the insured within a reasonable time.
(Added by Stats. 1976, Ch. 964.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 4 - Limitation on Finance Charges › Section 18631.

18631. (a) A premium finance agreement may provide for the payment of a default charge of one dollar ($1) to a maximum of 5 percent of the delinquent installment, in the event of a default for a period of not less than 10 days in the payment of any scheduled installment under the terms of a premium finance agreement. That charge may not be collected more than once for the same default and may be collected at the time of the default or at any time thereafter. If the default charge is deducted from any payment received after default occurs, and the deduction results in the default of a subsequent installment, no charge may be made for the resulting default.
(b) A premium finance agreement may provide for the payment of a dishonored check fee not to exceed fifteen dollars ($15) for actual expenses incurred in the processing of a dishonored check.
(Amended by Stats. 2000, Ch. 101, Sec. 1. Effective January 1, 2001.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 5 - Charges on Scheduled Balances › Section 18635.

18635. Whenever the interest or charges, or interest and charges deducted in advance exceed the maximum provided by this division, by reason of subsequent repayment of the loan, a new loan, refinancing, or otherwise, or any portion thereof prior to maturity, such excess shall be rebated to the borrower or credited on any balance owing by the borrower to the company. The rebate shall be the difference between the total of the precomputed charge, any charge for extending the first due date, plus any default or deferment charges and the charges at the contract rate computed on unpaid principal balances for the number of days actually elapsed by applying each payment first to charges and the remainder to principal. The tender, by the borrower or at his request, of an amount equal to the unpaid balance less the required rebate must be accepted by the company in full payment of the loan contract.
(Added by Stats. 1979, Ch. 270.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 5 - Charges on Scheduled Balances › Section 18636.

18636. (a) As an alternative to the provisions of Section 18635, if a loan is repayable in substantially equal and consecutive monthly installments of principal and charges combined, the first of which is due not less than 15 days nor more than one month and 15 days from the date the loan is made, a company may precompute charges and apply payments as provided in this article.
(b) The total charges which would be earned if the loan contract were repaid exactly according to its terms, at the monthly rate stated in the loan contract, may be precomputed when the loan is made and added to the principal of the loan. Every payment may be applied to the combined total of principal and precomputed charges until the loan contract is fully paid.
(c) The portion of the precomputed charge applicable to any particular monthly installment period shall bear the same ratio to the total precomputed charge, excluding any adjustment made for a first period of more or less than one month, as the balance scheduled to be outstanding during that monthly period bears to the sum of all monthly balances scheduled originally by the loan contract.
(Added by Stats. 1979, Ch. 270.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 5 - Charges on Scheduled Balances › Section 18637.

18637. If a loan contract made under Section 18636 is prepaid in full by cash, a new loan, refinancing or otherwise before the final installment date, the borrower shall receive a rebate of the portion of the precomputed charge applicable to the full installment periods following the installment date nearest the date of such prepayment; provided, however, that if prepayment in full occurs on or before the third installment date the rebate shall be the difference between the total precomputed charge and the charges at the contract rate computed on unpaid principal balances by applying each payment first to charges and the remainder to principal. After the third installment date, any prepayment made on or before the 15th day following an installment date shall be deemed to have been made on the installment date preceding such prepayment. The tender, by the borrower or at his request, of an amount equal to the unpaid balance less the required rebate must be accepted by the company in full payment of the loan contract.
(Added by Stats. 1979, Ch. 270.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 5 - Charges on Scheduled Balances › Section 18638.

18638. A special rebate of precomputed charges shall be made if three or more, but not all, installments are prepaid in full at any one time either in one transaction or over a period of time on a loan made under Section 18636. The special rebate shall be equal to the portion of precomputed charge applicable to the last installment period multiplied by the total number of full installment periods such installments and any subsequent installments are prepaid. Such special rebate shall be computed and made at the termination of the loan contract and shall be an addition to any required rebate for prepayment in full.
(Added by Stats. 1979, Ch. 270.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 5 - Charges on Scheduled Balances › Section 18640.

18640. A deferment charge may be charged and collected on a loan made under Section 18636 if the payment date of all wholly unpaid installments on which no default charge has been collected is deferred one or more full months and the loan contract so provides. Such deferment charge shall not exceed the portion of precomputed charge applicable, prior to deferment, to the first deferred monthly installment period multiplied by the number of months the maturity of the contract is deferred. Such number of months shall not exceed the number of full installments which are in default on the date of deferment or which may become due within 15 days of such date. When a deferment charge is made, no portion of the precomputed charge shall apply to the installment periods in which no installment payment is required by reason of the deferment. In computing any default charge or required rebate, the portion of the precomputed charge applicable to each deferred balance and installment period following the deferment period and prior to the deferred maturity shall remain the same as that applicable to such balances and periods under the original contract of loan. Such charge may be collected at the time of deferment or at any time thereafter. Any payment received at the time of deferment may be applied first to the deferment charge and the remainder, if any, applied to the unpaid balance of the loan contract; provided, however, if such payment is sufficient to pay, in addition to the appropriate deferment charge, any installment which is in default and the applicable default charge, it shall be first so applied and any such installment shall not be deferred nor subject to the deferment charge.
(Added by Stats. 1979, Ch. 270.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 5 - Charges on Scheduled Balances › Section 18642.

18642. If the maturity of a loan made under Section 18636 is accelerated for any reason, the company shall make the same refund or credit as would be required if the loan contract was paid in full on the date of acceleration and the unpaid balance shall be treated as the unpaid principal balance and thereafter the unpaid balance of the loan contract shall bear charges at the agreed rate of charge if the loan contract so provides.
(Added by Stats. 1979, Ch. 270.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 8 - Insurance Premium Financing › ARTICLE 5 - Charges on Scheduled Balances › Section 18643.

18643. Notwithstanding any other provision of law not within this article, with respect to precomputed loans, premium finance agencies derive authority only from this article.
(Added by Stats. 1979, Ch. 270.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 9 - Interstate Acquisitions › Section 18650.

18650. This chapter does not apply to any of the following transactions:
(a) An acquisition of control of a California industrial loan company that requires the approval of the commissioner under Section 18138.
(b) A sale or merger that requires the approval of the commissioner under Division 1.5 (commencing with Section 4800).
(Added by Stats. 1995, Ch. 479, Sec. 6. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 9 - Interstate Acquisitions › Section 18651.

18651. Each application filed with the commissioner for an approval under this chapter shall be in the form, shall contain the information, shall be signed in the manner, and shall, if the commissioner requires by rule or order, be verified in the manner that the commissioner may by rule or order require.
(Added by Stats. 1995, Ch. 479, Sec. 6. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 9 - Interstate Acquisitions › Section 18653.

18653. (a) The definitions that are set forth in or are applicable to Section 44 of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1831u) apply to this section.
(b) This section does not apply unless each bank involved in an interstate merger transaction (including each insured depository institution that is an affiliate of the surviving, resulting, or purchasing bank) that is organized under the laws of this state or maintains a branch office in this state, is an industrial loan company (as defined in Section 4805.10).
(c) The commissioner may approve an interstate merger transaction that is subject to Section 44(b)(2)(B) and (D)(ii) of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1831u(b)(2)(B) and (D)(ii)) if the commissioner finds that the transaction is consistent with the public convenience and advantage in this state.
(Amended by Stats. 1996, Ch. 887, Sec. 53. Effective September 25, 1996.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 9 - Interstate Acquisitions › Section 18654.

18654. The commissioner is authorized to adopt rules to implement this chapter similar to regulations adopted under similar provisions of law contained in Chapter 21.5 (commencing with Section 3750) of Division 1, and for the same or similar reasons. The authority granted to the commissioner by this section is in addition to the authority granted to the commissioner under Section 18347.
(Amended by Stats. 1996, Ch. 1064, Sec. 615. Effective January 1, 1997. Operative July 1, 1997.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 1 - General Provisions › Section 18661.

18661. Each application filed with the commissioner under this chapter or under any rule or order issued under this chapter shall be in the form, shall contain the information, shall be signed in the manner, and shall (if the commissioner requires by rule or order) be verified in the manner that the commissioner may by rule or order require.
(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 1 - General Provisions › Section 18662.

18662. (a) Each foreign (other state) industrial loan company that maintains a facility or a California branch office shall file with the commissioner such reports as and when the commissioner may by rule or order require.
(b) Each report filed with the commissioner under this chapter or under any rule or order issued under this chapter shall be in the form, shall contain the information, shall be signed in the manner, and shall (if the commissioner so requires by rule or order) be verified in the manner that the commissioner may by rule or order require.
(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 1 - General Provisions › Section 18663.

18663. Each foreign (other state) industrial loan company that maintains a facility or a California branch office shall make, keep, and preserve at the facility or branch office or at another place that the commissioner may by rule or order approve, the books, accounts, and other records relating to the business of the office, in the form, in the manner, and for the time that the commissioner may by rule or order provide.
(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 1 - General Provisions › Section 18664.

18664. Fees shall be paid to, and collected by, the commissioner as follows:
(a) Each foreign (other state) industrial loan company that on July 1 of any year maintains a California branch office shall pay, on or before December 20 of that year, the assessment levied under Section 18351.
(b) Each foreign (other state) industrial loan company that on June 1 of any year maintains a facility but no California branch office shall pay, on or before the following July 1, a fee of two hundred fifty dollars ($250) for each facility.
(c) If the commissioner makes an examination of a foreign (other state) industrial loan company that maintains a California branch office, the industrial loan company shall pay a fee for the examination in the sum of fifty dollars ($50) per hour for each examiner engaged in the examination plus, if in the opinion of the commissioner it is necessary for any examiner engaged in the examination to travel outside this state, the travel expenses of the examiner.
(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 1 - General Provisions › Section 18665.

18665. (a) Any foreign (other state) industrial loan company is exempted from the restrictions of Section 1 of Article XV of the California Constitution relating to rates of interest upon the loan or forbearance of any money, goods, or things in action or on accounts after demand.
(b) This section does not exempt a foreign (other state) industrial loan company or any subsidiary, as defined in Section 189 of the Corporations Code, from complying with all other laws and regulations governing the business in which the industrial loan company or subsidiary is engaged.
(c) This section creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV of the California Constitution.
(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 1 - General Provisions › Section 18666.

18666. The commissioner is authorized to adopt rules to implement this chapter similar to regulations adopted by the Superintendent of Banks under similar provisions of law contained in Division 1 (commencing with Section 99), and for the same or similar reasons regulations are adopted by the Superintendent of Banks. The authority granted to the commissioner by this section is in addition to the authority granted to the commissioner under Section 18347.
(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 2 - Facilities of Insured Foreign (Other State) Industrial Loan Companies › Section 18670.

18670. No provision of this article applies to an insured foreign (other state) industrial loan company that maintains a California branch office.
(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 2 - Facilities of Insured Foreign (Other State) Industrial Loan Companies › Section 18671.

18671. (a) No foreign (other state) industrial loan company may establish or maintain an office in this state at which it engages in noncore industrial loan company business unless the industrial loan company complies with this article and applicable provisions of Article 1 (commencing with Section 18660).
(b) (1) No person may establish or maintain an office in this state as representative of an insured foreign (other state) industrial loan company unless the industrial loan company complies with this article and applicable provisions of Article 1 (commencing with Section 18660).
(2) For purposes of this article, if any person establishes or maintains an office in this state as representative of an insured foreign (other state) industrial loan company, the insured foreign (other state) industrial loan company is deemed to establish and maintain the office as a facility.
(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 2 - Facilities of Insured Foreign (Other State) Industrial Loan Companies › Section 18672.

18672. Not less than 30 days before an insured foreign (other state) industrial loan company establishes a facility, it shall file with the commissioner a report and the appointment called for in Section 18673.
(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 2 - Facilities of Insured Foreign (Other State) Industrial Loan Companies › Section 18673.

18673. (a) Not less than 30 days before establishing a facility, an insured foreign (other state) industrial loan company shall file with the commissioner, in the form that the commissioner may by rule or order require, an appointment irrevocably appointing the commissioner and the commissioner’s successor from time to time in office to be the industrial loan company’s attorney to receive service of any lawful process in any noncriminal judicial or administrative proceeding against the industrial loan company or any of its successors that arises out of the activities in this state of the facility after the appointment has been filed, with the same force and validity as if served personally on the industrial loan company or its successors, as the case may be.
(b) Any insured foreign (other state) industrial loan company that maintains a facility and that has not filed with the commissioner an appointment pursuant to subdivision (a) is deemed by the maintenance of the facility to have appointed the commissioner as its attorney to receive service of any lawful process in any noncriminal judicial or administrative proceeding against the industrial loan company or any of its successors that arises out of the activities in this state of the facility, with the same force and validity as if served personally on the industrial loan company or its successor, as the case may be.
(c) Service may be made on an insured foreign (other state) industrial loan company that has appointed or is deemed to have appointed the commissioner as its attorney for service of process by leaving a copy of the process at any office of the commissioner. However, the service is not effective unless (1) the party making the service, who may be the commissioner, forthwith sends notice of the service and a copy of the process by registered or certified mail to the industrial loan company served at the last address on file with the commissioner for any of the industrial loan company’s offices in this state or at its head office, and (2) an affidavit of compliance with this subdivision by the party making the service is filed in the case on or before the return date, if any, or within any further time that the court, in the case of a judicial proceeding, or the administrative agency, in the case of an administrative proceeding, allows.
(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 2 - Facilities of Insured Foreign (Other State) Industrial Loan Companies › Section 18674.

18674. Not less than 30 days before an insured foreign (other state) industrial loan company relocates a facility, it shall file a report with the commissioner.
(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 2 - Facilities of Insured Foreign (Other State) Industrial Loan Companies › Section 18675.

18675. Not less than 30 days before an insured foreign (other state) industrial loan company closes a facility, it shall file a report with the commissioner.
(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 3 - California Branch Offices › Section 18680.

18680. No foreign (other state) industrial loan company may transact core business in this state except at a branch office established in accordance with federal law and the law of the domicile of the industrial loan company.
(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 3 - California Branch Offices › Section 18681.

18681. Section 18680 does not prohibit:
(a) Any foreign (other state) industrial loan company which does not maintain a California branch office from carrying on the activities described in subdivision (d) of Section 191 of the Corporations Code.
(b) Any foreign (other state) industrial loan company which does not maintain a California branch office from making in this state loans secured by liens on real property located in this state.
(c) Any foreign (other state) industrial loan company from having a California industrial loan company as its agent pursuant to Article 5 (commencing with Section 18700).
(Amended by Stats. 1996, Ch. 887, Sec. 55. Effective September 25, 1996.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 3 - California Branch Offices › Section 18682.

18682. No foreign (other state) industrial loan company may establish or maintain a California branch office unless it is qualified to transact intrastate business in this state under Chapter 21 (commencing with Section 2100) of Division 1 of Title 1 of the Corporations Code.
(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 3 - California Branch Offices › Section 18683.

18683. No foreign (other state) industrial loan company may establish or maintain a California branch office unless the industrial loan company is insured.
(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 3 - California Branch Offices › Section 18684.

18684. (a) (1) No foreign (other state) industrial loan company may merge as the surviving corporation (Section 148) with a California industrial loan company or California bank except that an insured foreign (other state) industrial loan company may do so in accordance with federal law, the law of the domicile of the foreign (other state) industrial loan company, this chapter, and Division 1.5 (commencing with Section 4800).
(2) No foreign (other state) industrial loan company may purchase the whole business unit of a California industrial loan company or California bank except that an insured foreign (other state) industrial loan company may do so in accordance with federal law, the law of the domicile of the foreign (other state) industrial loan company, this chapter and Division 1.5 (commencing with Section 4800).
(3) No foreign (other state) industrial loan company that does not already maintain a California branch office may establish or maintain a California branch office except in the manner described in paragraph (1) or (2) and in accordance with federal law, the law of the domicile of the foreign (other state) industrial loan company and this chapter.
(b) This section constitutes:
(1) An election to permit early interstate merger transactions pursuant to Section 44(a)(3) of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1831u(a)(3)).
(2) An express prohibition against interstate branching through the acquisition of a branch business unit located in this state of a California industrial loan company or California bank (without acquisition of the whole business unit of the California industrial loan company or California bank) pursuant to Section 44(a)(4) of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1831u(a)(4)).
(3) An express prohibition against interstate branching through de novo establishment of California branch offices pursuant to Section 5155 of the Revised Statutes (12 U.S.C. Sec. 36) or Section 18(d) of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1828(d)).
(Amended by Stats. 1996, Ch. 887, Sec. 56. Effective September 25, 1996.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 3 - California Branch Offices › Section 18685.

18685. (a) No foreign (other state) industrial loan company that does not already maintain a California branch office may:
(1) Merge as the surviving corporation (Section 148) with a California industrial loan company or California bank pursuant to paragraph (1) of subdivision (a) of Section 18684 unless the California industrial loan company or California bank has been in existence for at least five years.
(2) Purchase the whole business unit, of a California industrial loan company or California bank pursuant to paragraph (2) of subdivision (a) of Section 18684 unless the California industrial loan company or California bank has been in existence for at least five years.
(b) For purposes of this section, a California industrial loan company or California bank that is established solely for the purpose of, and does not open for business prior to, acquiring the whole business unit of a second California industrial loan company or California bank through a merger or purchase is deemed to have been in existence for the same period of time as the second California industrial loan company or California bank.
(Amended by Stats. 1996, Ch. 887, Sec. 57. Effective September 25, 1996.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 3 - California Branch Offices › Section 18687.

18687. (a) No foreign (other state) industrial loan company that maintains a California branch office may transact at the branch office any business that it is not authorized to transact or is prohibited from transacting under the law of its domicile or that industrial loan companies organized and licensed under the laws of this state are not authorized to transact or are prohibited from transacting.
(b) Whenever any provision of this chapter or of any rule or order issued under this chapter which is applicable to or with respect to a foreign (other state) industrial loan company that maintains a California branch office is inconsistent with any provision of any other chapter of this division, the former provision applies, and the latter provision does not apply.
(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 4 - California Industrial Loan Company as Principal › Section 18690.

18690. Notwithstanding the provisions of Sections 18147 and 18165, a California industrial loan company may, with the prior approval of the commissioner and subject to any rules that the commissioner may prescribe, have an insured depository institution engage in authorized agency activities as its agent.
(Amended by Stats. 1996, Ch. 887, Sec. 59. Effective September 25, 1996.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 4 - California Industrial Loan Company as Principal › Section 18691.

18691. An application by a California industrial loan company for approval to have an insured depository institution engage in authorized agency activities as its agent shall be in the form, shall contain the information, shall be signed in the manner, and shall, if the commissioner requires by rule or order, be verified in the manner that the commissioner may, by rule or order, require.
(Amended by Stats. 1996, Ch. 887, Sec. 60. Effective September 25, 1996.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 4 - California Industrial Loan Company as Principal › Section 18692.

18692. An application by a California industrial loan company for approval to have an insured depository institution engage in authorized agency activities as its agent shall be accompanied by a filing fee of two hundred fifty dollars ($250).
(Amended by Stats. 1996, Ch. 887, Sec. 61. Effective September 25, 1996.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 4 - California Industrial Loan Company as Principal › Section 18693.

18693. In determining whether to approve or deny an application by a California industrial loan company for approval to have an insured depository institution engage in authorized agency activities as its agent, the commissioner shall consider both of the following:
(a) Whether the proposed agency arrangement is consistent with the safe and sound operation of the California industrial loan company.
(b) Any other factors that the commissioner deems relevant.
(Amended by Stats. 1996, Ch. 887, Sec. 62. Effective September 25, 1996.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 4 - California Industrial Loan Company as Principal › Section 18694.

18694. No California industrial loan company may have an insured depository institution conduct as its agent any activity that the California industrial loan company is prohibited from conducting itself.
(Amended by Stats. 1996, Ch. 887, Sec. 63. Effective September 25, 1996.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 4 - California Industrial Loan Company as Principal › Section 18695.

18695. No office of an insured depository institution that is performing authorized agency activities as agent for a California industrial loan company in accordance with this article shall, on that account, be deemed to be an office of the California industrial loan company.
(Amended by Stats. 1996, Ch. 887, Sec. 64. Effective September 25, 1996.)
2023 California Code › Financial Code - FIN › DIVISION 7 - INDUSTRIAL LOAN COMPANIES › CHAPTER 10 - Foreign (Other State) Industrial Loan Companies: Agency Activities › ARTICLE 4 - California Industrial Loan Company as Principal › Section 18696.

18696. If the commissioner finds that any activity performed by an insured depository institution as agent for a California industrial loan company is not an authorized agency activity or that the agency arrangement is inconsistent with safe and sound practices, the commissioner may order the California industrial loan company to terminate the agency arrangement.
(Amended by Stats. 1996, Ch. 887, Sec. 65. Effective September 25, 1996.)