California Code of Regulations › Title 10 - Investment › Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions › Subchapter 40 - Industrial Loans › Article 13 - Reports › Section 40.1302 - Condensed Statement of Financial Condition

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Except as provided in subsection (e), the
				  condensed statement of financial condition of an industrial loan company which
				  is required to be distributed to certificate holders and posted pursuant to
				  Section
				  18406 of
				  the Financial Code shall be submitted to the Commissioner together with the
				  annual audit report required by Section
				  18405(a)
				  of the Financial Code. The condensed statement of financial condition
				  (hereafter in this rule referred to as the "condensed statement") shall not be
				  posted or distributed without the written consent of the
				  Commissioner.
(b) The condensed
				  statement shall be posted and distributed in accordance with Section
				  18406 of
				  the Financial Code within 45 days after the written consent of the Commissioner
				  has been obtained pursuant to subsection (a).
(c) The condensed statement to be posted
				  shall (1) be printed or typed in bold face type not smaller than 10 point and
				  (2) be captioned by a statement in bold face type not smaller than 24 point
				  showing the name of the industrial loan company and the words "statement of
				  financial condition as of (
date
)" or a caption of
				  similar import.
(d) The furnishing
				  of the condensed statement to the purchaser of an installment investment
				  certificate at the time a passbook account is opened and at the time of the
				  initial purchase of a full-paid investment certificate is compliance with
				  Subdivision (b) of Section
				  18406 of
				  the Financial Code.
(e) An
				  industrial loan company may elect to prepare condensed statements on a
				  quarterly or semi-annual basis by filing a written notice to that effect with
				  the Commissioner, and upon such election being approved by the Commissioner. A
				  company which elects to use quarterly or semi-annual condensed statements
				  shall:
(1) Represent to the Commissioner that
				  such quarterly or semi-annual statements shall be prepared upon a basis
				  consistent with the audited financial statement for the close of its most
				  recently completed fiscal year;
(2)
				  Submit such condensed statements to the Commissioner prior to posting,
				  distribution or other use, together with a copy of the company's balance sheet
				  and profit and loss statement for the same period. Such quarterly or
				  semi-annual condensed statements shall not be used without the written consent
				  of the Commissioner;
(3) Continue
				  to post, distribute and deliver in accordance with Section
				  18406 of
				  the Financial Code on a quarterly or semi-annual basis, in accordance with its
				  election, until such time as the Commissioner revokes such authorization or
				  permits the modification or rescinding of such election by the company,
				  and;
(4) Prepare, post, distribute
				  and deliver such condensed quarterly or semi-annual statements in accordance
				  with the requirements of Subdivisions (c), (d) and (f).