California Financial Code 18703 – In determining whether to approve or deny an application by a …
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In determining whether to approve or deny an application by a California industrial loan company for approval to engage in authorized agency activities as agent for an insured depository institution, the commissioner shall consider both of the following factors:
(a) Whether the proposed agency arrangement is consistent with the safe and sound operation of the California industrial loan company.
Terms Used In California Financial Code 18703
- Authorized agency activities: includes ministerial functions such as providing loan applications, assembling documents, providing a location for returning documents necessary for making a loan, providing loan account information, receiving payments, disbursing loan funds, evaluating loan applications, and other activities that the commissioner may specify by rule or order. See California Financial Code 18660
- company: as used in this division means a premium finance agency as defined in Section 18560. See California Financial Code 18003
(b) Any other factors that the commissioner deems relevant.
(Amended by Stats. 1996, Ch. 887, Sec. 70. Effective September 25, 1996.)