California Financial Code 18130 – The capital stock of an industrial loan company incorporated under …
The capital stock of an industrial loan company incorporated under this division shall not be less than:
(a) Five hundred thousand dollars ($500,000), if incorporated or commencing business on or before July 8, 1975.
Terms Used In California Financial Code 18130
- Capital: as used in this division , consists of all of the following:
California Financial Code 18018
- Capital Stock: as used in this division , means one-class voting common stock. See California Financial Code 18019
- company: as used in this division means a premium finance agency as defined in Section 18560. See California Financial Code 18003
(b) Seven hundred fifty thousand dollars ($750,000), and a paid-in surplus of five hundred thousand dollars ($500,000), at the time business is commenced, if incorporated or commencing business on or after July 9, 1975.
(c) Industrial loan companies which commenced business prior to July 9, 1975, and which do not meet the capital stock and paid-in surplus requirements of this section shall be governed until January 1, 1987, by Sections 18130, 18131, 18132, 18133, 18134, and 18135 of the Financial Code, as in effect on December 31, 1983.
(Amended by Stats. 1983, Ch. 858, Sec. 4.)