A director, officer, or employee of an industrial loan company, its holding company, or its affiliates who concurs in any vote or act by which it is intended to make a loan or purchase a contract in violation of this division, is guilty of a misdemeanor.

(Amended by Stats. 1980, Ch. 418, Sec. 11.)

Terms Used In California Financial Code 18450

  • company: as used in this division means a premium finance agency as defined in Section 18560. See California Financial Code 18003
  • Contract: A legal written agreement that becomes binding when signed.
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