Any officer, director, employee, or agent of any company who abstracts or willfully misapplies any of the money, funds, or property of the industrial loan company, or willfully misapplies its credit, is guilty of a felony. Upon conviction, the court shall, in addition to any other punishment imposed, order the person to make full restitution to the industrial loan company. Nothing in this section shall be deemed or construed to repeal, amend, or impair any existing provision of law prescribing a punishment for such an offense.

(Added by Stats. 1990, Ch. 947, Sec. 5.)

Terms Used In California Financial Code 18457

  • company: as used in this division means a premium finance agency as defined in Section 18560. See California Financial Code 18003
  • Conviction: A judgement of guilt against a criminal defendant.
  • Person: includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind. See California Financial Code 18
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
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