California Financial Code 18505 – (a) After consultation with, and approval by, the Thrift …
(a) After consultation with, and approval by, the Thrift Guaranty Corporation, the commissioner shall adopt rules and regulations regarding information to be given to holders of investment certificates of industrial loan companies including, but not limited to, information containing any reference to a guarantee or insurance program of investment certificates, and the time and conditions for payments to the holders of investment certificates, in the event an industrial loan company is taken over by the commissioner. These regulations shall include the means for informing investment certificate holders of their rights.
(b) It is the intent of the Legislature that the commissioner authorize information which can be clearly understood by a typical investment certificate holder. In addition, the information may in no way imply that the State of California stands behind or is involved with any type of guarantee or insurance program for industrial loan companies investment certificate holders.
Terms Used In California Financial Code 18505
- company: as used in this division means a premium finance agency as defined in Section 18560. See California Financial Code 18003
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(c) These rules and regulations shall be adopted on an emergency basis within 60 days of the effective date of this section.
(Repealed and added by Stats. 1985, Ch. 142, Sec. 21.5. Effective July 1, 1985.)