California Financial Code 18507 – In order to permit Guaranty Corporation to fulfill its obligations …
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In order to permit Guaranty Corporation to fulfill its obligations under this chapter, the commissioner shall furnish to Guaranty Corporation a list of all industrial loan companies that are not insured companies which have outstanding thrift obligations and one copy of the independent audit report on each such industrial loan company filed with him as of the preceding December 31 and not later than April 1 of each year.
(Amended by Stats. 1986, Ch. 1011, Sec. 5. Effective September 23, 1986.)
Terms Used In California Financial Code 18507
- 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.
- Thrift obligations: as used in this chapter include principal invested in investment or thrift certificates however evidenced, and unpaid interest thereon accrued as of the last interest accrual date prior to the date the commissioner takes possession of the property and business of a member or the date such member is the subject of an order for relief in bankruptcy, whichever occurs sooner. See California Financial Code 18477