California Financial Code 18594 – Any corporation organized as an industrial loan company other than a …
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Any corporation organized as an industrial loan company other than a premium finance agency shall conduct any insurance premium financing business under the authority of this chapter and it shall be subject to all of the provisions of this chapter in respect to such business, as if it were a premium finance agency.
(Amended by Stats. 1998, Ch. 827, Sec. 17. Effective January 1, 1999.)
Terms Used In California Financial Code 18594
- company: means a premium finance agency. See California Financial Code 18565
- 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.
- premium financing: means the activities of a company engaging in the business of advancing money directly or indirectly to an insurer or producer at the request of an insured pursuant to the terms of a premium finance agreement, wherein the insured has assigned the unearned premiums, accrued dividends or loss payments as security for such advancement in payment of premiums on insurance contracts only, and acquiring premium finance agreements, and does not include the financing of insurance contract premiums purchased in connection with the financing of goods and services. See California Financial Code 18563