18660. In this chapter, unless the context otherwise requires:
(a) "Authorized agency activities" means issuing investment
certificates, renewing certificates of deposits, as defined in
Section 18003.6, closing loans, servicing loans, and receiving
payments on loans and other obligations. "Authorized agency
activities" includes ministerial functions such as providing loan
applications, assembling documents, providing a location for
returning documents necessary for making a loan, providing loan
account information, receiving payments, disbursing loan funds,
evaluating loan applications, and other activities that the
commissioner may specify by rule or order. However, "authorized
agency activities" does not include any other activities that the
commissioner may specify by rule or order.
(b) "Branch business unit" means all or substantially all of the
business of a branch office of an industrial loan company.
(c) "California":
(1) When used with respect to an industrial loan company, means a
corporation of the type described in Section 18003 organized and
licensed under the laws of this state.
(2) When used with respect to an office of an industrial loan
company, means an office which is located in this state.
(3) When used with respect to a bank or an office of a bank, has
the meaning set forth in subdivision (a) or (b) of Section 126.5.
(d) "Core business" means the business of issuing investment
certificates, making loans, and other activities that the
commissioner may specify by rule or order.
(e) "Depository institution affiliate" means a depository
institution affiliate within the meaning of Section 18(r) of the
Federal Deposit Insurance Act (18 U.S.C. Sec. 1828(r)).
(f) "Facility," when used with respect to a foreign (other state)
industrial loan company, means an office in this state at which the
industrial loan company engages in noncore business but at which it
does not engage in core business.
(g) "Foreign (other state) industrial loan company" means a
corporation of the type described in Section 18003 organized under
the laws of any state of the United States, as defined in Section
146.7, other than this state.
(h) "Insured":
(1) When used with respect to an industrial loan company, means an
industrial loan company, the investment certificates of which are
insured by the Federal Deposit Insurance Corporation under the
Federal Deposit Insurance Act (12 U.S.C. Sec. 1811 et seq.).
(2) When used with respect to an investment certificate or
deposit, means an investment certificate or deposit that is insured
by the Federal Deposit Insurance Corporation under the Federal
Deposit Insurance Act (12 U.S.C. Sec. 1811 et seq.).
(i) "Law of the domicile," when used with respect to an industrial
loan company, means the law of the state of the United States, as
defined in Section 146.7, under which the industrial loan company is
organized.
(j) "Noncore business" means all activities permissible for an
industrial loan company, except core business, and except those
activities prohibited by law or determined by the commissioner by
rule or order not to be noncore business.
(k) "Whole business unit" means all or substantially all of the
business of an industrial loan company.
18661. Each application filed with the commissioner under this
chapter or under any rule or order issued under this chapter shall be
in the form, shall contain the information, shall be signed in the
manner, and shall (if the commissioner requires by rule or order) be
verified in the manner that the commissioner may by rule or order
require.
18662. (a) Each foreign (other state) industrial loan company that
maintains a facility or a California branch office shall file with
the commissioner such reports as and when the commissioner may by
rule or order require.
(b) Each report filed with the commissioner under this chapter or
under any rule or order issued under this chapter shall be in the
form, shall contain the information, shall be signed in the manner,
and shall (if the commissioner so requires by rule or order) be
verified in the manner that the commissioner may by rule or order
require.
18663. Each foreign (other state) industrial loan company that
maintains a facility or a California branch office shall make, keep,
and preserve at the facility or branch office or at another place
that the commissioner may by rule or order approve, the books,
accounts, and other records relating to the business of the office,
in the form, in the manner, and for the time that the commissioner
may by rule or order provide.
18664. Fees shall be paid to, and collected by, the commissioner as
follows:
(a) Each foreign (other state) industrial loan company that on
July 1 of any year maintains a California branch office shall pay, on
or before December 20 of that year, the assessment levied under
Section 18351.
(b) Each foreign (other state) industrial loan company that on
June 1 of any year maintains a facility but no California branch
office shall pay, on or before the following July 1, a fee of two
hundred fifty dollars ($250) for each facility.
(c) If the commissioner makes an examination of a foreign (other
state) industrial loan company that maintains a California branch
office, the industrial loan company shall pay a fee for the
examination in the sum of fifty dollars ($50) per hour for each
examiner engaged in the examination plus, if in the opinion of the
commissioner it is necessary for any examiner engaged in the
examination to travel outside this state, the travel expenses of the
examiner.
18665. (a) Any foreign (other state) industrial loan company is
exempted from the restrictions of Section 1 of Article XV of the
California Constitution relating to rates of interest upon the loan
or forbearance of any money, goods, or things in action or on
accounts after demand.
(b) This section does not exempt a foreign (other state)
industrial loan company or any subsidiary, as defined in Section 189
of the Corporations Code, from complying with all other laws and
regulations governing the business in which the industrial loan
company or subsidiary is engaged.
(c) This section creates and authorizes an exempt class of persons
pursuant to Section 1 of Article XV of the California Constitution.
18666. The commissioner is authorized to adopt rules to implement
this chapter similar to regulations adopted by the Superintendent of
Banks under similar provisions of law contained in Division 1
(commencing with Section 99), and for the same or similar reasons
regulations are adopted by the Superintendent of Banks. The authority
granted to the commissioner by this section is in addition to the
authority granted to the commissioner under Section 18347.
18660. In this chapter, unless the context otherwise requires:
(a) "Authorized agency activities" means issuing investment
certificates, renewing certificates of deposits, as defined in
Section 18003.6, closing loans, servicing loans, and receiving
payments on loans and other obligations. "Authorized agency
activities" includes ministerial functions such as providing loan
applications, assembling documents, providing a location for
returning documents necessary for making a loan, providing loan
account information, receiving payments, disbursing loan funds,
evaluating loan applications, and other activities that the
commissioner may specify by rule or order. However, "authorized
agency activities" does not include any other activities that the
commissioner may specify by rule or order.
(b) "Branch business unit" means all or substantially all of the
business of a branch office of an industrial loan company.
(c) "California":
(1) When used with respect to an industrial loan company, means a
corporation of the type described in Section 18003 organized and
licensed under the laws of this state.
(2) When used with respect to an office of an industrial loan
company, means an office which is located in this state.
(3) When used with respect to a bank or an office of a bank, has
the meaning set forth in subdivision (a) or (b) of Section 126.5.
(d) "Core business" means the business of issuing investment
certificates, making loans, and other activities that the
commissioner may specify by rule or order.
(e) "Depository institution affiliate" means a depository
institution affiliate within the meaning of Section 18(r) of the
Federal Deposit Insurance Act (18 U.S.C. Sec. 1828(r)).
(f) "Facility," when used with respect to a foreign (other state)
industrial loan company, means an office in this state at which the
industrial loan company engages in noncore business but at which it
does not engage in core business.
(g) "Foreign (other state) industrial loan company" means a
corporation of the type described in Section 18003 organized under
the laws of any state of the United States, as defined in Section
146.7, other than this state.
(h) "Insured":
(1) When used with respect to an industrial loan company, means an
industrial loan company, the investment certificates of which are
insured by the Federal Deposit Insurance Corporation under the
Federal Deposit Insurance Act (12 U.S.C. Sec. 1811 et seq.).
(2) When used with respect to an investment certificate or
deposit, means an investment certificate or deposit that is insured
by the Federal Deposit Insurance Corporation under the Federal
Deposit Insurance Act (12 U.S.C. Sec. 1811 et seq.).
(i) "Law of the domicile," when used with respect to an industrial
loan company, means the law of the state of the United States, as
defined in Section 146.7, under which the industrial loan company is
organized.
(j) "Noncore business" means all activities permissible for an
industrial loan company, except core business, and except those
activities prohibited by law or determined by the commissioner by
rule or order not to be noncore business.
(k) "Whole business unit" means all or substantially all of the
business of an industrial loan company.
18661. Each application filed with the commissioner under this
chapter or under any rule or order issued under this chapter shall be
in the form, shall contain the information, shall be signed in the
manner, and shall (if the commissioner requires by rule or order) be
verified in the manner that the commissioner may by rule or order
require.
18662. (a) Each foreign (other state) industrial loan company that
maintains a facility or a California branch office shall file with
the commissioner such reports as and when the commissioner may by
rule or order require.
(b) Each report filed with the commissioner under this chapter or
under any rule or order issued under this chapter shall be in the
form, shall contain the information, shall be signed in the manner,
and shall (if the commissioner so requires by rule or order) be
verified in the manner that the commissioner may by rule or order
require.
18663. Each foreign (other state) industrial loan company that
maintains a facility or a California branch office shall make, keep,
and preserve at the facility or branch office or at another place
that the commissioner may by rule or order approve, the books,
accounts, and other records relating to the business of the office,
in the form, in the manner, and for the time that the commissioner
may by rule or order provide.
18664. Fees shall be paid to, and collected by, the commissioner as
follows:
(a) Each foreign (other state) industrial loan company that on
July 1 of any year maintains a California branch office shall pay, on
or before December 20 of that year, the assessment levied under
Section 18351.
(b) Each foreign (other state) industrial loan company that on
June 1 of any year maintains a facility but no California branch
office shall pay, on or before the following July 1, a fee of two
hundred fifty dollars ($250) for each facility.
(c) If the commissioner makes an examination of a foreign (other
state) industrial loan company that maintains a California branch
office, the industrial loan company shall pay a fee for the
examination in the sum of fifty dollars ($50) per hour for each
examiner engaged in the examination plus, if in the opinion of the
commissioner it is necessary for any examiner engaged in the
examination to travel outside this state, the travel expenses of the
examiner.
18665. (a) Any foreign (other state) industrial loan company is
exempted from the restrictions of Section 1 of Article XV of the
California Constitution relating to rates of interest upon the loan
or forbearance of any money, goods, or things in action or on
accounts after demand.
(b) This section does not exempt a foreign (other state)
industrial loan company or any subsidiary, as defined in Section 189
of the Corporations Code, from complying with all other laws and
regulations governing the business in which the industrial loan
company or subsidiary is engaged.
(c) This section creates and authorizes an exempt class of persons
pursuant to Section 1 of Article XV of the California Constitution.
18666. The commissioner is authorized to adopt rules to implement
this chapter similar to regulations adopted by the Superintendent of
Banks under similar provisions of law contained in Division 1
(commencing with Section 99), and for the same or similar reasons
regulations are adopted by the Superintendent of Banks. The authority
granted to the commissioner by this section is in addition to the
authority granted to the commissioner under Section 18347.
18660. In this chapter, unless the context otherwise requires:
(a) "Authorized agency activities" means issuing investment
certificates, renewing certificates of deposits, as defined in
Section 18003.6, closing loans, servicing loans, and receiving
payments on loans and other obligations. "Authorized agency
activities" includes ministerial functions such as providing loan
applications, assembling documents, providing a location for
returning documents necessary for making a loan, providing loan
account information, receiving payments, disbursing loan funds,
evaluating loan applications, and other activities that the
commissioner may specify by rule or order. However, "authorized
agency activities" does not include any other activities that the
commissioner may specify by rule or order.
(b) "Branch business unit" means all or substantially all of the
business of a branch office of an industrial loan company.
(c) "California":
(1) When used with respect to an industrial loan company, means a
corporation of the type described in Section 18003 organized and
licensed under the laws of this state.
(2) When used with respect to an office of an industrial loan
company, means an office which is located in this state.
(3) When used with respect to a bank or an office of a bank, has
the meaning set forth in subdivision (a) or (b) of Section 126.5.
(d) "Core business" means the business of issuing investment
certificates, making loans, and other activities that the
commissioner may specify by rule or order.
(e) "Depository institution affiliate" means a depository
institution affiliate within the meaning of Section 18(r) of the
Federal Deposit Insurance Act (18 U.S.C. Sec. 1828(r)).
(f) "Facility," when used with respect to a foreign (other state)
industrial loan company, means an office in this state at which the
industrial loan company engages in noncore business but at which it
does not engage in core business.
(g) "Foreign (other state) industrial loan company" means a
corporation of the type described in Section 18003 organized under
the laws of any state of the United States, as defined in Section
146.7, other than this state.
(h) "Insured":
(1) When used with respect to an industrial loan company, means an
industrial loan company, the investment certificates of which are
insured by the Federal Deposit Insurance Corporation under the
Federal Deposit Insurance Act (12 U.S.C. Sec. 1811 et seq.).
(2) When used with respect to an investment certificate or
deposit, means an investment certificate or deposit that is insured
by the Federal Deposit Insurance Corporation under the Federal
Deposit Insurance Act (12 U.S.C. Sec. 1811 et seq.).
(i) "Law of the domicile," when used with respect to an industrial
loan company, means the law of the state of the United States, as
defined in Section 146.7, under which the industrial loan company is
organized.
(j) "Noncore business" means all activities permissible for an
industrial loan company, except core business, and except those
activities prohibited by law or determined by the commissioner by
rule or order not to be noncore business.
(k) "Whole business unit" means all or substantially all of the
business of an industrial loan company.
18661. Each application filed with the commissioner under this
chapter or under any rule or order issued under this chapter shall be
in the form, shall contain the information, shall be signed in the
manner, and shall (if the commissioner requires by rule or order) be
verified in the manner that the commissioner may by rule or order
require.
18662. (a) Each foreign (other state) industrial loan company that
maintains a facility or a California branch office shall file with
the commissioner such reports as and when the commissioner may by
rule or order require.
(b) Each report filed with the commissioner under this chapter or
under any rule or order issued under this chapter shall be in the
form, shall contain the information, shall be signed in the manner,
and shall (if the commissioner so requires by rule or order) be
verified in the manner that the commissioner may by rule or order
require.
18663. Each foreign (other state) industrial loan company that
maintains a facility or a California branch office shall make, keep,
and preserve at the facility or branch office or at another place
that the commissioner may by rule or order approve, the books,
accounts, and other records relating to the business of the office,
in the form, in the manner, and for the time that the commissioner
may by rule or order provide.
18664. Fees shall be paid to, and collected by, the commissioner as
follows:
(a) Each foreign (other state) industrial loan company that on
July 1 of any year maintains a California branch office shall pay, on
or before December 20 of that year, the assessment levied under
Section 18351.
(b) Each foreign (other state) industrial loan company that on
June 1 of any year maintains a facility but no California branch
office shall pay, on or before the following July 1, a fee of two
hundred fifty dollars ($250) for each facility.
(c) If the commissioner makes an examination of a foreign (other
state) industrial loan company that maintains a California branch
office, the industrial loan company shall pay a fee for the
examination in the sum of fifty dollars ($50) per hour for each
examiner engaged in the examination plus, if in the opinion of the
commissioner it is necessary for any examiner engaged in the
examination to travel outside this state, the travel expenses of the
examiner.
18665. (a) Any foreign (other state) industrial loan company is
exempted from the restrictions of Section 1 of Article XV of the
California Constitution relating to rates of interest upon the loan
or forbearance of any money, goods, or things in action or on
accounts after demand.
(b) This section does not exempt a foreign (other state)
industrial loan company or any subsidiary, as defined in Section 189
of the Corporations Code, from complying with all other laws and
regulations governing the business in which the industrial loan
company or subsidiary is engaged.
(c) This section creates and authorizes an exempt class of persons
pursuant to Section 1 of Article XV of the California Constitution.
18666. The commissioner is authorized to adopt rules to implement
this chapter similar to regulations adopted by the Superintendent of
Banks under similar provisions of law contained in Division 1
(commencing with Section 99), and for the same or similar reasons
regulations are adopted by the Superintendent of Banks. The authority
granted to the commissioner by this section is in addition to the
authority granted to the commissioner under Section 18347.
