California Financial Code 18274 – The principal balances of loans made, or obligations purchased, by an …
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The principal balances of loans made, or obligations purchased, by an industrial loan company that has investment certificates outstanding, which loans or obligations are secured by unimproved real property, shall not in the aggregate exceed 5 percent of the company’s assets unless the commissioner consents to the taking of collateral to protect an existing jeopardized obligation.
(Amended by Stats. 1986, Ch. 296, Sec. 4.)
Terms Used In California Financial Code 18274
- company: as used in this division means a premium finance agency as defined in Section 18560. See California Financial Code 18003
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.