(a) Any foreign (other state) industrial loan company is exempted from the restrictions of § 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 § 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.

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Terms Used In California Financial Code 18665

  • company: as used in this division means a premium finance agency as defined in Section 18560. See California Financial Code 18003
  • Forbearance: A means of handling a delinquent loan. A

(c) This section creates and authorizes an exempt class of persons pursuant to § 1 of Article XV of the California Constitution.

(Added by Stats. 1995, Ch. 479, Sec. 7. Effective October 2, 1995.)

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