California · Financial Code

FIN §18393: The commissioner shall, upon receipt of written notification by an industrial loan company that it intends to engage in or is engaging in transactions permitted under Section 18209, make an examinatio

What this law says, in plain English

The commissioner must examine an industrial loan company after receiving written notice that it intends to engage in or is engaging in permitted transactions under Section 18209.

Read the full statutory text

The commissioner shall, upon receipt of written notification by an industrial loan company that it intends to engage in or is engaging in transactions permitted under Section 18209, make an examination of the affairs and records of each such industrial loan company at least once each year. Such examination shall be made or performed unless such company notifies the commissioner of its election to discontinue such activity and gives evidence that it has disposed of all evidences of indebtedness arising from any such transactions.

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