California · Financial Code
FIN §18500: Guaranty Corporation shall have authority to: (a) Borrow funds when necessary to effectuate the provisions of this chapter.
Read the full statutory text
Guaranty Corporation shall have authority to: (a) Borrow funds when necessary to effectuate the provisions of this chapter. (b) Make loans to, deposits in, purchase assets or securities of, assume liabilities of, or make contributions to any Guaranty Corporation member to minimize the deficiency payments that might be required under Article 2 (commencing with Section 18490). (c) Organize a new thrift company to assume the thrift obligations and temporarily perform the functions of the closed company. The commissioner may waive any provision of the Industrial Loan Law necessary to enable Guaranty Corporation to organize a new thrift company. (d) Act as a conservator or receiver of a member company that the commissioner has taken possession of. (e) Guaranty Corporation may use the fund, or any portion of the fund, in exercising its authority. (f) Employ consultants, advisors, and others to assist Guaranty Corporation in fulfilling its obligations and objectives.
Verify at the official source: California legislative text
Facing this? Know exactly what happens next.
MOFRD turns this code section into your situation: the deadlines that apply to you, the forms your county uses, and the resolution paths people in your position actually take. Free for 3 days — no card required.
This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.