California

Financial Code

3,323 sections, each with the official text and a plain-English explanation of what it means for you.

• § 18500 — Guaranty Corporation shall have authority to: (a) Borrow funds when necessary to effectuate the provisions of this chapter.
• § 18501 — The commissioner shall give prompt notice to Guaranty Corporation when the commissioner takes possession of the property and business of a member and shall give further prompt notice when the commissi
• § 18502 — Memberships issued by Guaranty Corporation shall be nontransferable and shall be exempt from the provisions of the Corporate Securities Law of 1968.
• § 18503 — The commissioner and the commissioner’s duly designated representatives may at any time investigate the affairs and examine the books, accounts, records and files used by Guaranty Corporation.
• § 18504 — Any member or industrial loan company making application to participate in Guaranty Corporation aggrieved by any action or decision of Guaranty Corporation may appeal to the commissioner within 30 day
• § 18505 — (a) After consultation with, and approval by, the Thrift Guaranty Corporation, the commissioner shall adopt rules and regulations regarding information to be given to holders of investment certificate
• § 18506 — No person shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner any statement
• § 18507 — In order to permit Guaranty Corporation to fulfill its obligations under this chapter, the commissioner shall furnish to Guaranty Corporation a list of all industrial loan companies that are not insur
• § 18508 — An industrial loan company or its successor shall not be entitled to receive a refund, return, withdrawal, or distribution of the amount in its member’s account or of any assessments paid by it except
• § 18509 — (a) Guaranty Corporation may elect to wind up and dissolve upon approval of the commissioner, the board, and the members in accordance with Section 8610 of the Corporations Code, after (1) each indust
• § 1851 — The provisions of Chapter 1 (commencing with Section 99) of Division 1 applicable to, or with respect to, banks shall apply to, or with respect to, as the case may be, corporations.
• § 18510 — The Board of Directors of Guaranty Corporation shall be composed of five members, at least two of which shall be public members.
• § 18511 — Guaranty Corporation shall establish a permanent office in this state.
• § 18512 — The commissioner may require Guaranty Corporation to obtain a bond, insurance, or reinsurance which provides additional protection against losses to its members’ thriftholders.
• § 1852 — When authorized by the previous written consent of the commissioner as provided by Chapter 3 (commencing with Section 1040) one or more persons may organize a corporation.
• § 18520 — It shall be the purpose of Guaranty Corporation to guarantee full payment of guaranteed accounts of members, exclusive of special members, up to fifty thousand dollars ($50,000) for each account, subj
• § 18521.5 — (a) Notwithstanding Section 18521 or 18100.
• § 18521.6 — No industrial loan company which fails to comply with the requirements of subdivision (b) of Section 18521.
• § 18523 — The following described thrift obligations will be guaranteed by Guaranty Corporation in the amounts hereinafter set forth below: (a) Single ownership investment certificates.
• § 18525 — Notwithstanding any other provision of this division, Guaranty Corporation, with the written consent of the commissioner, shall have the power to assume obligations, enter into contracts, including co
• § 1853 — The articles of a corporation shall provide that the purpose of the corporation is to engage in the business of international and foreign banking and other international and foreign financial operatio
• § 18535 — Guaranty Corporation shall establish and maintain a guarantee fund as follows: (a) Each new member, other than a new special member, shall pay one hundred thousand dollars ($100,000) to the guarantee
• § 18536 — Guaranty Corporation shall send a written notice of assessment to each member assessed within 10 days after the levy of any assessment.
• § 18538 — In the event any member fails to pay an assessment when due, Guaranty Corporation shall report such default in writing to the commissioner and the defaulting member within 24 hours of such default and
• § 1854 — The articles of incorporation shall be submitted to the commissioner for his or her approval before they are filed with the Secretary of State pursuant to the Corporations Code.
• § 1855 — Each corporation shall have power, under such rules and regulations as the commissioner may prescribe: (a) To purchase, sell, discount, and negotiate, with or without its endorsement or guaranty, note
• § 1856 — Except with the approval of the commissioner, no corporation shall invest in any one corporation an amount in excess of 10 percent of its own shareholders’ equity, except in a corporation engaged in t
• § 18560 — “Premium finance agency” means any industrial loan company incorporated under this division which, by the terms of its authority to engage in the industrial loan business, is permitted to issue or sel
• § 18561 — Such terms relating to insurance as are used in this chapter shall have the meaning ascribed to them in the Insurance Code and in the practices of the insurance business.
• § 18562 — As used in this chapter, “insured” means the person who has purchased or arranged to purchase an insurance contract and who enters into a premium finance agreement with a premium finance agency.
• § 18563 — As used in this chapter, “premium financing” means the activities of a company engaging in the business of advancing money directly or indirectly to an insurer or producer at the request of an insured
• § 18564 — As used in this chapter, “premium finance agreement” means a loan contract, note, agreement or obligation by which an insured agrees to pay to a company in installments the principal amount advanced b
• § 18565 — As used in this chapter, “company” means a premium finance agency.
• § 18566 — As used in this chapter, “principal balance” means the difference between the amount of the premium and fees charged by the insurer or producer and the downpayment on the premium.
• § 18567 — As used in this chapter, “finance charge” means any amount which the insured agrees to pay the company in excess of the premium and fees charged by the insurer or producer, and exclusive of the cost o
• § 1857 — No corporation shall purchase, own, or hold stock or certificates of ownership in any other corporation organized under this article or under the laws of any state which is in substantial competition
• § 1858 — Nothing contained in this article shall prevent corporations from purchasing and holding stock in any corporation where such purchase shall be necessary to prevent a loss upon a debt previously contra
• § 18580 — A premium finance agency desiring the full authority which may be conferred by this division, shall, in respect to any lending operations other than insurance premium financing, be required to amend i
• § 18581 — The articles of incorporation of any corporation organized under this division as a premium finance agency shall include reference to that fact.
• § 18582 — Capital stock of any premium finance agency shall not be less than seventy-five thousand dollars ($75,000) and need not exceed that sum regardless of the number of branch offices or business locations
• § 18583 — Before a premium finance agency commences business or opens a branch office or place of business, there must be paid in cash, for the benefit of the agency, 100 percent of the amount of the minimum ca
• § 18584 — An insurance premium finance agreement, as defined in Section 18564, may be prepared in the office of an insurance producer licensed by the Department of Insurance, and mailed or otherwise delivered t
• § 18585 — In the event of any conflict in the provisions of this chapter with the provisions of any other chapter in this division, the provisions of this chapter shall control with regard to a premium finance
• § 18586 — The provisions of Sections 18023, 18024, 18120, 18205, 18268, 18269, 18271, 18272, 18274, and 18455 shall not apply to a premium finance agency.
• § 18587 — The provisions of Sections 18607, 18625, and 18626 shall not apply to any bona fide loan with a principal amount of two thousand five hundred dollars ($2,500) or more or to a premium finance agency in
• § 18588 — Unless the insured has notice of the assignment of a premium finance agreement, payment thereunder by him to the last known assignee of the agreement shall be binding upon all subsequent assignees.
• § 18589 — At any time during the term of the premium finance agreement, but not later than one year after the last payment thereunder, the company shall upon written request of the insured, give or mail to him
• § 1859 — No corporation shall carry on any part of its business in the United States except such as, in the judgment of the commissioner, shall be incidental to its international or foreign business.
• § 18590 — Upon payment of a loan in full the company upon request shall return the premium finance agreement marked “Paid” to the insured.
• § 18591 — No filing of the premium finance agreement shall be necessary to perfect the validity of such agreement as a secured transaction as against creditors, subsequent purchasers, pledgees, encumbrances, su
• § 18592 — Any downpayment which is made and which is received by the company from the insured, or from the insurance producer on behalf of the insured, shall be held by the company in trust for and in transit t
• § 18593 — The downpayments received by the company under the provisions of Section 18592, may be held by the company in trust in a separate bank account or depository, or in lieu thereof, the company may mainta
• § 18594 — Any corporation organized as an industrial loan company other than a premium finance agency shall conduct any insurance premium financing business under the authority of this chapter and it shall be s
• § 18595 — A premium finance agency shall not incorporate the words “industrial loan company” in its corporate name, on its loan forms, or in its advertising.
• § 18596 — A premium finance company may issue or sell investment certificates only (a) to its customers directly in connection with the financing of premiums for those customers, provided that the aggregate fin
• § 186 — “Majority-owned subsidiary” has the meaning set forth for “subsidiary” in subdivision (a) of Section 189 of the Corporations Code.
• § 1860 — No corporation shall engage in commerce or trade in commodities except as specifically provided in this article, nor shall it either directly or indirectly control or fix or attempt to control or fix
• § 18605 — A premium finance agreement shall be in writing and the printed portion thereof shall be in at least eight-point type.
• § 18606 — A premium finance agreement shall not be executed by or on behalf of the insured when it contains any blank space to be filled in thereafter; however, if any insurance contract, premiums for which are
• § 18607 — Upon receipt of the loan form the company shall promptly mail to the insured at the address shown in the agreement, or deliver to the insured personally, either a notice to the effect that the applica
• § 18608 — (a) A premium finance agreement may contain a power of attorney or other authority enabling the company to cancel the insurance contract or contracts listed in the agreement in the event of default in
• § 18609 — All statutory, regulatory and contractual restrictions providing that the insured or the insurer shall not cancel the insurance contract unless the insured or the insurer first satisfies such restrict
• § 1861 — It shall be unlawful for any director, officer, agent, or employee of any corporation to use or to conspire to use the credit, the funds, or the power of the corporation to fix or control the price of
• § 18610 — The insurer within a reasonable time after the effective date of cancellation shall return whatever gross unearned premiums or accrued dividends are payable under the insurance contract to the company
• § 18611 — At the time of mailing the notice required by Section 18606 or 18608, the employee of the company who is doing the mailing shall prepare and sign an affidavit setting forth the following: (a) The name
• § 1862 — No corporation shall be organized without adequate shareholders’ equity.
• § 18625 — A premium finance agency shall not, except as otherwise provided by law, impose, take, receive, reserve or charge a finance charge which in the aggregate is greater than that which is permitted by thi
• § 18626 — A premium finance agency may, in a premium finance agreement, contract for, charge, receive, and collect a finance charge which shall not exceed in the aggregate: (a) Two percent per month on that par
• § 18627 — If the finance charge computed under Section 18626 is less than twenty-five dollars ($25), a minimum finance charge of twenty-five dollars ($25) may be imposed.
• § 18628 — The finance charge may be computed from the effective date of the insurance coverage, provided that the company shall pay the premium due the insurer, either: (a) Within 30 days from the effective dat
• § 18629 — Notwithstanding the provisions of any premium finance agreement to the contrary, any insured may pay the obligation in full at any time before maturity of the final installment.
• § 1863 — The provisions of Chapter 5 (commencing with Section 1100) (except the provisions of Section 1121) applicable to, or with respect to, banks shall apply to, or with respect to, as the case may be, corp
• § 18630 — In the event that the insurance policy or policies which are the subject of a premium finance agreement are canceled by the insured or by the insurer, for any cause, the insured shall be entitled to r
• § 18631 — (a) A premium finance agreement may provide for the payment of a default charge of one dollar ($1) to a maximum of 5 percent of the delinquent installment, in the event of a default for a period of no
• § 18634 — This article is applicable only to premium finance agencies.
• § 18635 — Whenever the interest or charges, or interest and charges deducted in advance exceed the maximum provided by this division, by reason of subsequent repayment of the loan, a new loan, refinancing, or o
• § 18636 — (a) As an alternative to the provisions of Section 18635, if a loan is repayable in substantially equal and consecutive monthly installments of principal and charges combined, the first of which is du
• § 18637 — If a loan contract made under Section 18636 is prepaid in full by cash, a new loan, refinancing or otherwise before the final installment date, the borrower shall receive a rebate of the portion of th
• § 18638 — A special rebate of precomputed charges shall be made if three or more, but not all, installments are prepaid in full at any one time either in one transaction or over a period of time on a loan made
• § 1864 — Any bank may invest in the shares of any corporation organized under the provisions of this article, but the aggregate amount of stock held in all corporations engaged in business of the kind describe
• § 18640 — A deferment charge may be charged and collected on a loan made under Section 18636 if the payment date of all wholly unpaid installments on which no default charge has been collected is deferred one o
• § 18642 — If the maturity of a loan made under Section 18636 is accelerated for any reason, the company shall make the same refund or credit as would be required if the loan contract was paid in full on the dat
• § 18643 — Notwithstanding any other provision of law not within this article, with respect to precomputed loans, premium finance agencies derive authority only from this article.
• § 1865 — (a) In this section, “foreign bank” means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, which e
• § 18650 — This chapter does not apply to any of the following transactions: (a) An acquisition of control of a California industrial loan company that requires the approval of the commissioner under Section 181
• § 18651 — Each application filed with the commissioner for an approval under this chapter shall be in the form, shall contain the information, shall be signed in the manner, and shall, if the commissioner requi
• § 18652 — The fee for filing with the commissioner an application for an approval under this chapter is four hundred dollars ($400).
• § 18653 — (a) The definitions that are set forth in or are applicable to Section 44 of the Federal Deposit Insurance Act (12 U.
• § 18654 — The commissioner is authorized to adopt rules to implement this chapter similar to regulations adopted under similar provisions of law contained in Chapter 21.
• § 1866 — Whenever it shall appear to the commissioner that any corporation has violated the provisions of its articles of incorporation or any law of this state, or is conducting its business in an unsafe or u
• § 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.
• § 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,
• § 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
• § 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
• § 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,
• § 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 forbear
• § 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 (commencin
• § 1867 — No corporation shall deposit any of its funds with any other moneyed corporation unless the other corporation has been nominated and designated as a depositary for the funds of the depositing corporat
• § 18670 — No provision of this article applies to an insured foreign (other state) industrial loan company that maintains a California branch office.
• § 18671 — (a) No foreign (other state) industrial loan company may establish or maintain an office in this state at which it engages in noncore industrial loan company business unless the industrial loan compan
• § 18672 — Not less than 30 days before an insured foreign (other state) industrial loan company establishes a facility, it shall file with the commissioner a report and the appointment called for in Section 186
• § 18673 — (a) Not less than 30 days before establishing a facility, an insured foreign (other state) industrial loan company shall file with the commissioner, in the form that the commissioner may by rule or or
• § 18674 — Not less than 30 days before an insured foreign (other state) industrial loan company relocates a facility, it shall file a report with the commissioner.
• § 18675 — Not less than 30 days before an insured foreign (other state) industrial loan company closes a facility, it shall file a report with the commissioner.
• § 1868 — No corporation shall be the holder of any shares of its own capital stock unless such stock shall have been taken to prevent loss upon a debt previously contracted in good faith, and stock so acquired
• § 18680 — No foreign (other state) industrial loan company may transact core business in this state except at a branch office established in accordance with federal law and the law of the domicile of the indust
• § 18681 — Section 18680 does not prohibit: (a) Any foreign (other state) industrial loan company which does not maintain a California branch office from carrying on the activities described in subdivision (d) o
• § 18682 — No foreign (other state) industrial loan company may establish or maintain a California branch office unless it is qualified to transact intrastate business in this state under Chapter 21 (commencing
• § 18683 — No foreign (other state) industrial loan company may establish or maintain a California branch office unless the industrial loan company is insured.
• § 18684 — (a) (1) No foreign (other state) industrial loan company may merge as the surviving corporation (Section 148) with a California industrial loan company or California bank except that an insured foreig
• § 18685 — (a) No foreign (other state) industrial loan company that does not already maintain a California branch office may: (1) Merge as the surviving corporation (Section 148) with a California industrial lo
• § 18687 — (a) No foreign (other state) industrial loan company that maintains a California branch office may transact at the branch office any business that it is not authorized to transact or is prohibited fro
• § 1869 — No corporation shall, either directly or indirectly, make any discount to any person for the purpose of enabling him to pay for or hold shares of its stock either subscribed for or purchased by him.
• § 18690 — Notwithstanding the provisions of Sections 18147 and 18165, a California industrial loan company may, with the prior approval of the commissioner and subject to any rules that the commissioner may pre
• § 18691 — An application by a California industrial loan company for approval to have an insured depository institution engage in authorized agency activities as its agent shall be in the form, shall contain th
• § 18692 — An application by a California industrial loan company for approval to have an insured depository institution engage in authorized agency activities as its agent shall be accompanied by a filing fee o
• § 18693 — In determining whether to approve or deny an application by a California industrial loan company for approval to have an insured depository institution engage in authorized agency activities as its ag
• § 18694 — No California industrial loan company may have an insured depository institution conduct as its agent any activity that the California industrial loan company is prohibited from conducting itself.
• § 18695 — No office of an insured depository institution that is performing authorized agency activities as agent for a California industrial loan company in accordance with this article shall, on that account,
• § 18696 — If the commissioner finds that any activity performed by an insured depository institution as agent for a California industrial loan company is not an authorized agency activity or that the agency arr
• § 18697 — This article does not apply to a California industrial loan company’s having an insured depository institution engage in authorized agency activities as its agent in any case other than a case where,
• § 187 — “Member of the public” means any person, except an agent, officer, or employee of the department acting within the scope of his or her agency, office, or employment.
• § 1870 — No corporation shall by any system of accounting or any device of bookkeeping, directly or indirectly enter any of its assets upon its books in the name of any other person, or under any title or desi
• § 18700 — Notwithstanding the provisions of Sections 18147 and 18165, a California industrial loan company may, with the prior approval of the commissioner and subject to any rules that the commissioner may pre
• § 18701 — An application by a California industrial loan company for approval to engage in authorized agency activities as agent for an insured depository institution shall be in the form, shall contain the inf
• § 18702 — An application by a California industrial loan company for approval to engage in authorized agency activities as agent for an insured depository institution shall be accompanied by a filing fee of two
• § 18703 — In determining whether to approve or deny an application by a California industrial loan company for approval to engage in authorized agency activities as agent for an insured depository institution,
• § 18704 — No California industrial loan company may conduct any activity as an agent for an insured depository institution that the California industrial loan company would be prohibited from conducting as a pr
• § 18705 — (a) No office of a California industrial loan company that conducts authorized agency activities as agent for an insured depository institution in accordance with this article shall, on that account,
• § 18706 — If the commissioner finds that any activities performed by a California industrial loan company as agent for an insured depository institution are not authorized agency activities or that the agency a
• § 18707 — This article does not apply to a California industrial loan company’s engaging in authorized agency activities as agent for an insured depository institution in any case other than a case where, but f
• § 1871 — Every corporation shall conform its methods of keeping its books and records to such orders in respect thereto as have been made and promulgated by the commissioner.
• § 1872 — Each official communication directed by the commissioner to a corporation or to any officer thereof, relating to an examination or investigation conducted by the department or containing suggestions o
• § 1873 — On or before the first day of February in each year, each corporation and every foreign corporation licensed by the commissioner to transact the business of such a corporation in this state, shall mak
• § 1874 — Every corporation and foreign corporation shall also make such other special reports to the commissioner as he or she may from time to time require, which shall be in such form and filed at such date
• § 1875 — If any corporation or foreign corporation shall fail to make any report required by this article on or before the day designated for the making thereof, or shall fail to include therein any matter req
• § 1876 — Every corporation shall hold a meeting of its stockholders annually upon a date fixed in its bylaws at its main office, or if its main office is to be located outside of this state, at its branch or o
• § 1877 — Every corporation shall keep at its main office, or if its main office is to be located outside of this state, at its branch or other office in this state, books containing the names of all stockholde
• § 1878 — Every corporation shall make reports to the commissioner at such times and in such form as the commissioner may require and is subject to examination by examiners appointed by the commissioner, to the
• § 1879 — No officer, director, clerk or other employee of any corporation, and no person in any way interested or concerned in the management of its affairs, shall as individuals discount, or directly or indir
• § 188 — “Money transmitter” means a person authorized pursuant to Chapter 3 (commencing with Section 2030) of Division 1.
• § 1880 — Every officer, director, clerk, employee, or agent of any corporation who embezzles, abstracts, or willfully misapplies any of the moneys, funds, credits, securities, evidence of indebtedness or asset
• § 1881 — Whoever being connected in any capacity with any corporation represents in any way that the State of California is liable for the payment of any bond or other obligation, or the interest thereon, issu
• § 1882 — No person shall act in this state as the representative of any foreign corporation in transacting the business described in this article as the business of a corporation unless such corporation shall
• § 1883 — Every foreign corporation before being licensed by the commissioner to transact in this state the business of a corporation, or any part thereof, shall subscribe and acknowledge and submit to the comm
• § 1884 — At the time the application certificate is first submitted to the commissioner, such corporation shall also submit a duly authenticated copy of its charter, or articles, and its bylaws.
• § 1885 — No foreign corporation shall transact in this state the business defined in this article or any part thereof, unless such corporation shall have: (a) Been authorized by its charter to carry on such bu
• § 1886 — When the commissioner shall have issued a license to any foreign corporation, it may engage in the business of a corporation of the kind authorized by this article at the location specified in the lic
• § 1887 — Every foreign corporation, before receiving a license to transact business in this state, shall deposit with the State Treasurer of the State of California upon authorization of the commissioner, in t
• § 1888 — The foreign corporation shall pay a license fee of five hundred dollars ($500).
• § 1889 — Every foreign corporation, duly licensed by the commissioner to transact in this state the business defined and authorized in this article, or any part thereof, shall within 30 days after the date of
• § 189 — (a) “National bank” or “national banking association” means a national banking association organized under the National Bank Act.
• § 1890 — Whenever the commissioner shall have revoked the license of any such foreign corporation and shall have taken the action to make such revocation effective, all the rights and privileges of the foreign
• § 1891 — Nothing in this division restricts the right of a state international or foreign banking or financing corporation to convert into an international or foreign banking or financing corporation organized
• § 1892 — An international or foreign banking or financing corporation organized under the laws of the United States may convert into a state international or foreign banking or financing corporation with the a
• § 1893 — Nothing in this division restricts the right of any one or more state international or foreign banking or financing corporations to merge into or consolidate with one or more international or foreign
• § 1894 — Nothing in this division restricts one or more international or foreign banking or financing corporations organized under the laws of the United States from merging into one or more state, internation
• § 1895 — Whenever a state international or foreign banking or financing corporation survives the merger of one or more international or foreign banking or financing corporations and the agreement for merger ha
• § 1896 — Whenever one or more state international or foreign banking or financing corporations and one or more international or foreign banking or financing corporations organized under the laws of the United
• § 1897 — Whenever an international or foreign banking or financing corporation organized under the laws of the United States converts into a state international or foreign banking or financing corporation, or
• § 19 — If any provision of this code, or its application to any person or circumstance, is held invalid, the remainder of the code, or the application of the provision to other persons or circumstances is no
• § 190 — “Officer” means: (a) When used with respect to a corporation, any person appointed or designated as an officer of the corporation by or pursuant to applicable law or the articles of incorporation or b
• § 1900 — Any bank may, with the consent of the commissioner, upon such conditions and under such regulations as the commissioner may prescribe, invest in the stock of one or more corporations organized under t
• § 1901 — Every bank investing in the capital stock of any corporation described in Section 1900 shall be required to furnish information concerning the condition of such corporation to the commissioner upon de
• § 1902 — Before any bank shall be permitted to purchase stock in any corporation described in Section 1900 the said corporation shall enter into an agreement or undertaking with the commissioner to restrict it
• § 1905 — Any bank may, with the consent of the commissioner, upon such conditions and under such regulations as the commissioner may prescribe, invest in the stock of one or more corporations organized under t
• § 191 — “Officers’ certificate” has the meaning set forth in Section 173 of the Corporations Code.
• § 1910 — Any bank may, with the consent of the commissioner, upon such conditions and under such regulations as the commissioner may prescribe, acquire and hold, directly or indirectly, the stock or other evid
• § 193 — “Resulting,” when used with respect to a corporation, means: (a) In the case of a consolidation, the corporation into which the constituent corporations are consolidated.
• § 195 — “ROCA supervisory rating” shall have the meaning set forth in Section 327.
• § 197 — “Savings association” includes a savings association, a savings and loan association, and a savings bank.
• § 199 — “Series,” when used with respect to shares, has the meaning set forth in Section 183 of the Corporations Code.
• § 2 — The provisions of this code insofar as they are substantially the same as existing statutory provisions relating to the same subject matter shall be construed as restatements and continuations, and no
• § 20 — The existence of corporations formed or existing on the date this code takes effect is not affected by the enactment of this code nor by any change in the requirements for the formation of corporation
• § 2000 — This division shall be known and may be cited as the Money Transmission Act.
• § 2001 — The Legislature finds and declares all of the following: (a) Money transmission businesses conduct a significant amount of business in this state and technological advances are occurring in the provis
• § 2002 — It is the intent of the Legislature that the provisions of this act accomplish all of the following: (a) Protect the interests of persons in this state who use money transmission services.
• § 2003 — For purposes of this division: (a) “Affiliate,” when used with respect to a specified person, means any person controlling, controlled by, or under common control with, that specified person, directly
• § 201 — “Shares” has the meaning set forth in Section 184 of the Corporations Code.
• § 2010 — This division does not apply to any of the following: (a) The United States or a department, agency, or instrumentality thereof, including any federal reserve bank and any federal home loan bank.
• § 2011 — (a) The commissioner may, by regulation or order, either unconditionally or upon specified terms and conditions or for specified periods, exempt from all or part of this division any person or transac
• § 203 — “Shareholder” has the meaning set forth in Section 185 of the Corporations Code.
• § 2030 — (a) A person shall not engage in the business of money transmission in this state, or advertise, solicit, or hold itself out as providing money transmission in this state, unless the person is license
• § 2031 — Only the following persons may apply for or be issued a license: (a) A corporation or limited liability company organized under the laws of this state.
• § 2032 — (a) An applicant for licensure under this division shall pay to the commissioner a nonrefundable fee of five thousand dollars ($5,000).
• § 2033 — (a) The commissioner may conduct an examination of the applicant and the applicant shall pay the reasonable cost of the examination.
• § 2034 — (a) Before any corporation or limited liability company is issued a license, the corporation or limited liability company shall file with the commissioner, in such form as the commissioner may by regu
• § 2035 — (a) No person shall, directly or indirectly, acquire control of a licensee unless the commissioner has first approved, in writing, the acquisition of control.
• § 2036 — The commissioner may impose on any authorization, approval, license, or order issued pursuant to this division any conditions that are necessary for the safety and soundness of the licensee, or reason
• § 2037 — (a) As security, each licensee shall deposit and thereafter maintain on deposit with the Treasurer cash in an amount not less than, or securities having a market value not less than, such amount as th
• § 2038 — Fees shall be paid to, and collected by, the commissioner, as follows: (a) The fee for filing an application for a license is five thousand dollars ($5,000), as provided in subdivision (a) of Section
• § 2039 — (a) The commissioner may, by order or regulation, grant exemptions from this section in cases in which the commissioner finds that the requirements of this section are not necessary or may be duplicat
• § 2040 — (a) Subject to subdivision (b), a licensee shall maintain at all times a tangible net worth of the greater of one hundred thousand dollars ($100,000) or 3 percent of total assets for the first one hun
• § 2041 — (a) A licensee shall conduct money transmission in California under its true name unless it has complied with Chapter 5 (commencing with Section 17900) of Part 3 of Division 7 of the Business and Prof
• § 2042 — (a) In addition to the fees provided in Section 2038, the commissioner shall levy an assessment each fiscal year, on a pro rata basis, on those licensees that at any time during the preceding calendar
• § 2043 — (a) On or before April 1, 2013, and annually thereafter, each licensee shall provide its agents under contract with training materials on recognizing elder or dependent adult financial abuse, and how
• § 205 — “State”: (a) When used with respect to a corporation, means a corporation that is organized under the laws of a state of the United States.
• § 2060 — (a) In this section, “remit” means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the license
• § 2061 — (a) No licensee shall appoint any person as an agent unless it has conducted a review of the proposed agent’s fitness to act as an agent and has determined that the proposed agent and any persons who
• § 2062 — A person may not provide money transmissions on behalf of a person not licensed or not exempt from licensure under this division.