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California Law (Last Updated: March 4, 2014) |
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Financial Code - FIN |
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Division 7. INDUSTRIAL LOAN COMPANIES |
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Chapter 3. Loans and Purchased Obligations |
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ARTICLE 5. Limitations and Regulations of Loans and Purchased Obligations |
Section 18265.
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An industrial loan company that has investment certificates outstanding shall not make any loan or purchase or discount any other obligation with a maturity of more than 60 months and 15 days unless all of the following conditions are met:
(a) The loan or other obligation is secured.
(b) The property, or collateral securing the loan or other obligation, is of a kind or class that has been declared eligible by regulation of the commissioner.
(c) The aggregate principal balance of such loans and other obligations outstanding with a remaining maturity of more than 60 months and 15 days at any time shall not exceed a percentage of the aggregate principal balance due on all loans and other obligations owing to the industrial loan company by rule of the commissioner.