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Financial Code - FIN - FIN § 18510
Financial Code - FIN - FIN § 18510
The Board of Directors of Guaranty Corporation shall be composed of five members, at least two of which shall be public members. The five members shall be appointed by the commissioner. The commissioner shall consult with the President of Thrift Guaranty Corporation before making
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Financial Code - FIN - FIN § 18511
Financial Code - FIN - FIN § 18511
Guaranty Corporation shall establish a permanent office in this state.
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Financial Code - FIN - FIN § 18512
Financial Code - FIN - FIN § 18512
The commissioner may require Guaranty Corporation to obtain a bond, insurance, or reinsurance which provides additional protection against losses to its members’ thriftholders. The type, amount, and form of this protection is subject to the commissioner’s written approval.
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Financial Code - FIN - FIN § 1852
Financial Code - FIN - FIN § 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.
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Financial Code - FIN - FIN § 18520
Financial Code - FIN - FIN § 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, subject to the express limitations provided in this chapter.
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Financial Code - FIN - FIN § 18521.5
Financial Code - FIN - FIN § 18521.5
(a) Notwithstanding Section 18521 or 18100.5, until July 1, 1990, each industrial loan company, other than a premium finance agency, which has issued and has outstanding thrift obligations shall, as a condition of its authority to continue to conduct business under this division,
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Financial Code - FIN - FIN § 18521.6
Financial Code - FIN - FIN § 18521.6
No industrial loan company which fails to comply with the requirements of subdivision (b) of Section 18521.5 by June 30, 1990, may continue to sell and issue investment certificates beyond that date.
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Financial Code - FIN - FIN § 18523
Financial Code - FIN - FIN § 18523
The following described thrift obligations will be guaranteed by Guaranty Corporation in the amounts hereinafter set forth below: (a) Single ownership investment certificates. Funds owned by an individual and invested in the manner set forth below shall be added together and guar
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Financial Code - FIN - FIN § 18525
Financial Code - FIN - FIN § 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 contracts of guarantee or suretyship, incur liabilities, borrow money, lend money
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Financial Code - FIN - FIN § 1853
Financial Code - FIN - FIN § 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 operations, the business of banking and other financial operations in any dependency or
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Financial Code - FIN - FIN § 18535
Financial Code - FIN - FIN § 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 fund to become a member. (b) Whenever the commissioner finds that the controllin
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Financial Code - FIN - FIN § 18536
Financial Code - FIN - FIN § 18536
Guaranty Corporation shall send a written notice of assessment to each member assessed within 10 days after the levy of any assessment. Amounts assessed shall be paid to Guaranty Corporation by each member assessed not later than 90 days following written notice of assessment.
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Financial Code - FIN - FIN § 18538
Financial Code - FIN - FIN § 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 thereafter the rights and benefits of membership of such defaulting member in G
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Financial Code - FIN - FIN § 1854
Financial Code - FIN - FIN § 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. After the articles have been filed with the Secretary of State the corporation shall file with the com
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Financial Code - FIN - FIN § 1855
Financial Code - FIN - FIN § 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, notes, drafts, checks, bills of exchange, acceptances, including bankers’ acceptance
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Financial Code - FIN - FIN § 1856
Financial Code - FIN - FIN § 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 the business of banking, when 15 percent of its shareholders’ equity may be so in
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Financial Code - FIN - FIN § 18560
Financial Code - FIN - FIN § 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 sell investment certificates subject to the limitations set forth in Section 18596
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Financial Code - FIN - FIN § 18561
Financial Code - FIN - FIN § 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.
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Financial Code - FIN - FIN § 18562
Financial Code - FIN - FIN § 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.
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Financial Code - FIN - FIN § 18563
Financial Code - FIN - FIN § 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 pursuant to the terms of a premium finance agreement, wherein the insured has a
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Financial Code - FIN - FIN § 18564
Financial Code - FIN - FIN § 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 by the company to an insurer or producer in payment of premium on an insurance co
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Financial Code - FIN - FIN § 18565
Financial Code - FIN - FIN § 18565
As used in this chapter, “company” means a premium finance agency.
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Financial Code - FIN - FIN § 18566
Financial Code - FIN - FIN § 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.
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Financial Code - FIN - FIN § 18567
Financial Code - FIN - FIN § 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 of credit life insurance and attorney fees.
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Financial Code - FIN - FIN § 1857
Financial Code - FIN - FIN § 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 therewith, or which holds stock or certificates of ownership in corporations whi