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Financial Code - FIN - FIN § 1858
Financial Code - FIN - FIN § 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 contracted in good faith; and stock so purchased or acquired in corporations shall wit
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Financial Code - FIN - FIN § 18580
Financial Code - FIN - FIN § 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 its articles of incorporation and meet the requirements of this division as if it
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Financial Code - FIN - FIN § 18581
Financial Code - FIN - FIN § 18581
The articles of incorporation of any corporation organized under this division as a premium finance agency shall include reference to that fact.
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Financial Code - FIN - FIN § 18582
Financial Code - FIN - FIN § 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 which may be authorized under the provisions of this division.
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Financial Code - FIN - FIN § 18583
Financial Code - FIN - FIN § 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 capital stock required under this chapter.
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Financial Code - FIN - FIN § 18584
Financial Code - FIN - FIN § 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 to a premium finance agency for acceptance without the office of the producer the
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Financial Code - FIN - FIN § 18585
Financial Code - FIN - FIN § 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 agency or to insurance premium financing.
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Financial Code - FIN - FIN § 18586
Financial Code - FIN - FIN § 18586
The provisions of Sections 18023, 18024, 18120, 18205, 18268, 18269, 18271, 18272, 18274, and 18455 shall not apply to a premium finance agency.
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Financial Code - FIN - FIN § 18587
Financial Code - FIN - FIN § 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 connection with such loans if the provisions of this section are not used for t
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Financial Code - FIN - FIN § 18588
Financial Code - FIN - FIN § 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. Assignment of the premium finance agreement shall not cut off any defenses which t
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Financial Code - FIN - FIN § 18589
Financial Code - FIN - FIN § 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 a written statement of the dates and amounts of payment, and the total amount, i
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Financial Code - FIN - FIN § 1859
Financial Code - FIN - FIN § 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. Except such as is incidental and preliminary to its organization no corporation shall exe
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Financial Code - FIN - FIN § 18590
Financial Code - FIN - FIN § 18590
Upon payment of a loan in full the company upon request shall return the premium finance agreement marked “Paid” to the insured.
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Financial Code - FIN - FIN § 18591
Financial Code - FIN - FIN § 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, successors or assigns of the insured.
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Financial Code - FIN - FIN § 18592
Financial Code - FIN - FIN § 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 to the insurer, and shall be paid to the insurer, together with the balance of th
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Financial Code - FIN - FIN § 18593
Financial Code - FIN - FIN § 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 maintain a time deposit with a bank, savings and loan association, or comparable insti
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Financial Code - FIN - FIN § 18594
Financial Code - FIN - FIN § 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 subject to all of the provisions of this chapter in respect to such business, as
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Financial Code - FIN - FIN § 18595
Financial Code - FIN - FIN § 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.
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Financial Code - FIN - FIN § 18596
Financial Code - FIN - FIN § 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 finance charges, including interest paid or not paid on those investment certificat
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Financial Code - FIN - FIN § 186
Financial Code - FIN - FIN § 186
“Majority-owned subsidiary” has the meaning set forth for “subsidiary” in subdivision (a) of Section 189 of the Corporations Code.
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Financial Code - FIN - FIN § 1860
Financial Code - FIN - FIN § 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 the price of any such commodities. The license of any corporation violating this
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Financial Code - FIN - FIN § 18605
Financial Code - FIN - FIN § 18605
A premium finance agreement shall be in writing and the printed portion thereof shall be in at least eight-point type. The agreement shall set forth: 1. The names and addresses of the insured and the company, and the date of the agreement. 2. A description of the insurance contra
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Financial Code - FIN - FIN § 18606
Financial Code - FIN - FIN § 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 advanced or to be advanced under the agreement, has not been issued at the time
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Financial Code - FIN - FIN § 18607
Financial Code - FIN - FIN § 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 application for a loan is rejected or a copy of the agreement, thereby signifying accep
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Financial Code - FIN - FIN § 18608
Financial Code - FIN - FIN § 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 the terms thereof. (b) Upon the exercise of such a right to cancel, the company