§ 18130. — 18130. (Amended by Stats. 1983, Ch. 858, Sec. 4.)

California § 18130.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 7.: DIVISION 7. INDUSTRIAL LOAN COMPANIES
• Ch. 2.: CHAPTER 2. Formation and Organization
• Art. 3.: ARTICLE 3. Capitalization

Text

The capital stock of an industrial loan company incorporated under this division shall not be less than:
(a)
Five hundred thousand dollars ($500,000), if incorporated or commencing business on or before July 8, 1975.
(b)
Seven hundred fifty thousand dollars ($750,000), and a paid-in surplus of five hundred thousand dollars ($500,000), at the time business is commenced, if incorporated or commencing business on or after July 9, 1975.
(c)
Industrial loan companies
which commenced business prior to July 9, 1975, and which do not meet the capital stock and paid-in surplus requirements of this section shall be governed until January 1, 1987, by Sections 18130, 18131, 18132, 18133, 18134, and 18135 of the Financial Code, as in effect on December 31, 1983.

Legislative History

Amended by Stats. 1983, Ch. 858, Sec. 4.