§ 18415.5. — 18415.5. (Added by Stats. 1985, Ch. 140, Sec. 1.)

California § 18415.5.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 7.: DIVISION 7. INDUSTRIAL LOAN COMPANIES
• Ch. 5.: CHAPTER 5. Administration and Powers of the Commissioner
• Art. 4.: ARTICLE 4. Possession, Conservatorship, and Liquidation by the Commissioner

Text

Upon taking possession of the property and business of any industrial loan company, the commissioner shall give notice of that fact to all persons holding or having in their possession any assets of the company. The notice required by this section shall not be deemed to be a prerequisite to the taking of possession of the property and business of the industrial loan company. No person knowing of the taking, or who has been notified thereof, shall have a lien or charge upon any assets of the company for any payment, advance or clearance thereafter made, or for any liability thereafter incurred.
Notice is deemed given when the commissioner has either made personal service of the notice, or mailed the notice to the person by certified mail.

Legislative History

Added by Stats. 1985, Ch. 140, Sec. 1. Effective July 1, 1985.