§ 18420.2. — 18420.2. (Added by Stats. 1985, Ch. 140, Sec. 1.)

California § 18420.2.

• 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

The commissioner may, with ex parte approval of the court, sell all or any part of the company’s assets to another industrial loan company, to a bank, to a savings and loan association, to Guaranty Corporation, or to an instrumentality of the United States government. In like manner, the commissioner may borrow from Guaranty Corporation, an instrumentality of the United States government, or a private insurer which insures or guarantees the company’s investment certificates, any amount necessary to facilitate the assumption of investment certificate liabilities by a newly chartered or existing industrial loan company,
assigning any part or all of the assets of the company as security for that loan.

Legislative History

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