California Statutes
§ 18448. — 18448. (Amended by Stats. 1980, Ch. 418, Sec. 10.)
California § 18448.
JurisdictionCalifornia
Code FINFinancial Code - FIN
Div. 7.DIVISION 7. INDUSTRIAL LOAN COMPANIES
Ch. 6.CHAPTER 6. Prohibited Practices and Penalties
This text of California § 18448. (18448. (Amended by Stats. 1980, Ch. 418, Sec. 10.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Cal. Financial Code - FIN Code § 18448. (2026).
Text
No director, officer, stockholder, or employee of an industrial loan company, its holding company, or its affiliates shall purchase, directly or indirectly, or be interested in the purchase of, any of the company’s assets for an amount less than the then current market value thereof and any such purchase may not be made without the express approval of the board of directors of the company. Title and possession of assets shall not be transferred to the purchaser until full consideration in cash has been received by the industrial loan company. Every person violating this section shall be liable to the company for twice the market value of the assets so
purchased.
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Legislative History
Amended by Stats. 1980, Ch. 418, Sec. 10.
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Bluebook (online)
California § 18448., Counsel Stack Legal Research, https://law.counselstack.com/statute/ca/FIN/18448..