§ 18500. — 18500. (Amended by Stats. 1985, Ch. 142, Sec. 18.)

California § 18500.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 7.: DIVISION 7. INDUSTRIAL LOAN COMPANIES
• Ch. 7.: CHAPTER 7. Guarantee of Thrift Accounts
• Art. 2.: ARTICLE 2. General

Text

Guaranty Corporation shall have authority to:
(a)
Borrow funds when necessary to effectuate the provisions of this chapter.
(b)
Make loans to, deposits in, purchase assets or securities of, assume liabilities of, or make contributions to any Guaranty Corporation member to minimize the deficiency payments that might be required under Article 2 (commencing with Section 18490).
(c)
Organize a new thrift company to assume the thrift
obligations and temporarily perform the functions of the closed company. The commissioner may waive any provision of the Industrial Loan Law necessary to enable Guaranty Corporation to organize a new thrift company.
(d)
Act as a conservator or receiver of a member company that the commissioner has taken possession of.
(e)
Guaranty Corporation may use the fund, or any portion of the fund, in exercising its authority.
(f)
Employ consultants, advisors, and others to assist Guaranty Corporation in fulfilling its obligations and objectives.

Legislative History

Amended by Stats. 1985, Ch. 142, Sec. 18. Effective July 1, 1985.