California Financial Code ARTICLE 1 - Definitions

• Section 18000.
  This division shall be known and may be cited as the “Industrial Loan Law,” the “Industrial Banking Law,” or the “Thrift and Loan Law.”(Amended by...
• Section 18001.
  The definitions given in this article govern the construction of this division unless the context otherwise requires.(Repealed and added by Stats. 1976, Ch. 964.)
• Section 18002.
  “Commissioner” means the Commissioner of Business Oversight.(Amended by Stats. 2013, Ch. 353, Sec. 64. (SB 820) Effective September 26, 2013. Operative July 1, 2013, by...
• Section 18002.5.
  “Department” means the Department of Business Oversight.(Amended by Stats. 2014, Ch. 401, Sec. 32. (AB 2763) Effective January 1, 2015.)
• Section 18003.
  “Industrial loan company,” “thrift and loan company,” or “company” as used in this division means a premium finance agency as defined in Section 18560. Notwithstanding...
• Section 18003.1.
  “Investment and loan” means an industrial loan company.(Added by Stats. 1990, Ch. 623, Sec. 2.)
• Section 18003.2.
  (a)Any reference in a provision of any statute or regulation of this state to an industrial loan company or a thrift and loan company means...
• Section 18003.5.
  (a) When used with respect to an industrial loan company, “insured” means an industrial loan company that is insured by the Federal Deposit Insurance Corporation under...
• Section 18003.6.
  “Certificate of deposit” as that term is used by an industrial loan company licensed under this division means an investment certificate representing the obligation of...
• Section 18003.7.
  “Demand deposit” means investment or thrift certificates in account, passbook, or certificate form which are redeemable and payable upon demand to the owner.(Added by Stats....
• Section 18004.
  “Borrower” means the person receiving the proceeds or benefits of a loan.(Repealed and added by Stats. 1976, Ch. 964.)
• Section 18005.
  “Consumer loan or consumer obligation” means a loan made to, or an obligation incurred by, a natural person in which the money loaned, or the...
• Section 18006.
  “Primarily secured by real property”, as used in this division, means the fair market value of the real property less prior encumbrances, at the time...
• Section 18007.
  “Charges”, as used in this division, include the aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses, and other forms of costs charged, contracted for, or...
• Section 18008.
  “Charges” also include any profit or advantage of any kind that any person may contract for, collect, receive, or in any manner obtain by a...
• Section 18009.
  “Principal amount”, as used in this division, means the net amount of money, credit, goods, or things in action received by the debtor or borrower...
• Section 18010.
  “Principal balance”, and “face amount” as used in this division, means the unpaid balance of a loan or other obligation.(Amended by Stats. 1979, Ch. 270.)
• Section 18011.
  “Affiliated company”, as used in this division, is a company under substantially the same management or control, directly or indirectly, as the industrial loan company.(Added...
• Section 18011.1.
  “Affiliate” means an affiliated company or a person who, directly or indirectly, controls over 10 percent of the voting stock of an industrial loan company.(Added...
• Section 18012.
  “Corporate Securities Law” means the Corporate Securities Law of 1968, Division 1 (commencing with Section 25000) of Title 4 of the Corporations Code.(Added by Stats....
• Section 18013.
  “Outstanding loans and obligations,” as used in this division, means total outstanding loans and obligations, including lease obligations, less unearned interest or charges, unearned discount,...
• Section 18014.
  “Obligation” as used in Sections 18265, 18271, 18272, and 18343 includes lease obligations as authorized by Section 18310.(Added by Stats. 1979, Ch. 911.)
• Section 18015.
  “Lease obligation” as used in this division, means a lease contract entered into by an industrial loan company as lessor.(Added by Stats. 1979, Ch. 911.)
• Section 18016.
  “Investment certificates ratio”, as used in this division, means the ratio of the aggregate sum of all of the outstanding investment certificates, exclusive of those...
• Section 18016.5.
  “Premium finance agency” has the meaning set forth in Section 18560.(Added by Stats. 1998, Ch. 827, Sec. 5. Effective January 1, 1999.)
• Section 18017.
  “Assets,” as used in this division, means all assets excluding intangibles.(Added by Stats. 1986, Ch. 680, Sec. 1.)
• Section 18018.
  “Capital,” as used in this division, consists of all of the following:(a) Capital stock.(b) Primary capital to the extent not included in capital stock.(c) Secondary capital.(Added by Stats....
• Section 18018.1.
  “Primary capital,” as used in this division, means the sum of common stock, perpetual preferred stock, capital surplus, undivided profits, capital reserves, and mandatory convertible...
• Section 18018.2.
  “Secondary capital,” as used in this division, means the sum of mandatory convertible debt that is not included in primary capital, limited life preferred stock,...
• Section 18018.3.
  “Perpetual preferred stock,” as used in this division, means a preferred stock that does not have a stated maturity date or that can not be...
• Section 18018.4.
  “Mandatory convertible debt,” as used in this division, means a subordinated debt instrument which requires the issuer to convert that instrument into common or perpetual...
• Section 18018.5.
  “Limited life preferred,” as used in this division, means preferred stock which has a maturity or which may be redeemed at the option of the...
• Section 18018.6.
  “Subordinated notes and debentures,” as used in this division, means an obligation other than an investment certificate obligation that:(a) Bears on its face, in boldface type...
• Section 18019.
  “Capital Stock,” as used in this division, means one-class voting common stock.(Added by Stats. 1989, Ch. 663, Sec. 2. Operative January 1, 1991, by Sec....

Last modified: October 22, 2018