California Financial Code ARTICLE 2 - General

• Section 18490.
  When the property and business of a member, other than a special member, has been liquidated or is in the process of liquidation by the...
• Section 18491.
  (a) When the property and business of a member, other than a special member, is being liquidated, the commissioner may direct Guaranty Corporation to pay each...
• Section 18493.
  Whenever it appears to the commissioner that Guaranty Corporation has:(a) Violated its articles of incorporation or any law of this state;(b) Not paid amounts as directed by...
• Section 18494.
  Whenever the commissioner has taken possession of the property and business of Guaranty Corporation, Guaranty Corporation within 10 days after such taking, if it deems...
• Section 18495.
  An appeal may be taken from the judgment of the court by the commissioner or by Guaranty Corporation in the manner provided by law for...
• Section 18496.
  (a) Guaranty Corporation shall have independent authority to approve membership, or suspend or revoke the right to participate in Guaranty Corporation by any member for cause...
• Section 18496.1.
  (a) A director, officer, employee, or agent of Thrift Guaranty Corporation shall be subject to liability for acts of fraud, willful misconduct, or reckless or criminal...
• Section 18497.
  Guaranty Corporation may invest its funds only in readily marketable securities as provided by rules of the commissioner.Upon request of the commissioner, Guaranty Corporation shall...
• Section 18498.
  Income from investments shall be recorded in an income account and be used to defray expenses of administration. Income from investments that exceeds an amount...
• Section 18499.
  Expenses of administration that exceed income from investments at year end shall be charged to members’ accounts. Each member’s account shall be charged ratably based...
• Section 18500.
  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...
• Section 18501.
  The commissioner shall give prompt notice to Guaranty Corporation when the commissioner takes possession of the property and business of a member and shall give...
• Section 18502.
  Memberships issued by Guaranty Corporation shall be nontransferable and shall be exempt from the provisions of the Corporate Securities Law of 1968.(Added by Stats. 1976,...
• Section 18503.
  The commissioner and the commissioner’s duly designated representatives may at any time investigate the affairs and examine the books, accounts, records and files used by...
• Section 18504.
  Any member or industrial loan company making application to participate in Guaranty Corporation aggrieved by any action or decision of Guaranty Corporation may appeal to...
• Section 18505.
  (a) After consultation with, and approval by, the Thrift Guaranty Corporation, the commissioner shall adopt rules and regulations regarding information to be given to holders of...
• Section 18506.
  No person shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any...
• Section 18507.
  In order to permit Guaranty Corporation to fulfill its obligations under this chapter, the commissioner shall furnish to Guaranty Corporation a list of all industrial...
• Section 18508.
  An industrial loan company or its successor shall not be entitled to receive a refund, return, withdrawal, or distribution of the amount in its member’s...
• Section 18509.
  (a) Guaranty Corporation may elect to wind up and dissolve upon approval of the commissioner, the board, and the members in accordance with Section 8610 of...
• Section 18510.
  The Board of Directors of Guaranty Corporation shall be composed of five members, at least two of which shall be public members. The five members...
• Section 18511.
  Guaranty Corporation shall establish a permanent office in this state.(Added by Stats. 1985, Ch. 142, Sec. 25. Effective July 1, 1985.)
• Section 18512.
  The commissioner may require Guaranty Corporation to obtain a bond, insurance, or reinsurance which provides additional protection against losses to its members’ thriftholders. The type,...

Last modified: October 22, 2018