Cal. Code Regs. tit. 10 § 40.1103

Current through Register 2024 Notice Reg. No. 43, October 25, 2024

Section 40.1103 - Sales to Certain Persons Prohibited

An industrial loan company shall not sell property securing a loan to any employee, officer, or director of such industrial loan company or affiliate of such industrial loan company, or to a relative of any of them. However, if an industrial loan company purchases such property it may be subsequently sold to a director, officer, or employee of the industrial loan company as provided in Section 18448 of the Financial Code. For purposes of Section 18448 evidence of current market value shall be maintained as required by Section 40.1101 of this Chapter..

Cal. Code Regs. Tit. 10, § 40.1103

1. Change without regulatory effect renumbering and amending former section 1225 to new section 40.1103 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).

Note: Authority cited: Section 18347, Financial Code. Reference: Section 18448, Financial Code.