Section 18321 - Receipt of demand deposits not authorized; use of term certificate of deposit(a) Nothing in this division authorizes an industrial loan company to receive demand deposits.(b) Subject to Section 18315, an industrial loan company that is a member of the Federal Deposit Insurance Corporation pursuant to Section 18521.5 may use the term "certificate of deposit" as defined in Section 18003.6 with respect to an investment certificate that does not authorize either of the following: (1) Redemption prior to its maturity.(2) Reduction of the interest rate payable thereon other than a variable interest rate.Amended 9/7/1999 (Bill Number: SB 248) (Chapter 345).