CHAPTER 7. Guarantee of Thrift Accounts [18475. - 18538.]

Chapter 7 added by Stats. 1976, Ch. 964.

§§ 18475–18538 · 38 sections

1. ARTICLE 1. Definitions §§ 18475–18481 · 7 sections

   • § 18475 “Guaranty corporation” means Thrift Guaranty Corporation of California which exists under the Nonprofit Mutual Benefit Corporation Law (Part 3 (commencing with…
   • § 18476 (a) “Member” means an industrial loan company required by Section 18100.5 to be a member of Guaranty Corporation. “Member” includes “special member” except…
   • § 18477 “Thrift obligations” as used in this chapter include principal invested in investment or thrift certificates however evidenced, and unpaid interest thereon…
   • § 18478 “Fund” means the Guaranty Corporation Fund established pursuant to Section 18535.
   • § 18479 “Capital contribution” means the amount each member is required to maintain as an investment in the corporation pursuant to Section 18535.
   • § 18480 “Member account” means the total of all amounts credited to a member for paid-in capital contributions, and other credits, net of any charges to that…
   • § 18481 “Guaranteed investment certificate” means a thrift obligation guaranteed by Guaranty Corporation pursuant to Section 18523.
2. ARTICLE 2. General §§ 18490–18512 · 23 sections

   • § 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 commissioner and the…
   • § 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…
   • § 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…
   • § 18494 Whenever the commissioner has taken possession of the property and business of Guaranty Corporation, Guaranty Corporation within 10 days after such taking, if…
   • § 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 appeals from the…
   • § 18496 (a) Guaranty Corporation shall have independent authority to approve membership, or suspend or revoke the right to participate in Guaranty Corporation by any…
   • § 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…
   • § 18497 Guaranty Corporation may invest its funds only in readily marketable securities as provided by rules of the commissioner. Upon request of the commissioner,…
   • § 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…
   • § 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…
   • § 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,…
   • § 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…
   • § 18502 Memberships issued by Guaranty Corporation shall be nontransferable and shall be exempt from the provisions of the Corporate Securities Law of 1968.
   • § 18503 The commissioner and the commissioner’s duly designated representatives may at any time investigate the affairs and examine the books, accounts, records and…
   • § 18504 Any member or industrial loan company making application to participate in Guaranty Corporation aggrieved by any action or decision of Guaranty Corporation may…
   • § 18505 (a) After consultation with, and approval by, the Thrift Guaranty Corporation, the commissioner shall adopt rules and regulations regarding information to be…
   • § 18506 No person shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed,…
   • § 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…
   • § 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…
   • § 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 the…
   • § 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 shall be…
   • § 18511 Guaranty Corporation shall establish a permanent office in this state.
   • § 18512 The commissioner may require Guaranty Corporation to obtain a bond, insurance, or reinsurance which provides additional protection against losses to its…
3. ARTICLE 3. Purpose and Scope of Guaranty Corporation §§ 18520–18525 · 5 sections

   • § 18520 It shall be the purpose of Guaranty Corporation to guarantee full payment of guaranteed accounts of members, exclusive of special members, up to fifty thousand…
   • § 18521.5 (a) Notwithstanding Section 18521 or 18100.5, until July 1, 1990, each industrial loan company, other than a premium finance agency, which has issued and has…
   • § 18521.6 No industrial loan company which fails to comply with the requirements of subdivision (b) of Section 18521.5 by June 30, 1990, may continue to sell and issue…
   • § 18523 The following described thrift obligations will be guaranteed by Guaranty Corporation in the amounts hereinafter set forth below: (a) Single ownership…
   • § 18525 Notwithstanding any other provision of this division, Guaranty Corporation, with the written consent of the commissioner, shall have the power to assume…
4. ARTICLE 4. Assessments §§ 18535–18538 · 3 sections

   • § 18535 Guaranty Corporation shall establish and maintain a guarantee fund as follows: (a) Each new member, other than a new special member, shall pay one hundred…
   • § 18536 Guaranty Corporation shall send a written notice of assessment to each member assessed within 10 days after the levy of any assessment. Amounts assessed shall…
   • § 18538 In the event any member fails to pay an assessment when due, Guaranty Corporation shall report such default in writing to the commissioner and the defaulting…