If a loan is made or other thing is purchased or discounted in violation of Section 18271, 18272, 18273, 18274, or 18437, the officers, directors and shareholders of the industrial loan company, its holding company, or its affiliates participating therein or knowingly approving the same shall be personally liable for any loss suffered by the industrial loan company by reason thereof.
Cal. Fin. Code § 18438
Prohibited Practices and Penalties
Known as the Industrial Loan Law
The act spans §§ 18000–18707 (410 sections).
Amended by Stats. 1980, Ch. 418, Sec. 5.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.