Any director, officer, or employee of an industrial loan company, its holding company, or its affiliates who asks for or receives, or consents or agrees to receive any commission, emolument, or gratuity or any money, property, or thing of value for procuring or endeavoring to procure for any person any loan from such company, or the purchase or discount of any note, contract, or other obligation or property by such company, is guilty of a felony.
Cal. Fin. Code § 18445
Prohibited Practices and Penalties
Known as the Industrial Loan Law
The act spans §§ 18000–18707 (410 sections).
Amended by Stats. 1980, Ch. 418, Sec. 7.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.