A director, officer, or employee of an industrial loan company, its holding company, or its affiliates who concurs in any vote or act by which it is intended to make a loan or purchase a contract in violation of this division, is guilty of a misdemeanor.
Cal. Fin. Code § 18450
Prohibited Practices and Penalties
Known as the Industrial Loan Law
The act spans §§ 18000–18707 (410 sections).
Amended by Stats. 1980, Ch. 418, Sec. 11.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.