Cal. Code Regs. tit. 10 § 40.1302

Current through Register 2024 Notice Reg. No. 52, December 27, 2024

Section 40.1302 - Condensed Statement of Financial Condition

(a) Except as provided in subsection (e), the condensed statement of financial condition of an industrial loan company which is required to be distributed to certificate holders and posted pursuant to Section 18406 of the Financial Code shall be submitted to the Commissioner together with the annual audit report required by Section 18405(a) of the Financial Code. The condensed statement of financial condition (hereafter in this rule referred to as the "condensed statement") shall not be posted or distributed without the written consent of the Commissioner.

(b) The condensed statement shall be posted and distributed in accordance with Section 18406 of the Financial Code within 45 days after the written consent of the Commissioner has been obtained pursuant to subsection (a).

(c) The condensed statement to be posted shall (1) be printed or typed in bold face type not smaller than 10 point and (2) be captioned by a statement in bold face type not smaller than 24 point showing the name of the industrial loan company and the words "statement of financial condition as of (date)" or a caption of similar import.

(d) The furnishing of the condensed statement to the purchaser of an installment investment certificate at the time a passbook account is opened and at the time of the initial purchase of a full-paid investment certificate is compliance with Subdivision (b) of Section 18406 of the Financial Code.

(e) An industrial loan company may elect to prepare condensed statements on a quarterly or semi-annual basis by filing a written notice to that effect with the Commissioner, and upon such election being approved by the Commissioner. A company which elects to use quarterly or semi-annual condensed statements shall:

(1) Represent to the Commissioner that such quarterly or semi-annual statements shall be prepared upon a basis consistent with the audited financial statement for the close of its most recently completed fiscal year;

(2) Submit such condensed statements to the Commissioner prior to posting, distribution or other use, together with a copy of the company's balance sheet and profit and loss statement for the same period. Such quarterly or semi-annual condensed statements shall not be used without the written consent of the Commissioner;

(3) Continue to post, distribute and deliver in accordance with Section 18406 of the Financial Code on a quarterly or semi-annual basis, in accordance with its election, until such time as the Commissioner revokes such authorization or permits the modification or rescinding of such election by the company, and;

(4) Prepare, post, distribute and deliver such condensed quarterly or semi-annual statements in accordance with the requirements of Subdivisions (c), (d) and (f).

(f) The condensed statement shall be prepared in the following form and contain the information specified (items not applicable may be omitted):

(Name of Industrial Loan Company)

Condensed Statement of Condition as of December 31, ___
ASSETS:
	Cash..........................				$____
	Investments at Cost (Current
		Market Value ($________)..........................			____
	Receivables..........................			$____
	Less:
		Reserve for Losses..........................	$____
		Unearned Charges and Discount..........................	____
		Dealer Reserves and Withholds.........................	____	____	____
	Company Property (net of depreciation)..........................				____
	Real Property Held for Sale (net of depreciation and encumbrances).........................				____
	Other Tangible Assets..........................				____
	Intangible Assets..........................				____
		Total Assets..........................			$____
LIABILITIES AND NET WORTH
	Investment Certificates..........................				$____
	Notes payable- Parent or Affiliate..........................				____
	Notes Payable- Other..........................				____
	Other Liabilities..........................				____
		Total Liabilities..........................			____
		Net Worth..........................			____
		Total Liabilities and Net Worth..........................			$____
NET WORTH REPRESENTED BY:
	Capital Stock..........................				$____
	Paid-in Surplus..........................				____
	Earned Surplus..........................				____
		Net Worth..........................			$____

IF YOU DESIRE MORE DETAILED INFORMATION A COPY OF THE COMPANY'S AUDITED FINANCIAL STATEMENTS AS OF DECEMBER 31, ___, AND FOR THE PERIOD JANUARY 1, ___, TO DECEMBER 31, ___, IS AVAILABLE FOR YOUR INSPECTION IN ANY OF OUR COMPANY'S OFFICES DURING REGULAR BUSINESS HOURS.

Cal. Code Regs. Tit. 10, § 40.1302

1. Change without regulatory effect renumbering and amending former section 1252 to new section 40.1302 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).

Note: Authority cited: Section 18347, Financial Code. Reference: Section 18406, Financial Code.