Statutes, codes, and regulations
California Code Of Regulations
Title 10 - InvestmentChapter 1 - Commissioner of Business Oversight, Division of Financial InstitutionsSubchapter 40 - Industrial Loans
Article 15 - Premium Finance Agencies
Section 40.1701 - Deposits or Letters of Credit Pursuant to Section 18593 of the Financial Code

Cal. Code Regs. tit. 10 § 40.1701

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Current through Register 2024 Notice Reg. No. 52, December 27, 2024
Section 40.1701 - Deposits or Letters of Credit Pursuant to Section 18593 of the Financial Code

A premium finance agency that does not hold downpayments in a separate trust bank account shall maintain a time deposit, certificate of deposit or a letter or letters of credit pursuant to Section 18593 of the Financial Code. The amount of the deposits, certificates of deposits, or letters of credit shall be based upon the monthly average downpayment liability, unless the Commissioner for good cause, in writing, has found that a different amount of coverage would be in the public interest.

Cal. Code Regs. Tit. 10, § 40.1701

1. Change without regulatory effect renumbering former section 1286 to new section 40.1701 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 18593, Financial Code.

1. Change without regulatory effect renumbering former section 1286 to new section 40.1701 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).