Fin. Code, § 18449 · Chapter 6. Prohibited Practices and Penalties
Fin. Code, § 18449
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
Every director of an industrial loan company who:
(a) In the case of the fraudulent insolvency of such company, shall have participated in such fraud; or
(b) Willfully does any act as such director which is expressly forbidden by law or willfully omits to perform any duty imposed upon him as such director by law,
is guilty of a misdemeanor.
The insolvency of a company is deemed fraudulent for the purposes of this section, unless its affairs appear upon investigation to have been administered clearly, legally, and with the same care and diligence that agents receiving a compensation for their services are bound by law, to observe.
Notes and commentary — not statutory text
History
Added by Stats. 1976, Ch. 964.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FIN§ionNum=18449.
- Text hash
- sha256 54c42b2575ac91300e9cc99929fe3ae658d7528cf301e3d0766ee23f0aa63ef3
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.