In this chapter, unless the context otherwise requires: (a) âAuthorized agency activitiesâ means receiving deposits, renewing time deposits, closing loans, servicing loans, and receiving payments on loans and other obligations. âAuthorized agency activitiesâ includes ministerial functions such as providing loan applications, assembling documents, providing a location for returning documents necessary for making a loan, providing loan account information, receiving payments, disbursing loan funds, evaluating loan applications, and other activities that the commissioner may specify by order or regulation. However, âauthorized agency activitiesâ does not include any other activities that the commissioner may specify by order or regulation. (b) âInsured depository institutionâ means any bank, savings and loan association, savings association, savings bank, or industrial loan company the deposits of which are insured by the Federal Deposit Insurance Corporation. âInsured depository institutionâ includes any depository institution affiliate within the meaning of Section 18(r) of the Federal Deposit Insurance Act (12 U.S.C. Sec. 1828(r)).
‹ Prev All California sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.