(a) For the purposes of this section, the following definitions are applicable: (1) âAccount holderâ includes, in the case of an investment certificate account, an investment certificate holder; in the case of a trust account, each trustor and beneficiary of the trust account; and, in the case of any other fiduciary account, each person who occupies, with respect to the account, a position which is similar to the position that a trustor or beneficiary occupies with respect to a trust account. (2) âIndustrial loan companyâ means any corporation which falls within the definitions of Sections 18003 and 18003.5. (3) âOrderâ means any approval, consent, authorization, permit, exemption, denial, prohibition, or requirement applicable to a specific case issued by the commissioner, including without limitation, any condition thereof. âOrderâ does not include any certificate of authority or license issued by the commissioner, but does include any condition of a license and any written agreement made by any person with the commissioner under this division. (4) âSubject person of an industrial loan companyâ means any director, officer, or employee of the industrial loan company, or any person who participates in the conduct of the business of the industrial loan company. However, âsubject person of an industrial loan companyâ does not include an individual who is a director, officer, or employee of a controlling person of an industrial loan company unless the individual is a director, officer, or employee of the industrial loan company or participates in the conduct of the industrial loan company. (5) âControlling personâ means a person who, directly or indirectly, controls an industrial loan company. (6) âViolationâ includes, without limitation, any act done, alone or with one or more persons, for or toward causing, bringing about, participation in, counseling, aiding or abetting a violation. (b) If, after notice and opportunity for hearing, the commissioner finds the following, the commissioner may issue an order suspending or removing a subject person of an industrial loan company from his or her office with the industrial loan company and prohibiting the subject person from further participating in any manner in the conduct of the business of the industrial loan company, except with the prior consent of the commissioner: (1) (A) That the subject person has violated any provision of this division or of any regulation or order issued under this division, or any provision of any other applicable law relating to the business of the industrial loan company; or (B) That the subject person has engaged or participated in any unsafe or unsound act with respect to the business of the industrial loan company; or (C) That the subject person has committed or engaged in any act which constitutes a breach of his or her fiduciary duty as a subject person; and (2) (A) That the industrial loan company has suffered or will probably suffer substantial financial loss or other damage by reason of that violation, act, or breach of fiduciary duty; or (B) That the interests of the industrial loan companyâs accountholders have been or are likely to be seriously prejudiced by reason of the violation, act, or breach of fiduciary duty; or (C) That the subject person has received financial gain by reason of that violation, act, or breach of fiduciary duty; and (3) That the violation, act, or breach of fiduciary duty is one involving personal dishonesty on the part of the subject person, or one which demonstrates a willful or continuing disregard for the safety or soundness of the industrial loan company. (c) If, after notice and opportunity for hearing, the commissioner finds the following, the commissioner may issue an order suspending or removing a subject person of an industrial loan company from his or her office with the industrial loan company and prohibiting the subject person from further participating in any manner in th
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