§ 18003 Premium Finance Agency Definitions

• •The terms 'industrial loan company', 'thrift and loan company', and 'company' are defined as a premium finance agency.
• •These definitions do not apply to industrial banks that are subject to Chapter 15.
• •The exemption overrides any other provisions in the chapter.

A small business uses a finance company to get a loan for new equipment, but the finance company is actually an industrial bank, so the special rules for premium finance agencies do not apply to it.

Because the finance company is an industrial bank governed by Chapter 15, the definitions and rules in this division do not affect the loan agreement.