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HomeFinancial CodeDiv. 7Ch. 1Art. 3§ 18041 Industrial Loan Property Sales

§ 18041 Industrial Loan Property Sales

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 18041 Industrial Loan Property Sales

This law says that if a company gets property (like land or buildings) in certain ways, they can't keep it for more than 5 years unless they get special permission. The company also has to follow rules about selling that property.

Key Takeaways

  • •Companies can't hold onto certain properties for more than 5 years without permission.
  • •They must follow rules when selling these properties.
  • •The rules are meant to keep things fair and business-like.

Example

A bank takes over a house because the owner couldn't pay their loan.

The bank has to sell that house within 5 years. If they want to keep it longer, they need to ask for permission first.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 18041 Industrial Loan Property Sales

(a) The commissioner may establish rules and regulations regarding the sale of any real property acquired pursuant to subdivision (a) or (b) of Section 18040, consistent with what constitutes sound business practices for industrial loan companies. (b) Real property acquired pursuant to subdivision (a) or (b) of Section 18040 shall not be held for a longer period than five years without the written consent of the commissioner. (Amended by Stats. 1984, Ch. 873, Sec. 1.)

Last verified: January 11, 2026

Key Terms

commissionerreal propertysound business practicesindustrial loan companieswritten consent

Related Statutes

  • § 18040 Industrial Loan Company Real Property
  • § 18043 Industrial Loan Property Conveyance
  • § 22100 Finance Lender Licensing Requirements
  • § 22100.5 Program Administrator Licensing
  • § 22101 Finance Lender License Application

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 18041.
View Official Source