LawWiki
HomeCodesSearchGlossaryAPIAbout
LawWiki

Plain English summaries of California law with zero-hallucination AI. Every summary is verified against official source text.

Product

  • Search
  • Codes
  • About

Legal

  • Privacy Policy
  • Terms of Service
  • Disclaimer

© 2026 LawWiki. All rights reserved.

HomeFinancial CodeDiv. 7Ch. 5Art. 1§ 18339 Industrial Loan Account Established

§ 18339 Industrial Loan Account Established

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

§ 18339 Industrial Loan Account Established

Key Takeaways

  • •There's a special account called the Industrial Loan Account in the state's money storage.
  • •All money and stuff related to industrial loan companies that was in another account (State Corporations Fund) gets moved to this new account.
  • •This includes money collected, things bought, and debts owed by the State Corporations Fund related to industrial loans.

Example

Imagine the state has a piggy bank called the State Corporations Fund where it keeps money from industrial loan companies.

Now, the state creates a new piggy bank called the Industrial Loan Account. All the money, toys (assets), and IOUs (liabilities) from the old piggy bank related to industrial loans are moved to the new one.

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

Official Source
View on CA.gov

§ 18339 Industrial Loan Account Established

As of the operative date of this section: (a) There is established an Industrial Loan Account in the Financial Institutions Fund in the State Treasury. (b) All money on deposit with the Treasurer in the State Corporations Fund that has been received or collected by the Commissioner of Financial Protection and Innovation under this division or any other law relating to industrial loan companies or the industrial loan business, all other assets of the State Corporations Fund that have been acquired by the Commissioner of Financial Protection and Innovation under this division or any other law relating to industrial loan companies or the industrial loan business, and all liabilities of the State Corporations Fund that have been incurred under this division or any other law relating to industrial loan companies or the industrial loan business shall be transferred to the Industrial Loan Account. (Amended by Stats. 2022, Ch. 452, Sec. 129. (SB 1498) Effective January 1, 2023.)

Last verified: January 23, 2026

Key Terms

Industrial Loan AccountFinancial Institutions FundState Corporations Fundindustrial loan companiesindustrial loan business

Related Statutes

  • § 18340 Industrial Loan Fund Deposits
  • § 18340.5 Industrial Loan Account Funding
  • § 18342 Industrial Loan Company Powers
  • § 18368 Commissioner Financial Institution Agreements
  • § 1532 Industrial Bank Account Renamed

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 18339.
View Official Source