§ 40.1701. Deposits or Letters of Credit Pursuant to Section 18593 of the Financial Code.
10 CA ADC § 40.1701Barclays Official California Code of Regulations
10 CCR § 40.1701
§ 40.1701. Deposits or Letters of Credit Pursuant to Section 18593 of the Financial Code.
A premium finance agency that does not hold downpayments in a separate trust bank account shall maintain a time deposit, certificate of deposit or a letter or letters of credit pursuant to Section 18593 of the Financial Code. The amount of the deposits, certificates of deposits, or letters of credit shall be based upon the monthly average downpayment liability, unless the Commissioner for good cause, in writing, has found that a different amount of coverage would be in the public interest.
Credits
Note: Authority cited: Section 18347, Financial Code. Reference: Section 18593, Financial Code.
History
1. Change without regulatory effect renumbering former section 1286 to new section 40.1701 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).
This database is current through 4/26/24 Register 2024, No. 17.
Cal. Admin. Code tit. 10, § 40.1701, 10 CA ADC § 40.1701
| End of Document |