California Code of Regulations
Title 10 - Investment
Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 40 - Industrial Loans
Article 3 - Books and Records
Section 40.301 - Books and Records: Standard for Keeping

Universal Citation: 10 CA Code of Regs 40.301
Current through Register 2024 Notice Reg. No. 38, September 20, 2024

An industrial loan company shall maintain its books, accounts and records in accordance with generally accepted accounting principles ("GAAP"), the regulations of the Commissioner or the FDIC, and good business practice. In the event that GAAP conflict with the regulations of the Commissioner or the FDIC, the regulations of the Commissioner and the FDIC take precedence over GAAP.

1. Change without regulatory effect renumbering former section 1133 to new section 40.301 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).

Note: Authority cited: Section 18347, Financial Code. Reference: Section 18029, Financial Code.

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