“Guaranty corporation” means Thrift Guaranty Corporation of California which exists under the Nonprofit Mutual Benefit Corporation Law (Part 3 (commencing with Section 7110) of Division 2 of Title 1 of the Corporations Code).
Guarantee of Thrift AccountsDefinitions
Section § 18475
This law defines the term "Guaranty corporation" as the Thrift Guaranty Corporation of California. It operates under the Nonprofit Mutual Benefit Corporation Law.
Thrift Guaranty Corporation California Nonprofit Mutual Benefit Corporation
Section § 18476
This section defines two types of members related to industrial loan companies in California. A 'member' is any industrial loan company that must be part of the Guaranty Corporation. A 'special member' is a type of member that has its savings obligations insured by federal entities like the FDIC or other approved insurers.
(a)CA Financial Code § 18476(a) “Member” means an industrial loan company required by Section 18100.5 to be a member of Guaranty Corporation. “Member” includes “special member” except where the term “special member” is used in the same section of this chapter.
(b)CA Financial Code § 18476(b) “Special member” means a member whose thrift obligations are insured by the Federal Deposit Insurance Corporation or by the Federal Savings and Loan Insurance Corporation or, subject to any rules promulgated by the commissioner, by a private insurer, surety or guarantee corporation acceptable to and approved
by the commissioner.
industrial loan company Guaranty Corporation special member
Section § 18477
In simple terms, this law defines what "thrift obligations" are. It refers to the money people have invested in investment or thrift certificates and any interest that has accumulated until the commissioner takes control of the member's property and business, or the member files for bankruptcy, whichever comes first.
“Thrift obligations” as used in this chapter include principal invested in investment or thrift certificates however evidenced, and unpaid interest thereon accrued as of the last interest accrual date prior to the date the commissioner takes possession of the property and business of a member or the date such member is the subject of an order for relief in bankruptcy, whichever occurs sooner.
thrift obligations investment certificates thrift certificates
Section § 18478
This section defines the term 'Fund' as referring to the Guaranty Corporation Fund, which is established according to another legal section, specifically Section 18535.
“Fund” means the Guaranty Corporation Fund established pursuant to Section 18535.
Guaranty Corporation Fund Fund definition Section 18535
Section § 18479
This section explains that a 'capital contribution' refers to the investment amount that each member of a corporation must keep in accordance with another specific section, Section 18535.
“Capital contribution” means the amount each member is required to maintain as an investment in the corporation pursuant to Section 18535.
capital contribution member investment corporation investment
Section § 18480
A 'member account' refers to the sum of all contributions and credits a member has added to their account, minus any deductions that apply to them.
“Member account” means the total of all amounts credited to a member for paid-in capital contributions, and other credits, net of any charges to that participating member.
member account paid-in capital contributions account credits
Section § 18481
A "guaranteed investment certificate" refers to a financial product offered by a thrift institution that is backed by Guaranty Corporation, following the guidelines in Section 18523.
“Guaranteed investment certificate” means a thrift obligation guaranteed by Guaranty Corporation pursuant to Section 18523.
guaranteed investment certificate thrift obligation Guaranty Corporation
