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.

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

History

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).