Accounts charged-off on which the industrial loan company intends to pursue collection efforts or expects to realize further recoveries shall be posted to a control account. Charge-offs shall remain in the control account for as long as any recoveries are being made or contemplated.

Note: Authority cited: Section 18347, Financial Code. Reference: Section 18343, Financial Code.

History

1. Change without regulatory effect renumbering former section 1143 to new section 40.402 and adding new Note filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).