(b) Subject to Section 18315, an industrial loan company that is a member of the Federal Deposit Insurance Corporation pursuant to Section 18521.5 may use the term “certificate of deposit” as defined in Section 18003.6 with respect to an investment certificate that does not authorize either of the following:

1. (1) Redemption prior to its maturity.
2. (2) Reduction of the interest rate payable thereon other than a variable interest rate.