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Industrial loan company - Wikipedia, the free encyclopedia An industrial loan company (ILC) or industrial bank is a financial institution in the United States that lends money, and may be owned by non-financial institutions. Though the bank itself would be heavily examined by the Federal Deposit Insurance Corporation and state regulators, a debate exists to allow parent companies such as Wal-Mart, which would remain unregulated by the financial regulators, to own such a bank. They are currently chartered by seven states, of which Utah and California have the most, other states permitting them include Colorado, Minnesota, Indiana, Hawaii, and Nevada. en.wikipedia.org /wiki/Industrial_Loan_Company   (249 words)

[No title]   (Site not responding. Last check: 2007-10-18) Industrial loan company, thrift and loan company, or company as used in this division means a premium finance agency as defined in Section 18560. Real property held by an industrial loan company shall be conveyed by an instrument under the corporate seal of the corporation, signed by the president or vice president, and the secretary... If an industrial loan company refers in any advertisement to rates of charge, discount, charges or costs of loans, those charges shall be stated fully and clearly in a manner as may be... www.iadvocate.net /CACode/133921_LawFiles.Htm   (1459 words)

[No title]   (Site not responding. Last check: 2007-10-18) Companies authorized to engage in the industrial loan business after the effective date of the act which added this section shall have the words industrial loan company, investment... An application for authority to engage in the industrial loan business shall be in such form and contain such information as the commissioner may require and shall be accompanied by a... An industrial loan company shall not reduce its capital stock to an amount less than is required by this article to be maintained by such company or less than any indebtedness of... www.iadvocate.net /CACode/133978_LawFiles.Htm   (977 words)

washingtonpost.com: Firms' Push to Enter Banking Wins Hill Support The Federal Reserve is worried that if the bills become law, companies that have full-service banks, such as Citigroup, might drop their regular bank charters and move their operations into their industrial loan companies to avoid Fed scrutiny, according to Fed sources. Merrill Lynch and Morgan Stanley, which have taken the lobbying lead on the issue, say industrial loan companies are adequately regulated by Utah state regulators and by federal regulators at the Federal Deposit Insurance Corp. FDIC Chairman Donald E. Powell and Utah Commissioner of Financial Institutions Ed Leary agree. The Federal Reserve is required to examine the financial health of the parent company to ensure that if the non-bank portion fails, it does not plunge the bank into financial problems that would pose a risk to the federal deposit insurance system and ultimately the taxpayer. www.washingtonpost.com /ac2/wp-dyn/A28446-2003May22?language=printer   (1707 words)

FDIC: Supervisory Insights - The FDIC's Supervision of Industrial Loan Companies Where a subsidiary of a bank holding company or financial holding company is regulated directly by another agency, GLBA directs the Federal Reserve to rely on work performed by that agency (the "functional regulator") to the extent practical for purposes of exercising its umbrella supervision responsibilities. Failed ILCs generally were small Thrift and Loan companies (except for Southern Pacific and Pacific Thrift and Loan) and, during a significant part of the period we are considering, were relative newcomers to federal supervision. A company controlling an institution that is not a BHCA bank is not required to register as a bank holding company with the Federal Reserve Board and, therefore, is not subject to regulation and supervision by the Federal Reserve Board. www.fdic.gov /regulations/examinations/supervisory/insights/industrial_loans.html   (4230 words)

[No title]   (Site not responding. Last check: 2007-10-18) An application by a California industrial loan company for approval to have an insured depository institution engage in authorized agency activities as its agent shall be in the... An application by a California industrial loan company for approval to have an insured depository institution engage in authorized agency activities as its agent shall be accompanied by... An application by a California industrial loan company for approval to engage in authorized agency activities as agent for an insured depository institution shall be in the form, shall... www.iadvocate.net /CACode/134299_LawFiles.Htm   (1060 words)

Iowa Code 2001: Section 536A.20 A licensed industrial loan company may act as an escrow agent with respect to real property that is mortgaged to the licensed industrial loan company, and may receive funds and make disbursements from escrowed funds in that capacity. The licensed industrial loan company shall be deemed to be acting in a fiduciary capacity with respect to these funds. A licensed industrial loan company which maintains such an escrow account, whether or not the mortgage has been assigned to a third person, shall deliver to the mortgagor a written summary of all transactions made with respect to the loan and escrow accounts during each calendar year. www.legis.state.ia.us /IACODE/2001/536A/20.html   (397 words)

Bank Report: Small Bank Holding Company, Industrial Loan Companies, Deposits by Courier Service Industrial loan companies, in general the only type of bank charter still available to commercial companies that seek to enter the banking business, pose an increasing risk to the deposit insurance fund and should be subject to increased regulation, the U.S. Government Accountability Office has recommended. Because small bank holding companies may, consistent with the policy statement, operate at a level of leverage that generally is inconsistent with the capital guidelines, the capital guidelines provide an exemption for small bank holding companies. The Federal Reserve is proposing to raise the small bank holding company asset size threshold from $150 million to $500 million and to amend the related qualitative criteria for determining eligibility as a small bank holding company for the purposes of the policy statement and the capital guidelines. www.nutter.com /publications_events.php?NewsID=171   (1538 words)

cd60-n2   (Site not responding. Last check: 2007-10-18) In contrast, state banks and industrial banks and similar institutions are "banks" within the meaning of section 1813(a)(1) and (2). Secondly, pursuant to this grant of authority, the statute purports only to address acquisitions of branches of a "California bank" or "California industrial loan company." A "California" bank is a state bank organized under the laws of California or a national bank with its main office in California. Similarly, it is not a California industrial loan company. www.occ.treas.gov /interp/nov/CD60-N2.htm   (621 words)

revrul81-37 An industrial loan company that fails to qualify for the exemption from personal holding company status provided by section 542(c)(6) of the Code may not qualify for the exemption provided by section 542(c)(2) for banks. Because of this loan, the taxpayer no longer met the requirements specified in section 542(c)(6) of the Code that a lending or finance company must satisfy to be exempt from personal holding company status. One of the requirements is that loans outstanding at any time during the taxable year to a shareholder owning, directly or indirectly, 10 percent or more in value of the outstanding stock of the company may not exceed $5,000 in principal amount. www.taxlinks.com /rulings/1981/revrul81-37.htm   (548 words)

The Morning News :: Business Page Industrial loan companies and industrial banks are FDIC-supervised financial institutions whose distinct features include the fact they can be owned by commercial firms that are not regulated by a federal banking agency. Wal-Mart spokesman Marty Heires said the company was not surprised by the amount of opposition its application has received. Wal-Mart says in its application that the industrial loan bank would not be open to the public or have branch offices. www.nwaonline.net /articles/2005/09/22/business/01wmbank.txt   (545 words)

Iowa Code 2001: Section 536A.12 If a board member of the industrial loan company has reason to believe any of the requirements of this subsection have not been complied with, the board member shall promptly report in writing such facts to the superintendent. If there is any doubt as to whether a change in the ownership of the outstanding shares is sufficient to result in control of the industrial loan company, or to effect a change in the control of the industrial loan company, such doubt shall be resolved in favor of reporting the facts to the superintendent. Notwithstanding the provisions of paragraph "a", a change of control is deemed to occur two years after the death of the majority shareholder, whether the shareholder's shares of the industrial loan company are held in a revocable trust or otherwise. www.legis.state.ia.us /IACODE/2001/536A/12.html   (374 words)

[No title]   (Site not responding. Last check: 2007-10-18) An industrial loan company may apply to the Corporations Commissioner for approval to increase its loans to 30% of a company's total assets. This bill would provide that an industrial loan company may apply to the commissioner for approval to increase this amount to 40%. Upon application to and approval by the commissioner, an industrial loan company may increase its loans to, or purchases of, obligations from persons who do not reside or have a place of business in this state not to exceed 40 percent, in the aggregate, of an industrial loan company's total assets. info.sen.ca.gov /pub/95-96/statute/ch_0101-0150/ch_110_st_1996_sb_1552   (317 words)

Iowa Code 2003: Section 536A.25   (Site not responding. Last check: 2007-10-18) An industrial loan company licensed under this chapter shall not make a loan of money or property to or guarantee the obligations of its directors or officers; or loan to any borrower, other than a subsidiary or affiliated corporation, more than twenty percent of its total capital, surplus, and undivided profits. A debt instrument sold by an industrial loan company which is not insured by the federal deposit insurance corporation, shall contain on its face a notice in bold print that the debt instrument is not insured or guaranteed by the federal deposit insurance corporation. Investments by an industrial loan company licensed under this chapter are subject to the provisions of section 524.901 as applied to state banks. www.legis.state.ia.us /IACODE/2003/536A/25.html   (217 words)

Industrial loan and 21st century company mortgage !   (Site not responding. Last check: 2007-10-18) We wish you a lot of prospect with receiving the internet industrial loan or sell mortgage note based loan, and learning the most of it, remember to let us know what more can we do for you. Generally, for home purchasers to accomplish the dream of home possession, few industrial loan online and motorcycle loans are available to investing in it, can be perplexing. In general, for home buyers to reach the American dream of house purchasing, numerous cyber industrial loan and california home interest loan rate lowest rate mortgage are accessible to putting money into it, could be confusing. www.lifeseek.co.uk /industrial-loan.html   (839 words)

[No title] In the event that records for loan accounts and installments sales contracts purchased are commingled in a regulated consumer lender's files, the regulated consumer lender shall have a system by which those records may be readily identified, one from the other. With respect to a regulated consumer loan, other than a revolving loan account, which is not precomputed, a regulated consumer lender shall compute finance charges on unpaid principal balances outstanding from time to time, for the actual time outstanding. The non-refundable loan processing fee permitted by W. Va. Code ' 46A-4-107(7) shall be included in the calculation of the loan finance charge as a prepaid finance charge and may be paid separately or withheld from the proceeds of the loan and financed, and such financing shall not constitute interest on interest. www.wvsos.com /csrdocs/wordDocs/106-04.doc   (1238 words)

U.S. Senate Committee on Banking, Housing, and Urban Affairs   (Site not responding. Last check: 2007-10-18) Powell has adamantly maintained that industrial loan companies are subject to the same oversight as other financial institutions, but the Fed said that no one currently has sufficient supervisory authority over their parents. Of particular note was the Fed's assertion that an industrial loan company failed in 1999 because of its connection to a commercial parent company. "Among the contributing factors in the failure of an FDIC-insured industrial loan company in 1999 were the unregulated borrowing and weakened capital position of the corporate owner of the ILC and the inability of any federal supervisor to examine the parent holding company to determine its financial strength," the letter said. banking.senate.gov /index.cfm?FuseAction=Articles.Detail&Article_id=26&Month=7&Year=2003   (1006 words)

[No title]   (Site not responding. Last check: 2007-10-18) An industrial loan company may, in addition to the sale of installment investment certificates with loans, sell or negotiate investment certificates either in certificates, or in... No company may have investment certificates outstanding with a person or related persons in an aggregate amount in excess of 20 percent of the unimpaired capital stock and surplus of... In no event shall an industrial loan company have outstanding at any time its investment certificates (exclusive of those hypothecated with the company issuing them) in an aggregate sum in excess... www.iadvocate.net /CACode/134070_LawFiles.Htm   (295 words)

Wal-Mart bank draws more congressional fire - Boston.com Industrial banks are state-chartered and state-regulated, and fall under the supervision of the Federal Deposit Insurance Corp. (FDIC). Commercial companies may own them because federal laws that bar non-financial companies from engaging in banking activities do not classify industrial banks as banks. But after the Federal Reserve raised concerns that commercial owners of industrial banks escape a level of federal bank supervision, those opposing Wal-Mart's bid began questioning whether that lack of full oversight could allow troubles within the company to bleed into the bank's business and disrupt the payments system. www.boston.com /news/nation/washington/articles/2006/03/20/wal_mart_bank_draws_more_congressional_fire   (619 words)

Industrial Bank Speech November 14, 2000   (Site not responding. Last check: 2007-10-18) Into this environment, a new concept was introduced by Arthur J. Morris, founder of the Morris Plan, the first industrial loan company licensed in California. Over time, industrial loan companies have grown to be more bank like, starting with optional FDIC insurance of industrial loan accounts in 1984. Industrial banks have gotten more sophisticated and like other financial institutions are going more into fee-based products. www.dfi.ca.gov /speeches/2000/speech111400.htm   (546 words)

What is an IB? A Utah-chartered industrial bank (IB) is an institution subject to the same regulatory oversight as a Utah-chartered commercial bank. As of March 17, 2004, Utah law* was amended to rename the industry from Industrial Loan Corporations (ILCs) to Industrial Banks. IBs offer a versatile depository charter for companies that are not permitted to, or that choose not to, become subject to the limitations of the Bank Holding Company Act or the Glass Steagall Act. www.dfi.state.ut.us /whatisIB.htm   (630 words)

Americansforwalmart.org-Home Industrial loan companies are state-chartered and regulated by the FDIC. The concept of a company establishing an industrial loan company is nothing new. Another 24 percent of company associates are covered by the plans of parents and spouses as well as plans offered by secondary employers and the military. americansforwalmart.org   (5938 words)

Arkansas News Bureau - Wal-Mart may gain entry into banking business The debate involves the combined provisions of two bills that would expand the reach of industrial loan companies, which are state-chartered, limited-purpose lending institutions. Industrial loan companies currently operate in the five states where they are chartered -- Utah, California, Nevada, Minnesota and Colorado. If the bills are approved, Wal-Mart could open banks in all 50 states by purchasing an industrial loan company in one of the states that allow them and then branching out, according to John Hall, a spokesman for the American Bankers Association. www.arkansasnews.com /archive/2003/06/16/35445.html   (710 words)

Title 7. Financial Institutions Act, Chapter 8. Industrial Banks (1) (a) An industrial bank may not accept as collateral, or be a purchaser of, shares of its own capital stock, unless taking the shares as collateral or purchasing them is necessary to prevent loss upon a debt previously contracted in good faith. The industrial bank may declare or pay a dividend only with the written permission of the commissioner until its surplus account reaches an amount prescribed by the commissioner in writing. An industrial bank may purchase, hold, and convey real estate, other than premises used in the conduct of its business, only for the purposes and in a manner prescribed by rule. www.code-co.com /utah/code/04/07-08.htm   (1614 words)

[No title] When the exemption was adopted in 1987, industrial loan companies, or ILCs, were mostly small, locally owned institutions that had only limited deposit-taking and lending powers, Greenspan said. Greenspan noted that General Motors, General Electric, Pitney Bowes and BMW are among the companies that now own industrial loan companies under the exemption. The exemption allows the corporate owners of these industrial loan companies to avoid the regulatory requirements that apply to corporate owners of other types of insured banks overseen by the Federal Reserve, said Greenspan. www.firstcoastnews.com /money/news-article.aspx?storyid=50484   (531 words)

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