Section 18022.5 Of Article 2. General Provisions From California Financial Code >> Division 7. >> Chapter 1. >> Article 2.
18022.5
. An industrial loan company may organize, sponsor, operate,
control, or render investment advice to, an investment company, or
underwrite, distribute, or sell securities of any investment company
which has qualified to sell its securities in this state pursuant to
Part 2 (commencing with Section 25100) of Division 1, Title 4 of the
Corporations Code, if the officers and employees of the industrial
loan company who sell these securities meet such standards with
respect to training experience, and sales practices as established by
the Secretary of Business, Consumer Services, and Housing or the
secretary's designee. For the purpose of this section, "investment
company" means an investment company as defined in the Investment
Company Act of 1940 (15 U.S.C., Sec. 80a-1 et seq.).