SECTIONS 7675 - California Statutes

FINANCIAL CODE

SECTION 7675

7675. (a) Pursuant to the authority contained in Section 1 of
Article XV of the California Constitution, the restrictions upon
rates of interest contained in Section 1 of Article XV of the
California Constitution shall not apply to any obligations of, loans
made or arranged by, or forbearances of, an association; a federal
association; a qualified foreign savings association; an entity that
is a savings and loan holding company; a subsidiary of a savings and
loan holding company that is not an association; or a service
corporation which is a subsidiary of an association, a federal
association, or a qualified foreign savings association. As used in
this section, the terms "savings and loan holding company" and
"subsidiary" mean a savings and loan holding company or a subsidiary,
as defined in Section 10 of the Home Owners Loan Act, as amended (12
U.S.C. Sec. 1467a), and the term "service corporation" means a
service corporation described in Section 5(c)(4)(B) of the Home
Owners' Loan Act of 1933 (12 U.S.C. Sec. 1464), as amended, or
Section 7252, or a wholly owned subsidiary referred to in Section
7300.
(b) Subdivision (a) creates and authorizes an exempt class of
persons pursuant to Section 1 of Article XV of the California
Constitution. Notwithstanding any other provision of law, subdivision
(a) does not exempt an association; a federal association; a foreign
savings association; a savings and loan holding company, a
subsidiary of a savings and loan holding company; a service
corporation which is a subsidiary of an association; a federal
association, or foreign savings association from complying with all
other law and regulations governing the business in which the
association, federal association, foreign savings association,
savings and loan holding company, subsidiary of a savings and loan
holding company, or service corporation which is a subsidiary of an
association, a federal association, or a foreign savings association
is engaged.
(c) For purposes of this section, "foreign savings association"
means a foreign savings association as defined in Chapter 10
(commencing with Section 10000) or Chapter 10.1 (commencing with
Section 10010) and "qualified foreign savings association" means a
foreign savings association that has been authorized to conduct the
business of an association in this state by the commissioner.