DBO - Third Quarter 2014 Call Report
Premium finance corporations are required to submit quarterly unaudited financial statements in accordance with California Financial Code § 18407. Pursuant to CFC § 18407, these reports shall be prepared in accordance with generally accepted accounting principles and consisting of at least a balance sheet and a statement of income as of the date and for the period specified by the commissioner.
Please note that pursuant to CFC § 18412, "the commissioner shall assess and collect a penalty of one hundred dollars ($100) for each day which that report is delayed or withheld by the failure or neglect of that industrial loan company".
Also, please note that Patrick Lum, who was formerly the manager of the Premium Finance Company (PFC) Program has retired. Starting June 1, 2014 the PFC Program manager is now Patrick Carroll. He can be reached at (415) 263-8559 or by email at Patrick.Carroll@dbo.ca.gov.
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