Financial Code section 5119

“Service corporation” means a corporation, other than a wholly owned subsidiary referred to in Section 7300 or a wholly owned subsidiary doing business as a finance subsidiary in accordance with the requirements of 12 C.F.R. 563.132, in which at least 80 percent of the shares of stock having voting power are owned by one or more associations or federal associations. As used in this section “voting power” shall have the same meaning as defined in Section 194.5 of the Corporations Code.

Source: Section 5119, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=FIN§ionNum=5119.­ (updated Jan. 1, 1990; accessed Jun. 16, 2025).

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Verified:
Jun. 16, 2025

§ 5119's source at ca​.gov