EXHIBIT 25.2
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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FORM T-l

STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF
A CORPORATION DESIGNATED TO ACT AS TRUSTEE
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CHASE TRUST COMPANY OF CALIFORNIA
(formerly Chemical Trust Company of California)
(Exact name of trustee as specified in its charter)

CALIFORNIA 94-2926573
(State of incorporation I.R.S. employer
if not a national bank) identification No.)

101 California Street, Suite #2725
San Francisco, California 94111
(Address of principal executive offices) (Zip Code)

___________________________

IMPERIAL CREDIT INDUSTRIES, INC.
(Exact name of obligor as specified in its charter)

CALIFORNIA 95-40544791
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)

23550 Hawthorne Boulevard, Building 1, Suite 110
Torrance, California 90505
(Address of principal executive offices) (Zip Code)

___________________________
Resettable Rate Debentures, Series A and Series B
(Title of the indenture securities)
___________________________________

GENERAL

ITEM 1. GENERAL INFORMATION.

Furnish the following information as to the trustee:

(a) Name and address of each examining or supervising authority to which it
is subject.

Superintendent of Banks of the State of California,
235 Montgomery Street, San Francisco, California 94104-2980.
Board of Governors of the Federal Reserve System,
Washington, D.C. 20551

(b) Whether it is authorized to exercise corporate trust powers.

Yes.

ITEM 2. AFFILIATIONS WITH THE OBLIGOR.

If the obligor is an affiliate of the trustee, describe each such
affiliation.

None.

ITEM 4. TRUSTEESHIPS UNDER OTHER INDENTURES

a) Title of the securities outstanding under each such other indenture.

$20,174,000 9 3/4% Senior Notes due January 15, 2004 issued under
Indenture dated as of January 31, 1994.

$200,000,000 9 7/8% Series B Senior Notes due 2007 issued under
Indenture dated as of January 23, 1997.

b) A brief statement of the facts relied upon as a basis for the claim
that no conflicting interest within the meaning of Section 310 (b) (1) of the
Act arises as a result of the trusteeship under any such other indenture,
including a statement as to how the indenture securities will rank as compared
with the securities issued under such other indenture.

The Trustee is not deemed to have a conflicting interest within the
meaning of Section 310 (b) (1) of the Act because the indenture securities
referenced in (a) above (the "Prior Securities") are not in default and the
indenture to be qualified and the indenture entered into in connection with the
Prior Securities are wholly unsecured and rank equally.

ITEM 16. LIST OF EXHIBITS

List below all exhibits filed as a part of this Statement of Eligibility.

1. A copy of the Articles of Incorporation of the Trustee as now in
effect, including the Restated Articles of Incorporation dated December 23, 1986
and the Certificates of Amendment dated March 26, 1992 and March 26, 1997 (see
Exhibit 1 to Form T-1 filed in connection with Registration Statement No. 33-
55136, which is incorporated by reference).

2. A copy of the Certificate of Authority of the Trustee to Commence
Business (See Exhibit 2 to Form T-1 filed in connection with Registration
Statement No. 33-55136, which is incorporated by reference).

3. Authorization to exercise corporate trust powers (Contained in
Exhibit 2).

4. A copy of the existing By-Laws of the Trustee (see Exhibit 4 to
Form T-1 filed in connection with Registration Statement No. 33-55136, which is
incorporated by reference).

5. Not applicable.

6. The consent of the Trustee required by Section 21(b) of the Act
(See Exhibit 6 to Form T-1 filed in connection with Registration Statement No.
33-55136, which is incorporated by reference).

7. A copy of the latest report of condition of the Trustee, published
pursuant to law or the requirements of its supervising or examining authority.

8. Not applicable.

9. Not applicable.

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, the
Trustee, Chase Trust Company of California, a corporation organized and existing
under the laws of the State of California, has duly caused this statement of
eligibility to be signed on its behalf by the undersigned, thereunto duly
authorized, all in the City of Los Angeles and State of California, on the ___
day of June, 1997.

CHASE TRUST COMPANY OF CALIFORNIA

By /s/ Hans H Helley
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HANS H HELLEY
Assistant Vice President

EXHIBIT 7. REPORT OF CONDITION OF THE TRUSTEE.
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TRUST COMPANY

CONSOLIDATED REPORT OF CONDITION OF CHEMICAL TRUST COMPANY OF CALIFORNIA
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(Legal Title)

LOCATED AT SAN FRANCISCO SAN FRANCISCO CA 94111
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(City) (County) (State) (Zip)

AS OF CLOSE OF BUSINESS ON MARCH 31, 1997 BANK NO. 1476
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ASSETS DOLLAR AMOUNT IN THOUSANDS

1. Cash and due from banks 11,768
2. U.S. Treasury securities 10,025
3. Obligations of other U.S. Government agencies and corporations
4. Obligations of States and political subdivisions
5. Other securities (including $ corporate stock
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(a) Loans
(b) Less: Reserve for possible loan losses
(c) Loans (Net)
7. Bank Premises, furniture and fixtures and other assets representing bank
premises (including $ -0- capital leases) 120
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8. Real estate owned other than bank premises
9. Investments in subsidiaries not consolidated
10. Other assets (complete schedule on reverse) (including $ intangibles) 851
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11. TOTAL ASSETS 22,764

LIABILITIES

12. Liabilities For borrowed money
13. Mortgage indebtedness (including $ capital leases)
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14. Other liabilities (complete on schedule on reverse 2,941
15. TOTAL LIABILITIES 2,941
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16. Capital notes and debentures

SHAREHOLDERS EQUITY

17. Preferred stock--
(Number shares outstanding ) Amount $
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18. Common stock-- 10
(Number shares authorized 100) Amount $ 100
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(Number shares outstanding 100) Amount $ 100
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19. Surplus Amount $ 9,990
20. TOTAL CONTRIBUTED CAPITAL 10,000
21. Retained earnings and other capital reserves 9,823
22. TOTAL SHAREHOLDERS EQUITY 19,823
23. TOTAL LIABILITIES AND CAPITAL ACCOUNTS 22,764
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MEMORANDA

1. Assets deposited with State Treasurer to qualify for exercise of fiduciary
powers (market value) 630

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The undersigned, Francis J. Farrell, VP & Manager and C. Scott Boone, Senior
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(Name and Title) (Name and Title)
Vice President
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of the above named trust company, each declares, for himself alone and not for
the other: I have a personal knowledge of the matters contained in this report
(including the reverse side hereof), and I believe that each statement in said
report is true. Each of the undersigned, for himself alone and not for the
other, certifies under penalty of perjury that the foregoing is true and
correct.

Executed on 4/22/97, at San Francisco, California
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(Date) (City)

/s/ Francis J. Farrell /s/ C. Scott Boone
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(Signature) (Signature)

SCHEDULE OF OTHER ASSETS

Accounts Receivable $326
Deferred Taxes 396
Other 129
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Total (same as Item 10) $851

SCHEDULE OF OTHER LIABILITIES

Accrued Income Taxes $1,738
Accrued Expenses & A/P 47
Accrued Pension & Benefits 771
Accrued Incentive Expense 23
All Other Liabilities 362
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Total (same as Item 14) $2,941