California · Financial Code
FIN §18235: An industrial loan company shall not take any note, promise to pay, or security agreement that does not accurately disclose the actual amount of the loan, the time for which it is made, and the agreed
What this law says, in plain English
Industrial loan companies cannot accept loan documents that fail to accurately disclose the loan amount, duration, or agreed terms.
Read the full statutory text
An industrial loan company shall not take any note, promise to pay, or security agreement that does not accurately disclose the actual amount of the loan, the time for which it is made, and the agreed rate of charge, nor any instrument in which blanks are left to be filled in after execution.
Verify at the official source: California legislative text
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