California

Financial Code

3,323 sections, each with the official text and a plain-English explanation of what it means for you.

• § 22251 — Any section that refers to this section does not apply to any loan of the bona fide principal amount specified in the regulatory ceiling provision of that section or more if that provision is not used
• § 22252 — This chapter does not apply to a program administrator or a PACE solicitor.
• § 22300 — No licensee shall directly or indirectly charge, contract for, or receive any interest or charge of any nature unless a loan is made.
• § 22301 — (a) No licensee shall directly or indirectly charge, contract for, or receive any interest or charge of any nature with respect to a loan of five thousand dollars ($5,000) or more unless the loan is m
• § 22302 — (a) Section 1670.
• § 22303 — Every licensee who lends any sum of money may contract for and receive charges at a rate not exceeding the sum of the following: (a) Two and one-half percent per month on that part of the unpaid princ
• § 22304 — As an alternative to the charges authorized by Section 22303, a licensee may contract for and receive charges at the greater of the following: (a) A rate not exceeding 1.
• § 22304.5 — (a) For any loan of a bona fide principal amount of at least two thousand five hundred dollars ($2,500) but less than ten thousand dollars ($10,000), as determined in accordance with Section 22251, a
• § 22305 — In addition to the charges authorized by Section 22303, 22304, or 22304.
• § 22306 — No amount in excess of that allowed by this article shall be directly or indirectly charged, contracted for, or received by any person, and the total charges of the finance lender and broker and any o
• § 22307 — (a) Except as provided in Section 22305 and Article 4 (commencing with Section 22400), all charges on loans made under this division shall be computed and paid only as a percentage per month of the un
• § 22307.5 — A licensee shall not charge, impose, or receive any penalty for the prepayment of a loan.
• § 22308 — Notwithstanding Section 22307, a licensee may contract for and receive charges on the unpaid principal balance at a single annual percentage rate, applied on the basis of the number of days actually e
• § 22309 — Except as provided in Section 22305 and Article 4 (commencing with Section 22400), no charges on loans made pursuant to this division shall be paid, deducted, or received in advance, or compounded.
• § 22310 — (a) Except for a rebate or refund pursuant to any administrative, civil, or criminal action, or any act of the commissioner, a rebate or refund required to be made upon payment in full of a loan pursu
• § 22311 — No person in connection with or incidental to the making of any loan regulated by this division may require the borrower to contract for purchase, or agree to purchase, any other thing in connection w
• § 22312 — No person in connection with or incidental to the making of a loan shall require the borrower to enter into any collateral sales agreements or contracts, other than the contract of pledge, assignment,
• § 22313 — Insurance on tangible personal or real property offered as security shall not be deemed to be a collateral sale, purchase, or agreement within the terms of Section 22201, 22311, or 22312, when all the
• § 22314 — (a) Credit insurance shall not be deemed to be a collateral sale, purchase, or agreement within the terms of Section 22201, 22311, or 22312 when the insurance is provided in accordance with the provis
• § 22315 — (a) Credit disability insurance written pursuant to Section 22314 shall not provide indemnity against the risk that the borrower will become disabled for a period of less than 14 days.
• § 22316 — A licensee may collect the cost of a lot book report purchased in lieu of the title insurance provided for in Section 22313.
• § 22317 — On any loan made that is secured by real property, an appraisal fee not to exceed the actual cost of the appraisal may be charged by the licensee if a written appraisal is provided to the licensee by
• § 22317.2 — (a) A licensee may collect a fee for use of an automated valuation model result prepared by a third party not to exceed the actual cost paid to the third party for a written automated valuation model
• § 22317.5 — On any loan secured by real property, a licensee may not do either of the following: (a) Fail to disburse funds in accordance with a commitment to make a loan that is accepted by the applicant.
• § 22318 — On any loan made that is secured by real property, an escrow fee of a reasonable amount may be charged.
• § 22319 — On any loan that is secured by real property, the fee to be paid to the trustee for reconveyance of the trust deed may be collected by the licensee for transmittal to the trustee.
• § 22320 — With respect to a loan under this division, a fee not to exceed fifteen dollars ($15) for the return by a depository institution of a dishonored check, negotiable order of withdrawal, or share draft m
• § 22320.5 — (a) A licensee may contract for and receive a delinquency fee not in excess of one of the following amounts: (1) For a period in default of not less than 10 days, an amount not in excess of ten dollar
• § 22321 — If credit loss-of-income insurance is provided pursuant to this division, it shall be subject to the following conditions: (a) The insurance shall provide indemnity in accordance with the terms of the
• § 22322 — A loan lawfully made outside the state may be enforced in this state as to the unpaid principal balance of the loan together with the interest, consideration, brokerage, and all other charges, to the
• § 22323 — Any person who collects or attempts to collect in this state the unpaid principal balance of a loan made outside the state and a greater aggregate amount of interest, consideration, brokerage, and all
• § 22324 — Any person who contracts for or negotiates in this state a loan to be made outside the state for the purpose of evading or avoiding the provisions of this division is subject to the provisions of this
• § 22325 — Every licensee shall display prominently in each licensed place of business a full and accurate schedule of the charges to be made and the method of computing the charges.
• § 22326 — No person, except as authorized by this division, shall directly or indirectly charge, contract for, or receive any interest, discount, or consideration greater than the lender would be permitted by l
• § 22327 — No licensee shall knowingly induce any borrower to split up or divide any loan with any other licensee.
• § 22328 — (a) This section applies to a loan secured in whole or in part by a lien on a motor vehicle as defined by subdivision (k) of Section 2981 of the Civil Code.
• § 22329 — (a) This section applies to a loan secured in whole or in part by a lien on a motor vehicle as defined by subdivision (k) of Section 2981 of the Civil Code.
• § 22329.5 — A licensee, or the agent of a licensee, that has received a notice pursuant to Section 7507.
• § 22330 — No licensee shall take a deed of trust, mortgage, or lien upon real property as security for any loan made under this division, except any lien as is created by law upon the recording of an abstract o
• § 22331 — No licensee shall take any confession of judgment or any power of attorney, except a power of attorney taken to effectuate the transfer of the ownership of any motor vehicle or mobilehome at the time
• § 22332 — No licensee shall take any note or promise to pay that does not accurately disclose the actual amount of the loan, the time for which it is made, and the agreed rate of charge or the annual percentage
• § 22333 — No licensee shall take any instrument in which blanks are left to be filled in after execution.
• § 22334 — (a) Except as provided in subdivision (b), a licensee shall not enter into any contract for a loan that provides for a scheduled repayment of principal over more than the maximum terms set forth below
• § 22335 — The payment by any person in money, credit, goods, or things in action as consideration for any sale or assignment of, or order for, the payment of wages, salary, commissions, or other compensation fo
• § 22336 — This article does not prohibit any licensee from contracting for, collecting, or receiving the following: (a) The statutory fee paid by the licensee to any public officer for acknowledging, filing, re
• § 22337 — Each licensed finance lender shall: (a) Deliver or cause to be delivered to the borrower, or any one thereof, at the time the loan is made, a statement showing in clear and distinct terms the name, ad
• § 22338 — Each licensed broker shall: (a) Deliver to the borrower, or any one thereof, at the time the final negotiation or arrangement is made, a statement showing in clear and distinct terms the name, address
• § 22339 — Nothing contained in this article shall be construed to deny to any licensee hereunder the right of taking and using a security agreement that, in addition to securing an original obligation, may secu
• § 22340 — (a) A licensee may sell promissory notes evidencing the obligation to repay loans made by the licensee pursuant to this division or evidencing the obligation to repay loans purchased from and made by
• § 22340.1 — (a) A licensee that is a finance lender may sell to (1) an institutional lender, or (2) an institutional investor described in paragraph (6) of subdivision (b) of Section 22340, promissory notes evide
• § 22341 — (a) No licensee may make a loan to refinance a retail installment contract subject to Chapter 1 (commencing with Section 1801) of Title 2 of Part 4 of Division 3 of the Civil Code, that is held by the
• § 22342 — (a) As used in this section, “instant loan check” or “live check” means any loan or extension of credit that is made available in the form of a check, draft, or any other negotiable instrument that ca
• § 22345 — (a) Any person who violates any provision of Section 987 of Title 10 of the United States Code, as amended by 126 Stat.
• § 22346 — Any licensee that violates any provision of any of the following federal acts or regulations violates this division: (a) The federal Real Estate Settlement Procedures Act, as amended (12 U.
• § 22347 — The unique identifier of any licensed mortgage loan originator shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or
• § 22365 — (a) The Pilot Program for Increased Access to Responsible Small Dollar Loans is hereby established.
• § 22366 — (a) Any entity licensed under this chapter that wishes to participate in the program, that is in good standing with the commissioner and has no outstanding enforcement actions or deficiencies at the t
• § 22367 — Every entity approved by the commissioner to participate in the program shall file with the commissioner on or before March 15 an annual report consistent with Section 22159, separate from any other a
• § 22368 — Except as otherwise provided, nothing in this article shall exempt any licensee from any of the provisions of this division or Section 1632 of the Civil Code.
• § 22369 — No licensee may offer or make a loan, nor impose any charges or fees pursuant to Section 22370, nor use a finder pursuant to Section 22371, without prior approval from the commissioner to participate
• § 22370 — (a) A loan made pursuant to this section shall comply with the following requirements: (1) The loan shall be unsecured.
• § 22371 — (a) A licensee who is approved by the commissioner to participate in the program may use the services of one or more finders as provided in this article.
• § 22372 — (a) A finder may perform one or more of the following services for a licensee at the finder’s physical location for business: (1) Distributing, circulating, using, or publishing preprinted brochures,
• § 22373 — (a) At the time the finder receives or processes an application for a program loan, the finder shall provide the following statement to the applicant, on behalf of the licensee, in no smaller than 10-
• § 22374 — (a) A finder may be compensated by the licensee pursuant to the written agreement between the licensee and the finder, as described in Section 22376.
• § 22375 — A licensee that utilizes the service of a finder shall do all of the following: (a) Notify the commissioner within 15 days of entering into a contract with a finder, on a form acceptable to the commis
• § 22376 — All arrangements between a licensee and a finder shall be set forth in a written agreement between the parties.
• § 22377 — (a) The commissioner may examine the operations of each licensee and each finder to ensure that the activities of the licensee and the finder are in compliance with this article.
• § 22378 — Notwithstanding the requirements of Section 22102 and its implementing regulations, a licensee accepted to participate in the program may appoint one or more branch managers with responsibility for mu
• § 22379 — (a) Notwithstanding any other law, the commissioner shall examine each licensee that is accepted into the program, and each finder whose services were used by the licensee, at least once every 24 mont
• § 22380 — (a) On or before July 1, 2015, and annually on or before July 1, 2017, to July 1, 2026, inclusive, the commissioner shall post a report on the commissioner’s internet website summarizing utilization o
• § 22380.5 — (a) The Pilot Program for Affordable Credit-Building Opportunities as described in Article 3.
• § 22381 — This article shall remain in effect only until January 1, 2028, and as of that date is repealed.
• § 22400 — This article applies only to loan contracts payable in substantially equal and consecutive monthly installments of principal and charges combined, the first of which is due not less than 15 days nor m
• § 22401 — With respect to precomputed loans, licensees shall be subject only to, comply only with, and derive authority only from Sections 22400 and 22402, notwithstanding any other provision of law that is not
• § 22402 — When charges on a loan of an original bona fide principal amount of five thousand ($5,000) or more have been precomputed in a manner similar to that provided in Section 22400, and the loan is prepaid
• § 22450 — As used in this division, “open-end credit program” means a licensee’s plan for making open-end loans pursuant to a loan agreement that sets forth the terms and conditions governing the use of the ope
• § 22451 — If an open-end credit program is not primarily for the purpose of purchasing or leasing goods or services from the licensee, then all credit extended through use of the program, including transactions
• § 22452 — Subject to the written approval of the commissioner of the licensee’s plan of business for making open-end loans as not being misleading or deceptive and subject to regulations the commissioner may ad
• § 22453 — The minimum monthly payment shall be determined by any of the following: (a) The amount calculated by multiplying the unpaid principal balance, after an advance and including the advance, by a percent
• § 22454 — On open-end loans, the licensee may contract for and receive the fees, costs, and expenses permitted on other loans, including those permitted by subdivisions (a), (b), (c), and (d) of Section 22313 a
• § 22455 — (a) In lieu of subdivisions (b), (c), (d), (e), and (f) of Section 22314, with respect to open-end loans, a licensee may provide credit insurance with the borrower’s consent, in a form to be approved
• § 22456 — Section 22309 shall apply to open-end loans with the following variations: (a) To comply with Section 22309, in the case of open-end loan advances directly to the borrower, the licensee shall deliver
• § 22457 — In lieu of Section 22332, the open-end loan agreement shall contain the name, address, and license number of the finance lender and shall disclose the nature of the security taken, the method of deter
• § 22458 — In lieu of subdivision (a) of Section 22337, with respect to open-end loans, except in the case of an account that the licensee deems to be uncollectible, or for which delinquency collection procedure
• § 22459 — Subdivision (e) of Section 22337 shall not apply to an open-end loan that has no balance outstanding if the open-end loan agreement continues in effect.
• § 22460 — Section 22333 shall not apply to a change in terms of an open-end loan if notice is given to the borrower in accordance with subsection (c) of Section 226.
• § 22461 — Subdivision (a) of Section 22151, Sections 22154 and 22325, and subdivision (b) of Section 22337 shall not apply to a licensee with respect to advances made through an open-end credit program.
• § 22462 — The payment of fees for participation in an open-end credit program, the acceptance by a borrower of the form of the licensee’s program, and the borrower’s agreement to the licensee’s program shall no
• § 22463 — Nothing in this article limits the authority of the commissioner to disapprove advertising with respect to open-end loans pursuant to Section 22165.
• § 22464 — This article does not apply to loans other than open-end loans.
• § 22465 — Section 22400 does not apply to open-end loans.
• § 22466 — An open-end loan is in compliance with Section 22330 if it is an open-end loan of a bona fide principal amount of five thousand dollars ($5,000) or more as determined in accordance with Section 22467.
• § 22467 — (a) Any section that refers to this section or that is subject to Section 22251 does not apply to any open-end loan of the bona fide principal amount specified in the regulatory ceiling provision of t
• § 22470 — (a) (1) Upon the request of a person who has obtained a police report pursuant to Section 530.
• § 22500 — “Charges” include the aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses, and other forms of costs charged, contracted for, or received by a licensee or any other person in
• § 22501 — “Charges” do not include commissions received as a licensed insurance agent or broker.
• § 22502 — “Commercial loan” means a loan of a principal amount of five thousand dollars ($5,000) or more, or any loan under an open-end credit program, whether secured by either real or personal property, or bo
• § 22550 — Sections 22152, 22154, 22155, 22163, and 22164 do not apply to any commercial loan of a bona fide principal amount of five thousand dollars ($5,000) or more, or to a duly licensed finance lender in co
• § 22551 — In determining whether a loan is a loan of a bona fide principal amount of the specified amount or more, the following principles shall apply: (a) If a borrower applies for a loan in a bona fide princ
• § 22552 — This chapter does not apply to a program administrator or a PACE solicitor.
• § 22600 — (a) A licensee may sell promissory notes evidencing the obligation to repay loans made by the licensee pursuant to this division or evidencing the obligation to repay loans purchased from and made by
• § 22600.1 — (a) A licensee that is a finance lender may sell to (1) an institutional lender, or (2) an institutional investor described in paragraph (6) of subdivision (b) of Section 22600, promissory notes evide
• § 22601 — With respect to a loan under this division, a fee not to exceed fifteen dollars ($15) for the return by a depository institution of a dishonored check, negotiable order of withdrawal, or share draft m
• § 22602 — (a) A licensee that is a finance lender may pay compensation to a person that is not licensed pursuant to this division in connection with the referral of one or more prospective borrowers to the lice
• § 22603 — A licensee that is a finance lender shall provide a prospective borrower who has been referred by an unlicensed person the following written statement, in 10-point font or larger, at the time the lice
• § 22604 — (a) Any person that receives compensation in connection with a referral, as described in Section 22602, that leads to the consummation of a commercial loan under this division may not do any of the fo
• § 22650 — As used in this division, “open-end credit program” means a licensee’s plan for making open-end loans pursuant to a loan agreement that sets forth the terms and conditions governing the use of the ope
• § 22680 — (a) A person shall not engage in the business of a PACE solicitor unless that person is enrolled with a program administrator pursuant to the requirements of this section.
• § 22681 — (a) A program administrator shall establish and maintain a training program for PACE solicitor agents that is acceptable to the commissioner.
• § 22682 — (a) A program administrator shall, in the manner prescribed by the commissioner, timely notify the commissioner of each PACE solicitor and PACE solicitor agent enrolled by the program administrator.
• § 22683 — A program administrator shall develop and implement policies and procedures for responding to questions and addressing complaints as soon as reasonably practicable.
• § 22684 — A program administrator shall not execute an assessment contract, and no work shall commence under a home improvement contract that is financed by that assessment contract nor shall that home improvem
• § 22685 — (a) A program administrator shall derive market value using one of the following: (1) Automated valuation models, using the following criteria: (A) Each automated valuation model must be provided by a
• § 22686 — A program administrator shall not execute an assessment contract, and no work shall commence under a home improvement contract that is financed by that assessment contract nor shall that home improvem
• § 22687 — (a) A program administrator shall determine before executing an assessment contract, and no work shall commence under a home improvement contract that is financed by that assessment contract nor shall
• § 22688 — A program administrator shall be subject to all provisions of the California Financial Information Privacy Act (Division 1.
• § 22689 — (a) A program administrator shall not permit a PACE solicitor to do any of the following: (1) Solicit a property owner to enter into an assessment contract with a program administrator, unless the PAC
• § 22690 — (a) A program administrator is subject to an inspection, examination, or investigation in accordance with Section 22701.
• § 22690.5 — (a) The department shall maintain, on its Internet Web site, the identities of enrolled PACE solicitors and PACE solicitor agents.
• § 22691 — The commissioner may by any rules he or she deems necessary or appropriate in the public interest or for the protection of property owners, either unconditionally or upon specified terms and condition
• § 22692 — (a) The commissioner shall require a program administrator to submit the following information in the annual report filed under Section 22159: (1) Information beneficial to an evaluation of the overal
• § 22693 — (a) The commissioner may, by rule, require a program administrator to use a real-time registry or database system for tracking PACE assessments in order to carry out his or her regulatory duties and t
• § 22694 — This chapter does not apply to a finance lender, mortgage loan originator, or broker licensee, unless they engage in the business of a program administrator, PACE solicitor, or PACE solicitor agent.
• § 22695 — (a) A violation of this chapter by any person is not subject to the criminal penalties established pursuant to Sections 22753 and 22780.
• § 22696 — Except as provided in Sections 22684, 22685, 22686, 22687, 22688, and 22695, this chapter shall become operative on January 1, 2019.
• § 22697 — This chapter does not preclude or reduce any rights and remedies established under any other laws.
• § 22700 — (a) Finance lender, broker, and program administrator licenses issued under this division shall remain in effect until they are surrendered, revoked, or suspended.
• § 22701 — (a) For the purpose of discovering violations of this division or securing information required by him or her in the administration and enforcement of this division, the commissioner may at any time i
• § 22702 — In making any examination or investigation, the commissioner may, for a reasonable time not to exceed 30 days, take possession of the books, records, accounts, and other papers pertaining to the busin
• § 22703 — The officers, employees, partners, directors, and stockholders may inspect and examine the books, accounts, papers, records, files, safes, and vaults while they are in the custody of the commissioner.
• § 22704 — The power of investigation and examination by the commissioner is not terminated by the surrender, suspension, or revocation of any license issued by him or her.
• § 22705 — Whenever the commissioner deems it necessary for the general welfare of the public, he or she has continuous authority to exercise the powers set forth in this division whether or not an application f
• § 22705.1 — (a) For any licensee, a disciplinary action taken by the State of California, another state, an agency of the federal government, or another country for an action substantially related to the activity
• § 22706 — The commissioner may require the attendance of witnesses and examine under oath all persons whose testimony relates to activities and businesses regulated by this division or to the subject matter of
• § 22707 — (a) The cost of each examination of a licensee or a person subject to this division shall be paid to the commissioner by the licensee or person examined, and the commissioner may maintain an action fo
• § 22707.5 — (a) If, upon inspection, examination, or investigation, the commissioner has cause to believe that a licensee or other person is violating or has violated any provision of this division or any rule or
• § 22708 — After an examination, investigation, or hearing under this division, if the commissioner deems it of public interest or advantage, he or she may certify a record to the proper prosecuting official of
• § 22709 — The commissioner may require the production for examination in this state of all books, records, and supporting data used by the licensee in the preparation of reports to the commissioner.
• § 22710 — The commissioner may upon three days’ notice and a hearing, suspend any license for a period not exceeding 30 days, pending investigation.
• § 22711 — Any licensee may surrender any license by delivering to the commissioner written notice that the licensee surrenders that license.
• § 22712 — (a) Whenever, in the opinion of the commissioner, any person is engaged or has engaged in business as a finance lender, broker, program administrator, or mortgage loan originator, as defined in this d
• § 22713 — (a) Whenever the commissioner believes from evidence satisfactory to the commissioner that any person has violated or is about to violate a provision of this division, or a provision of any order, lic
• § 22714 — (a) The commissioner shall suspend or revoke any license, upon notice and reasonable opportunity to be heard, if the commissioner finds any of the following: (1) The licensee has failed to comply with
• § 22715 — (a) The commissioner may by order summarily suspend or revoke the license of any licensee if that person fails to file the report required by Section 22159 within 10 days after notice by the commissio
• § 22716 — (a) The revocation, suspension, expiration, or surrender of any license does not impair or affect the obligation of any preexisting lawful contract between the licensee and any borrower or property ow
• § 22717 — Except in cases in which the time for setting the hearing is shortened as provided in this division, the proceedings under this article shall be conducted in accordance with Chapter 5 (commencing with
• § 22718 — Every order, decision, license, or other official act of the commissioner is subject to judicial review in accordance with law.
• § 22750 — (a) If any amount other than, or in excess of, the charges permitted by this division is willfully charged, contracted for, or received, the contract of loan is void, and no person has any right to co
• § 22751 — (a) If any amount other than or in excess of the charges permitted by this division is charged or contracted for, or received, for any reason other than a willful act of the licensee, the licensee sha
• § 22752 — (a) If any provision of this division is violated in the making or collection of a loan, for any reason other than a willful act of the licensee, the licensee shall forfeit all interest and charges on
• § 22753 — Except as provided in Section 22696, any person who willfully violates any provision of this division or who willfully violates any rule or order adopted pursuant to this division, shall, upon convict
• § 22754 — No provision imposing liability under this division, including the provisions of subdivision (a) of Section 22751 and subdivision (a) of Section 22752, shall apply to any act done or omitted in good f
• § 22755 — It is a violation of this division for a mortgage loan originator to do any of the following: (a) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lende
• § 22756 — Notwithstanding any other law, any application for licensure, amendment to the application or registration document or notice filed under any of the laws administered by the Department of Financial Pr
• § 22757 — A finance lender, broker, or mortgage loan originator licensed under this division shall not pay any commission, fee, or other compensation to an unlicensed individual for conducting activities that r
• § 22758 — This article does not apply to a program administrator or a PACE solicitor.
• § 22780 — Except as provided in Section 22696, any person who willfully violates any provision of this division, or who willfully violates any rule or order adopted pursuant to this division, shall, upon convic
• § 22780.1 — A violation of Division 9.
• § 22800 — For purposes of this division: (a) “Account” means a right to a payment of a monetary obligation.
• § 22801 — This division does not apply to any of the following: (a) A provider that is a depository institution.
• § 22802 — (a) A provider subject to this division shall disclose all of the information in subdivision (b) or in Section 22803, if applicable, to a recipient at the time of extending a specific commercial finan
• § 22803 — As an alternative to the disclosures required in subdivision (b) of Section 22802, a provider who offers commercial financing that is factoring or asset-based lending and that offers the recipient an
• § 22804 — (a) The commissioner shall adopt regulations governing the disclosures described in paragraphs (1) to (5), inclusive, of subdivision (b) of Section 22802 and subdivisions (a) to (e), inclusive, of Sec
• § 22805 — No provision of this division imposes any liability on a provider as a result of the actual Annual Percentage Rate (APR) charged by a provider differing from the Estimated APR disclosed in conformity
• § 22806 — (a) A provider shall not use the term “interest” or “rate” in a deceptive way that could reasonably result in the recipient being misled.
• § 22807 — (a) A violation of this division by a person licensed under the California Financing Law (Division 9 (commencing with Section 22000)) shall be deemed a violation of the California Financing Law if the
• § 23000 — This division shall be known and may be cited as the “California Deferred Deposit Transaction Law.
• § 23001 — As used in this division, the following terms have the following meanings: (a) “Deferred deposit transaction” means a transaction whereby a person defers depositing a customer’s personal check until a
• § 23005 — (a) A person shall not offer, originate, or make a deferred deposit transaction, arrange a deferred deposit transaction for a deferred deposit originator, act as an agent for a deferred deposit origin
• § 23006 — At the time of filing the application, the applicant shall pay to the commissioner the sum of one hundred dollars ($100) as a fee for investigating the application, the sum of two hundred dollars ($20
• § 23007 — The applicant shall file with the application financial statements prepared in accordance with generally accepted accounting principles and acceptable to the commissioner that indicate a net worth of
• § 23008 — Upon the filing of an application pursuant to Section 23005 and the payment of fees pursuant to Section 23006, the commissioner shall investigate the applicant, and its general partners and persons ow
• § 23009 — The license shall state the name of the licensee, and if the licensee is a partnership, the names of its general partners, and if a corporation or an association, the date and place of its incorporati
• § 23010 — The commissioner may by regulation require licensees to file, at the times that the commissioner may specify, the information that the commissioner may reasonably require regarding any changes in the
• § 23011 — (a) Upon reasonable notice and the opportunity to be heard, the commissioner may deny the application for any of the following reasons: (1) Any false statement of material fact has been made in the ap
• § 23011.5 — (a) The commissioner may, after appropriate notice and opportunity for hearing, by order, censure or suspend for a period not exceeding 12 months, or bar from any position of employment, management, o
• § 23012 — The proceedings for denial of a license shall be conducted in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code, and the commissioner
• § 23013 — (a) A licensee shall maintain a surety bond in accordance with this subdivision in the amount of twenty-five thousand dollars ($25,000).
• § 23014 — In any proceeding under this division, the burden of proving an exemption or exception is upon the person claiming it.
• § 23015 — The commissioner may make general rules and regulations and specific rulings, demands, and findings for the enforcement of this division, in addition to, and within the general purposes of, this divis
• § 23015.5 — (a) It is unlawful for any person to knowingly alter, destroy, mutilate, conceal, cover up, falsify, or make a false entry in any record, document, or tangible object with the intent to impede, obstru
• § 23016 — (a) (1) Each licensee shall pay to the commissioner its pro rata share of all costs and expenses reasonably incurred in the administration of this division, as estimated by the commissioner, for the e
• § 23017 — All money paid or collected under this division shall be deposited in the State Treasury to the credit of the State Corporations Fund.
• § 23018 — (a) A license, along with any currently effective order of the commissioner approving a different name pursuant to Section 23023, shall be conspicuously posted in the place of business authorized by t
• § 23019 — Every licensee shall post a complete, detailed, and unambiguous schedule of fees.
• § 23020 — A licensee shall maintain only one place of business under an original or amended license issued pursuant to Section 23008.
• § 23021 — (a) If a licensee desires to change its place of business to a street address other than that designated in its license, the licensee shall give written notice to the commissioner at least 10 days pri
• § 23023 — No licensee shall transact the business licensed or make any transaction provided for by this division under any other name or at any other place of business than that named in the license except purs
• § 23024 — Each licensee shall keep and use books, accounts, and records that will enable the commissioner to determine if the licensee is complying with the provisions of this division and with the rules and re
• § 23025 — The department shall maintain a toll-free telephone number for deferred deposit transaction customers to make complaints and express concerns regarding the product or a specific licensee.
• § 23026 — On or before March 15 of each year, beginning March 2006, each licensee shall file an annual report with the commissioner pursuant to procedures that the commissioner shall establish, giving the relev
• § 23027 — (a) No licensee shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed or broadcast, in any manner, any sta
• § 23035 — (a) A licensee may defer the deposit of a customer’s personal check for up to 31 days, pursuant to the provisions of this section.
• § 23036 — (a) A fee for a deferred deposit transaction shall not exceed 15 percent of the face amount of the check.
• § 23037 — In no case shall a licensee do any of the following: (a) Accept or use the same check for a subsequent transaction, or permit a customer to pay off all or a portion of one deferred deposit transaction
• § 23038 — (a) Any person who violates any provision of Section 987 of Title 10 of the United States Code, as amended by 126 Stat.
• § 23045 — (a) Licenses issued under this division remain in effect until they are surrendered, revoked, or suspended.
• § 23046 — (a) For the purpose of discovering violations of this division or securing information required by the commissioner in the administration and enforcement of this division, the commissioner may at any
• § 23047 — (a) In making any examination or investigation, the commissioner may, for a reasonable time not to exceed 30 days, take possession of the books, records, accounts, and other papers pertaining to the b