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Financial Code - FIN - FIN § 12309
Financial Code - FIN - FIN § 12309
(a) A schedule of the fees charged by a licensee shall be posted in a conspicuous place in the place of business of the licensee and its agents. A licensee and its agents shall not charge fees in excess of the posted fees. (b) Each licensee and its agents shall prominently post o
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Financial Code - FIN - FIN § 12310
Financial Code - FIN - FIN § 12310
A licensee under this division shall not sell checks payable to bearer, to cash, or to the purchaser, but a licensee may sell a check in which the name of the payee is not designated in any way if the check does not exceed one hundred fifty dollars ($150) in amount.
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Financial Code - FIN - FIN § 12311
Financial Code - FIN - FIN § 12311
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 whatsoever, any statement or representation which is false, misleading, or deceptive, or wh
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Financial Code - FIN - FIN § 12312
Financial Code - FIN - FIN § 12312
An agreement between one licensed to engage in the business of selling checks, drafts, money orders, or other commercial paper serving the same purpose, and one undertaking to act in that business as an agent of the licensee, shall be in writing. Such a licensee shall not pay suc
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Financial Code - FIN - FIN § 12313.5
Financial Code - FIN - FIN § 12313.5
Nothing in this chapter shall be construed as authorizing the examination, inspection or auditing of the books and records of any client of a business agent while such books and records are in the possession of the business agent without the express consent of the client.
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Financial Code - FIN - FIN § 12314
Financial Code - FIN - FIN § 12314
The total charges received by a prorater, or any other person for the prorater’s services, may not exceed in the aggregate twelve percent (12%) for the first three thousand dollars ($3,000), eleven percent (11%) for the next two thousand dollars ($2,000), and ten percent (10%) fo
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Financial Code - FIN - FIN § 12314.1
Financial Code - FIN - FIN § 12314.1
A cancellation fee or termination penalty may not be charged to a debtor.
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Financial Code - FIN - FIN § 12315
Financial Code - FIN - FIN § 12315
A prorater shall not receive any fee unless he has the consent of at least 51 percent of the total amount of indebtedness and of the number of creditors listed in the prorater’s contract with the debtor, or such like number of creditors have accepted a distribution of payment.
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Financial Code - FIN - FIN § 12315.1
Financial Code - FIN - FIN § 12315.1
A prorater shall notify, in writing, all creditors listed in the prorate contract of the debtors desire to engage the services of the prorater within five days of the effective date of the contract as defined in Section 12320. The notification shall include a notice as to the pro
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Financial Code - FIN - FIN § 12316
Financial Code - FIN - FIN § 12316
If a prorater contracts for, receives or makes any charge in excess of the maximum permitted by this division, except as the result of an accidental and bona fide error, the prorater’s contract with the debtor shall be void and the prorater shall return to the debtor all charges
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Financial Code - FIN - FIN § 12317
Financial Code - FIN - FIN § 12317
A prorater shall not purchase from a creditor any obligation of a debtor.
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Financial Code - FIN - FIN § 12318
Financial Code - FIN - FIN § 12318
A prorater shall not take: (a) Any contract, promise to pay, or other instrument which has any blank spaces when signed by a debtor; (b) Any negotiable instrument for the prorater’s charges; (c) Any note, wage assignment, real estate or chattel mortgage, or other security to secu
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Financial Code - FIN - FIN § 12319
Financial Code - FIN - FIN § 12319
Every contract between a prorater and a debtor shall: (a) List every debt to be prorated with the creditor’s name and disclose the total of all such debts; (b) Provide payments reasonably within the ability of the debtor to pay in precise terms; (c) Disclose in precise terms the
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Financial Code - FIN - FIN § 12320
Financial Code - FIN - FIN § 12320
A prorater shall deliver a copy of any contract or agreement between the prorater and a debtor to the debtor immediately after the debtor executes it, and the debtor’s copy shall be executed by the prorater. A contract shall not be effective until a debtor has made a payment to t
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Financial Code - FIN - FIN § 12321
Financial Code - FIN - FIN § 12321
Unless paid by check or money order a prorater shall deliver a receipt to a debtor for each payment within five (5) days after receipt of a payment.
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Financial Code - FIN - FIN § 12322
Financial Code - FIN - FIN § 12322
At least once in each six (6) months, the prorater shall render an accounting to the debtor which shall itemize the total amount received from the debtor, the total amount paid to each creditor, the total amount which any creditor has agreed to accept as payment in full on any de
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Financial Code - FIN - FIN § 12323
Financial Code - FIN - FIN § 12323
A prorater shall not lend money or credit.
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Financial Code - FIN - FIN § 12324
Financial Code - FIN - FIN § 12324
A prorater shall not: (a) Offer, pay, or give any cash, fee, gift, bonus, premium, reward, or other compensation to any person for referring any prospective customer to the prorater; (b) Receive any cash, fee, gift, bonus, premium, reward, or other compensation from any person ot
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Financial Code - FIN - FIN § 12325
Financial Code - FIN - FIN § 12325
A prorater shall not solicit or require a debtor to purchase or agree to purchase any policy of insurance.
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Financial Code - FIN - FIN § 12326
Financial Code - FIN - FIN § 12326
A special prorater shall not advertise in any manner or otherwise hold himself out to the public as a general prorater or as qualified to do business as a general prorater unless he holds a valid unrevoked general proraters license.
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Financial Code - FIN - FIN § 12327
Financial Code - FIN - FIN § 12327
Nothing in this division shall be deemed to authorize the performance, directly or indirectly, of an act or acts constituting the practice of law by a prorater, business agent, check seller, or by any person, firm, corporation or organization described, or engaging in a transacti
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Financial Code - FIN - FIN § 12328
Financial Code - FIN - FIN § 12328
(a) No collection agency may be maintained in the same premises as a prorating organization unless such prorating organization is exempt under the provisions of this division. (b) No prorater’s license shall be issued to a collection agency.
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Financial Code - FIN - FIN § 12329
Financial Code - FIN - FIN § 12329
It shall be unlawful for any prorater to disclose the list of creditors of a debtor to any individual or firm for the purpose of soliciting the accounts and such disclosure shall be ground for revocation of license.
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Financial Code - FIN - FIN § 12330
Financial Code - FIN - FIN § 12330
The commissioner shall have power and authority to promulgate rules and regulations governing the form and wording of advertising to be used by proraters. The issuance, distribution or placement of any advertising by a prorater which is in conflict with such rules and regulations
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Financial Code - FIN - FIN § 12331
Financial Code - FIN - FIN § 12331
Within the organization of each prorater corporation, either as an owner, officer, or employee, there shall be one or more persons possessing a minimum of five years experience in consumer credit extension or credit collection activity. At least one such qualified person shall be