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Financial Code - FIN - FIN § 22373

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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-point type, and shall ask the applicant to acknowledge receipt of the statement

Financial Code - FIN - FIN § 22374

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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. Compensation may be paid in accordance with a compensation schedule that is mutually agreed to by the licensee and the finder. (b)

Financial Code - FIN - FIN § 22375

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 commissioner, regarding all of the following: (1) The name, business address, and lice

Financial Code - FIN - FIN § 22376

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 22376

All arrangements between a licensee and a finder shall be set forth in a written agreement between the parties. The agreement shall contain a provision establishing that the finder agrees to comply with all regulations that are established by the commissioner pursuant to this art

Financial Code - FIN - FIN § 22377

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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. The costs of the commissioner’s examination of each finder shall be attributed to the commissioner’s

Financial Code - FIN - FIN § 22378

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 multiple branch locations, subject to approval by the commissioner, and a finding

Financial Code - FIN - FIN § 22379

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 months. (b) Notwithstanding subdivision (a), the commissioner shall have the authori

Financial Code - FIN - FIN § 22380

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 of the Pilot Program for Increased Access to Responsible Small Dollar Loans. The

Financial Code - FIN - FIN § 22380.5

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 22380.5

(a) The Pilot Program for Affordable Credit-Building Opportunities as described in Article 3.5 (commencing with Section 22348) is abolished. (b) All powers, duties, purposes, jurisdiction, responsibilities, and functions of the Commissioner of Corporations with respect to the for

Financial Code - FIN - FIN § 22381

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 22381

This article shall remain in effect only until January 1, 2028, and as of that date is repealed.

Financial Code - FIN - FIN § 22400

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 more than one month and 15 days from the date the loan is made. In lieu of comput

Financial Code - FIN - FIN § 22401

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 within this division.

Financial Code - FIN - FIN § 22402

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 in full by cash, a new loan, refinancing, or otherwise, or the maturity of the l

Financial Code - FIN - FIN § 22450

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 open-end credit program, expressly states that the loan is made pursuant to this ar

Financial Code - FIN - FIN § 22451

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 that involve the purchase or lease of goods or services from the licensee, shal

Financial Code - FIN - FIN § 22452

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 adopt with respect to open-end loans under Section 22150, a licensee may make open

Financial Code - FIN - FIN § 22453

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 agreed upon by the borrower and the licensee, which shall be no less than 2 1 2

Financial Code - FIN - FIN § 22454

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 and subdivision (d) of Section 22314, except that the charge for credit insurance

Financial Code - FIN - FIN § 22455

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 by the Insurance Commissioner, in an amount not in excess of the amount of the i

Financial Code - FIN - FIN § 22456

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 to the borrower, at the time of each loan advance, an amount equal to the face v

Financial Code - FIN - FIN § 22457

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 determining the minimum payments that will be required to repay the initial advance a

Financial Code - FIN - FIN § 22458

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 procedures have been instituted, the licensee shall deliver or cause to be delivered to t

Financial Code - FIN - FIN § 22459

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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.

Financial Code - FIN - FIN § 22460

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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 226.9 of Regulation Z promulgated by the Board of Governors of the Federal Reserve System (12 C.F.R. 226).

Financial Code - FIN - FIN § 22461

statute | California | California Legislative Counsel

Financial Code - FIN - FIN § 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.