California Code of Regulations
Title 10 - Investment
Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 40 - Industrial Loans
Article 6 - Loans and Obligations Receivable
Section 40.605 - Reports of Collections

Universal Citation: 10 CA Code of Regs 40.605
Current through Register 2024 Notice Reg. No. 38, September 20, 2024

An industrial loan company shall request in writing that any person, to whom as agent or otherwise an account is referred for collection and who receives any sum from a borrower in connection with the collection of such account, report to such industrial loan company in writing within not less than 30 days of the receipt of such sum the gross sum received and the date of the receipt thereof, provided, that if such account is referred or assigned pursuant to an express contract such contract shall specify that the report contemplated by this section must be given.

1. Change without regulatory effect renumbering former section 1158 to new section 40.605 and adding new NOTE filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).

Note: Authority cited: Section 18347, Financial Code. Reference: Sections 18190 and 18029, Financial Code.

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