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 40.606 - Acceleration of Repayment: Limitations

Universal Citation: 10 CA Code of Regs 40.606

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

An industrial loan company shall not be entitled to accelerate repayment of any consumer loan:

(a) Upon failure of the borrower immediately to pay any sum or sums advanced by the industrial loan company for itself or the borrower for insurance premiums relating to the security;

(b) If the industrial loan company feels insecure due to a change in the financial condition of the borrower; or

(c) If any non-material misstatement has been made by the borrower with reference to the borrower's credit or financial standing.

1. Change without regulatory effect renumbering former section 1159 to new section 40.606 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: Section 18358, Financial Code.

Disclaimer: These regulations may not be the most recent version. California may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.