California Code of Regulations
Title 10 - Investment
Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 40 - Industrial Loans
Article 8 - Insurance
Section 40.800 - Insurance Premiums: Charge Before Effective Date

Universal Citation: 10 CA Code of Regs 40.800
Current through Register 2024 Notice Reg. No. 38, September 20, 2024

No insurance premium shall be charged to or collected from a borrower prior to the effective date of such insurance. However, in the event of refinancing of a loan, existing insurance may be extended to the maturity date of the new loan and the additional premium may be charged to or collected from the borrower at the time the loan is refinanced. The cost of the insurance to replace the unexpired insurance shall not exceed the original premium cost of such unexpired insurance. The cost of the insurance for the additional term may be computed at rates currently in effect.

1. Change without regulatory effect adding new article 8 (sections 40.800-40.815) and renumbering former section 1186 to new section 40.800 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: Section 18294, Financial Code.

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