California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 11.5
Article 9 - Books and Records
Section 1950.314.7 - Payment Processing
Universal Citation: 9 CA Code of Regs 1950.314.7
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
A licensee shall credit any payment made to a borrower's account on the same business day the payment is received by the licensee, regardless of the date of processing. As a general rule, a licensee shall process any payment to a borrower's account within two business days from the business day the payment is received by the licensee.
1. New section filed 11-25-96; operative 12-25-96 (Register 96, No. 48).
Note: Authority cited: Section 50304, Financial Code. Reference: Section 50314, 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.
