California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 13 - Deferred Deposit Transaction Law
Article 2 - Books and Records
Section 2028 - Transfers Involving Affiliates

Whenever any deferred deposit transaction is sold, transferred or assigned, within the same business outside the State for any reason, or to an affiliate wherever located for any reason, a deferred deposit originator shall maintain at its licensed location, the original or exact copy of the deferred deposit transaction agreement and any other disclosure statements used to provide notice in compliance with Section 23035 of the Financial Code, payment record and a record identifying the deferred deposit transaction, the date of transfer, and the name and location of the receiving office. However, when a loan is sold, transferred, or assigned to another licensed location of the same business within the State of California, only a record identifying the deferred deposit transaction, the date of transfer, and the receiving office need be maintained by the sending office and thereafter the licensed location receiving that deferred deposit transaction shall maintain the required documents in its files.

1. New section filed 1-25-2006; operative 1-25-2006 pursuant to Government Code section 11343.4 (Register 2006, No. 4).

Note: Authority cited: Section 23015, Financial Code. Reference: Sections 23024, 23035 and 23046, Financial Code.