California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 6 - California Financing Law
Article 14 - Pilot Program for Increased Access to Responsible Small Dollar Loans
Subarticle 6 - Books, Records and Examinations
Section 1612 - Disclosure to Applicant Concerning Loan Interest and Right to Rescind

(a) A licensee shall at the time of application provide the applicant with written disclosure concerning the terms of the loan and the applicant's right to rescind the loan as required under Section 22370, subdivision (a)(3), of the Financial Code.

(b) The disclosure required in Financial Code Section 22370, subdivision (a)(3), shall include the following statement: "This loan is made under the Pilot Program for Increased Access to Responsible Small Dollar Loans."

(c) The licensee shall have the applicant initial and date the written disclosure to acknowledge receipt, and the licensee shall retain in the file a copy of the disclosure with the applicant's initials and date acknowledging receipt.

(d) Alternatively, if the disclosure is provided to an applicant by mobile or other electronic application, the licensee shall use procedures established by the licensee to document compliance with the requirements in Financial Code Section 22370, subdivision (a)(4).