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 1618 - Notification of Payment and Due Date
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) Prior to disbursing loan proceeds, a licensee shall inform each borrower that the licensee is required to notify the borrower about payment amounts and due dates at least two days before each payment due date, and that the borrower has the right to opt out of the notification at any time upon electronic or written request to the licensee.
(b) A licensee shall maintain evidence of compliance with Financial Code Section 22370, subdivision (f)(5), using procedures established by the licensee, that the notification required in subsection (a) was provided and of any request by a borrower to opt out of receiving notification.
1. New section filed 7-17-2014; operative 7-17-2014 pursuant to Government Code section 11343.4(b)(3) (Register 2014, No. 29).
Note: Authority cited: Section 22150, Financial Code. Reference: Section 22370, Financial Code.
