California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 6 - California Financing Law
Article 4 - Loans
Section 1457 - Charges: Limited to Amounts Disbursed
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) Except as provided in subsections (b), (c) and (d) of this section, a finance company may collect and receive charges only on the portion of the unpaid principal balance actually disbursed to the borrower or on the borrower's behalf, and only from the date of such disbursement.
(b) Charges on the amount of any statutory fees to be paid to a public officer may be collected and received from the date of the loan, provided the fees are actually paid within a reasonable time after the loan is made.
(c) Charges on the amount of premium for insurance written in connection with a loan may be collected and received only from the effective date of the insurance. However, if the loan is refinanced and insurance extended to cover the refinanced loan to the new maturity date, charges upon the premium may be collected and received from the date of such refinance.
(d) Charges on a loan secured by real property may be collected and received only from the date of closing of the escrow, when the loan proceeds are disbursed by the escrow holder, except as provided by Civil Code Section 2948.5.
1. New NOTE
filed 12-29-83; effective thirtieth day thereafter (Register 83, No.
53).
2. Change without regulatory effect amending NOTE filed 6-14-95
pursuant to section
100, title 1, California Code of
Regulations (Register 95, No. 24).
3. Amendment filed 8-4-98;
operative 9-3-98 (Register 98, No. 32).
4. Amendment of subsection
(d) and NOTE filed 9-23-2009; operative 10-23-2009 (Register 2009, No.
39).
Note: Authority cited: Section 22150, Financial Code. Reference: Section 2948.5, Civil Code; and Sections 22300, 22303, 22306, 22307 and 22326, Financial Code.
