§ 12319. — 12319. (Added by Stats. 1957, Ch. 498.)

California § 12319.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 3.: DIVISION 3. CHECK SELLERS, BILL PAYERS, AND PRORATERS
• Ch. 4.: CHAPTER 4. Licensee Regulations

Text

Every contract between a prorater and a debtor shall:
(a)
List every debt to be prorated with the creditor’s name and disclose the total of all such debts;
(b)
Provide payments reasonably within the ability of the debtor to pay in precise terms;
(c)
Disclose in precise terms the rate and amount of the prorater’s charge;
(d)
Disclose the approximate number and amount of installments required to pay the debts in full;
(e)
Disclose the name and address of the prorater and of the debtor;
(f)
Contain such other provision or disclosures as the commissioner shall determine is necessary for the protection of the debtor and the proper conduct of business by a prorater.

Legislative History

Added by Stats. 1957, Ch. 498.