§ 22603. — 22603. (Amended by Stats. 2022, Ch. 452, Sec. 140.)

California § 22603.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 9.: DIVISION 9. CALIFORNIA FINANCING LAW
• Ch. 3.: CHAPTER 3. Commercial Loans
• Art. 3.: ARTICLE 3. Loan Regulations

Text

A licensee that is a finance lender shall provide a prospective borrower who has been referred by an unlicensed person the following written statement, in 10-point font or larger, at the time the licensee receives an application for a commercial loan, and shall require the prospective borrower to acknowledge receipt of the statement in writing:
“You have been referred to us by [Name of Unlicensed Person]. If you are approved for the loan, we may pay a fee to [Name of Unlicensed Person] for the successful referral. [Licensee], and not [Name of Unlicensed Person] is the sole party authorized to offer a loan to you. You should ensure that you understand any loan offer we may extend to you before agreeing to the loan terms. If you wish to report a complaint about this
loan transaction, you may contact the Department of Financial Protection and Innovation at 1-866-ASK-CORP (1-866-275-2677), or file your complaint online at www.dfpi.ca.gov.

Legislative History

Amended by Stats. 2022, Ch. 452, Sec. 140. (SB 1498) Effective January 1, 2023.