California Statutes
§ 22603. — 22603. (Amended by Stats. 2022, Ch. 452, Sec. 140.)
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
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, y
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California § 22603. (22603. (Amended by Stats. 2022, Ch. 452, Sec. 140.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 2022, Ch. 452, Sec. 140. (SB 1498) Effective January 1, 2023.