§ 23027. — 23027. (Added by Stats. 2002, Ch. 777, Sec. 10.)

California § 23027.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 10.: [DIVISION 10. CONSUMER FINANCE LENDERS]
• Ch. 1.: CHAPTER 1. General Provisions
• Art. 3.: ARTICLE 3. Administration and Operations

Text

(a)
No licensee shall advertise, print, display, publish, distribute, or broadcast, or cause or permit to be advertised, printed, displayed, published, distributed or broadcast, in any manner, any statement or representation with regard to the business subject to the provisions of this division, including the rates, terms, or conditions for making or negotiating deferred deposit transactions, that is false, misleading, or deceptive, or that omits material information that is necessary to make the statements not
false, misleading, or deceptive.
(b)
No licensee shall place an advertisement disseminated primarily in this state for a deferred deposit transaction unless the licensee discloses in the printed text of the advertisement, or the oral text in the case of a radio or television advertisement, that the licensee is licensed by the department pursuant to this division.
(c)
The commissioner may require that rates of charges or fees, if stated by the licensee, be stated fully and clearly in the manner that the commissioner deems necessary to give adequate information to, or to prevent misunderstanding by, prospective customers.
(d)
No advertising copy shall be used after its use has been disapproved by the commissioner and the licensee is notified in writing of the disapproval.
(e)
The commissioner may require licensees to maintain a file of all advertising copy for a period of 90 days from the date of its use. The file shall be available to the commissioner upon request.

Legislative History

Added by Stats. 2002, Ch. 777, Sec. 10. Effective January 1, 2003. Section operative on December 31, 2004, or sooner, pursuant to Section 23104.