§ 23061. — 23061. (Added by Stats. 2002, Ch. 777, Sec. 10.)

California § 23061.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 10.: [DIVISION 10. CONSUMER FINANCE LENDERS]
• Ch. 3.: CHAPTER 3. Enforcement
• Art. 2.: ARTICLE 2. Penalties for Misconduct

Text

(a)
If any amount other than, or in excess of, the charges permitted by this division is charged, contracted for, or received in connection with a deferred deposit transaction, for any reason other than a willful act of the licensee, the licensee shall forfeit all charges and fees on the deferred deposit transaction and may collect or receive only the principal amount of the transaction.
(b)
Subdivision (a) shall not apply to an error in computation
if (1) the licensee shows by a preponderance of evidence that the violation was not intentional and resulted from a bona fide error, notwithstanding the maintenance of procedures reasonably adapted to avoid that error, and (2) within 60 days of discovering the error the licensee notifies the customer of the error and makes whatever adjustments in the account are necessary to correct the error.

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.