Cal. Code Regs. tit. 10 § 40.1102

Current through Register 2024 Notice Reg. No. 52, December 27, 2024

Section 40.1102 - Expenses and Costs of Repossession or Sale: Expenses and Costs of Repairs

No expenses or costs of repossession or sale of property securing a loan shall be charged to or collected from a borrower, either directly or indirectly, that exceed the limitation contained in Section 18218 of the Financial Code. No expenses or costs of repairs to such property shall be charged to or collected from a borrower, either directly or indirectly, except upon a written authorization from the borrower specifically authorizing such repairs and signed by the borrower after the repossession and prior to the making of the repairs. Nothing in this section shall be deemed to apply to a lien on property securing a loan which existed prior to the date of repossession of such property and which resulted from some act of the borrower occurring prior to the date of such repossession. Nothing in this section shall be deemed to permit any charge other than charges permitted by law.

Cal. Code Regs. Tit. 10, § 40.1102

1. Change without regulatory effect renumbering former section 1224 to new section 40.1102 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).

Note: Authority cited: Section 18347, Financial Code. Reference: Section 18218, Financial Code.

1. Change without regulatory effect renumbering former section 1224 to new section 40.1102 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).