Cal. Code Regs. tit. 10 § 40.606

Current through Register 2024 Notice Reg. No. 43, October 25, 2024

Section 40.606 - Acceleration of Repayment: Limitations

An industrial loan company shall not be entitled to accelerate repayment of any consumer loan:

(a) Upon failure of the borrower immediately to pay any sum or sums advanced by the industrial loan company for itself or the borrower for insurance premiums relating to the security;

(b) If the industrial loan company feels insecure due to a change in the financial condition of the borrower; or

(c) If any non-material misstatement has been made by the borrower with reference to the borrower's credit or financial standing.

Cal. Code Regs. Tit. 10, § 40.606

1. Change without regulatory effect renumbering former section 1159 to new section 40.606 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 18358, Financial Code.

1. Change without regulatory effect renumbering former section 1159 to new section 40.606 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).