Cal. Code Regs. tit. 10 § 40.700

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

Section 40.700 - Requirements for Lease Obligations

(a) The following kinds or classes of property are hereby declared eligible for the purchasing, discounting or origination of leases:

(1) Motor vehicles, except mobile homes, motor homes, campers and camper trailers;

(2) Personal property used for carrying on a business, other than property held for sale;

(3) Farm equipment; and

(4) Other property approved by the Commissioner.

(b) The kinds or classes of personal property or collateral listed in subsection (a) shall be insured against loss and the industrial loan company shall be named as insured in connection therewith.

(c) The aggregate balances due on lease obligations which will not mature within 60 months and 15 days shall be included in the percentage limitation set forth in Section 40.612(d) of this Chapter.

Cal. Code Regs. Tit. 10, § 40.700

1. Change without regulatory effect adding new article 7 (sections 40.700-40.703) and renumbering and amending former section 1179 to new section 40.700 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 18310, Financial Code.