Section 1607 - Additional Information Required to Complete the Annual Report(a) A licensee shall obtain and keep for every loan the following additional information, for purposes of reporting information in the annual report: (1) Credit scores from at least one consumer reporting agency for each borrower who obtained more than one program loan (Section 22380, subdivision (d)(6), of the Financial Code),(2) Income distribution for each borrower, including the number of borrowers who obtained at least one program loan and who resided in a low-to-moderate-income census tract at the time of their loan application (Section 22380, subdivision (d)(7), of the Financial Code), defined as a distressed/underserved tract under the federal Community Reinvestment Act (12 U.S.C. 2901) and based on census tract data published by the Federal Financial Institutions Examination Counsel.(3) Borrowers' primary purpose in obtaining the loan, based on borrower responses at the time of the loan applications, as follows (Section 22380, subdivision (d)(8), of the Financial Code): (G) To build or repair credit history.(H) To finance a purchase of goods or services other than a vehicle.(I) For other than personal, family, or household purposes.(4) Whether the borrower self-reported that he or she had or did not have a bank account at the time of the loan application, and if the borrower had a bank account, whether the borrower self-reported that he or she used check-cashing services (Section 22380, subdivision (d)(9), of the Financial Code) or payday loan services,(5) Language in which the loan was negotiated orally or in writing, and whether the credit education program or seminar offered by the licensee was offered in that language, and(6) If known, whether the borrower attended a credit education program or seminar offered by the licensee.Cal. Code Regs. Tit. 10, § 1607
1. New section filed 7-17-2014; operative 7-17-2014 pursuant to Government Code section 11343.4(b)(3) (Register 2014, No. 29). Note: Authority cited: Section 22150, Financial Code. Reference: Section 22380, Financial Code.
1. New section filed 7-17-2014; operative 7/17/2014 pursuant to Government Code section 11343.4(b)(3) (Register 2014, No. 29).