Cal. Code Regs. tit. 10 § 1453

Current through Register 2024 Notice Reg. No. 16, April 19, 2024

Section 1453 - "Ballooning" Prohibited

Any so-called "ballooning" of loan contracts is prohibited. Any scheduled installment that is more than twice the amount of any other scheduled installment will be considered a balloon payment for purposes of this section and Section 22307 of the Financial Code. This section shall not be construed to apply to open end loans.

Cal. Code Regs. Tit. 10, § 1453

1. Amendment filed 12-29-83; effective thirtieth day thereafter (Register 83, No. 53).
2. Change without regulatory effect amending section and NOTE filed 6-14-95 pursuant to section 100, title 1, California Code of Regulations (Register 95, No. 24).

Note: Authority cited: Section 22150, Financial Code. Reference: Section 22307, Financial Code.

1. Amendment filed 12-29-83; effective thirtieth day thereafter (Register 83, No. 53).
2. Change without regulatory effect amending section and Note filed 6-14-95 pursuant to section 100, title 1, California Code of Regulations (Register 95, No. 24).