Cal. Fin. Code § 4979.7

Current through the 2023 Legislative Session.
Section 4979.7 - Credit insurance premiums, debt cancellation or suspension agreement fees

On or after July 1, 2002, a person who originates a consumer loan shall not finance, directly or indirectly, into a consumer loan or finance to the same borrower within 30 days of a consumer loan any credit life, credit disability, credit property, or credit unemployment insurance premiums, or any debt cancellation or suspension agreement fees, provided that credit insurance premiums, debt cancellation, or suspension fees calculated and paid on a monthly basis shall not be considered financed by the person originating the loan. For purposes of this section, credit insurance does not include a contract issued by a government agency or private mortgage insurance company to insure the lender against loss caused by a mortgagor's default.

Ca. Fin. Code § 4979.7

Added by Stats 2001 ch 732 (AB 489), s 1, eff. 1/1/2002.
Amended by Stats 2001 ch 733 (AB 344), s 9, eff. 1/1/2002.
See Stats 2001 ch 733 (AB 344), s 10.