Cal. Fin. Code § 22603

Current through the 2023 Legislative Session.
Section 22603 - Statement to be provided prospective borrower

A licensee that is a finance lender shall provide a prospective borrower who has been referred by an unlicensed person the following written statement, in 10-point font or larger, at the time the licensee receives an application for a commercial loan, and shall require the prospective borrower to acknowledge receipt of the statement in writing:

"You have been referred to us by [Name of Unlicensed Person]. If you are approved for the loan, we may pay a fee to [Name of Unlicensed Person] for the successful referral. [Licensee], and not [Name of Unlicensed Person] is the sole party authorized to offer a loan to you. You should ensure that you understand any loan offer we may extend to you before agreeing to the loan terms. If you wish to report a complaint about this loan transaction, you may contact the Department of Financial Protection and Innovation at 1-866-ASK-CORP (1-866-275-2677), or file your complaint online at www.dfpi.ca.gov.

Ca. Fin. Code § 22603

Amended by Stats 2022 ch 452 (SB 1498),s 140, eff. 1/1/2023.
Added by Stats 2015 ch 761 (SB 197),s 2, eff. 1/1/2016.