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§ 40.606. Acceleration of Repayment: Limitations.

10 CA ADC § 40.606Barclays Official California Code of Regulations

Barclays California Code of Regulations
Title 10. Investment
Chapter 1. Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 40. Industrial Loans
Article 6. Loans and Obligations Receivable
10 CCR § 40.606
§ 40.606. Acceleration of Repayment: Limitations.
Currentness
An industrial loan company shall not be entitled to accelerate repayment of any consumer loan:
(a) Upon failure of the borrower immediately to pay any sum or sums advanced by the industrial loan company for itself or the borrower for insurance premiums relating to the security;
(b) If the industrial loan company feels insecure due to a change in the financial condition of the borrower; or
(c) If any non-material misstatement has been made by the borrower with reference to the borrower's credit or financial standing.

Credits

Note: Authority cited: Section 18347, Financial Code. Reference: Section 18358, Financial Code.
History
1. Change without regulatory effect renumbering former section 1159 to new section 40.606 filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).
This database is current through 5/3/24 Register 2024, No. 18.
Cal. Admin. Code tit. 10, § 40.606, 10 CA ADC § 40.606
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