§ 107.603. Advance of Credit for Life or Disability Insurance in Connection with Loans Made.
10 CA ADC § 107.603Barclays Official California Code of Regulations
10 CCR § 107.603
§ 107.603. Advance of Credit for Life or Disability Insurance in Connection with Loans Made.
(a) An association may accept the assignment by a borrower of a policy of life insurance on the life of the borrower, or disability insurance on the borrower, as additional security for a loan made and may advance the insurance premiums on such assigned life or disability insurance and add the amounts thereof to the outstanding loan balance subject to the following conditions:
Credits
Note: Authority cited: Section 8053, Financial Code. Reference: Section 7650, Financial Code.
History
1. Change without regulatory effect renumbering former Section 241.3 to Section 107.603 (Register 87, No. 14). For prior history, see Register 74, No. 21.
2. Amendment of subsection (b) filed 2-18-88; operative 3-19-88 (Register 88, No. 10).
This database is current through 6/21/24 Register 2024, No. 25.
Cal. Admin. Code tit. 10, § 107.603, 10 CA ADC § 107.603
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