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§ 941. Additional Assumptions for Factoring Transactions.

10 CA ADC § 941Barclays Official California Code of RegulationsEffective: December 9, 2022

Barclays California Code of Regulations
Title 10. Investment
Chapter 3. Commissioner of Financial Protection and Innovation (Refs & Annos)
Subchapter 3. Commercial Financing Disclosures.
Effective: December 9, 2022
10 CCR § 941
§ 941. Additional Assumptions for Factoring Transactions.
(a) When calculating the required disclosures in accordance with section 912 for factoring transactions, to provide a disclosure based upon a single transaction as described by section 22802 of the code, the provider shall assume that it will receive full payment of the legally enforceable claim upon the date that legally enforceable claim becomes due and payable.
(b) When calculating the required disclosures in accordance with section 913 for factoring transactions, to provide a disclosure based upon an example transaction as described by section 22803 of the code, the provider shall assume that it will receive full payment of the legally enforceable claim upon the date that results from adding the term to the date the disclosure is made.

Credits

Note: Authority cited: Sections 321 and 22804, Financial Code. Reference: Sections 22800, 22802, 22803 and 22804, Financial Code.
History
1. New section filed 6-9-2022; operative 12-9-2022 pursuant to Government Code section 11343.4(b)(2) (Register 2022, No. 23). Transmission deadline specified in Government Code section 11346.4(b) extended 60 calendar days pursuant to Executive Order N-40-20 and an additional 60 calendar days pursuant to Executive Order N-71-20. Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20 and an additional 60 calendar days pursuant to Executive Order N-71-20.
This database is current through 4/5/24 Register 2024, No. 14.
Cal. Admin. Code tit. 10, § 941, 10 CA ADC § 941
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