California Business and Professions Code

§ 654.3

BPC § 654.3 Effective Jan 1, 2020Div. 2 · Ch. 1 · Art. 6

Statute text

(a)For purposes of this section, the following definitions shall apply:

(1)“Arrange for” and “establish” mean the act of a licensee, or an employee or agent of that licensee, receiving application information from the applicant and submitting it to the lender for approval or rejection.

(2)“Deferred interest provision” means a contractual provision that allows for interest to be charged on portions of the original balance that have already been paid off.

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Legislative history

Repealed (in Sec. 1) and added by Stats. 2019, Ch. 856, Sec. 2. (SB 639) Effective January 1, 2020. Section operative July 1, 2020, by its own provisions.