California Financial Code

§ 22467

FIN § 22467 Effective Jan 1, 2000Div. 9 · Ch. 2 · Art. 5

Statute text

(a)Any section that refers to this section or that is subject to Section 22251 does not apply to any open-end loan of the bona fide principal amount specified in the regulatory ceiling provision of that section or more, or to a duly licensed finance lender in connection with any such loan if that provision is not used for the purpose of evading this division.

(b)In determining whether an open-end loan is an open-end loan of a bona fide principal amount specified in any section in this division or more and whether the regulatory ceiling provision of that section is used for the purpose of evading this division, the open-end loan shall be deemed to be for that amount or more if both the following criteria are met:

(1)The line of credit is equal to or more than the bona fide principal amount of the specified amount.

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Legislative history

Amended by Stats. 1999, Ch. 347, Sec. 5. Effective January 1, 2000.