California Civil Code

§ 2982.8

CIV § 2982.8Div. 3 · Title 14 · Part 4 · Ch. 2b

Statute text

(a)If a buyer is obligated under the terms of the conditional sale contract to maintain insurance on the vehicle and subsequent to the execution of the contract the buyer either fails to maintain or requests the holder to procure the insurance, any amounts advanced by the holder to procure the insurance may be the subject of finance charges from the date of advance as provided in subdivision (e).

(b)These amounts shall be secured as provided in the contract and permitted by Section 2984.2 if the holder notifies the buyer in writing of his or her option to repay those amounts in any one of the following ways:

(1)Full payment within 10 days from the date of giving or mailing the notice.

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Legislative history

Amended by Stats. 1988, Ch. 1092, Sec. 2.