California Financial Code

§ 18218

FIN § 18218Div. 7 · Ch. 3 · Art. 2

Statute text

Notwithstanding any other provision of this division, an industrial loan company, in the collection of a delinquent loan of an unpaid principal balance, may do any of the following:

(a)Collect and receive the court costs and reasonable attorney’s fees allowed by a court in a judgment against a defaulting debtor.

(b)Contract for, collect, and receive the bona fide expenses actually incurred and paid by the industrial loan company, not exceeding 10 percent of the unpaid principal balance of the loan where no judgment at law is sought.

…

Legislative history

Amended by Stats. 1991, Ch. 1054, Sec. 1.3.