California Financial Code

§ 18300

FIN § 18300Div. 7 · Ch. 3 · Art. 6.5

Statute text

(a)As used in this article, “open-end loan” means a loan or loans made by an industrial loan company pursuant to a loan agreement which expressly states that it is made pursuant to this section and pursuant to which:

(1)The industrial loan company may permit the borrower to obtain advances of money from the industrial loan company from time to time or the industrial loan company may advance money on behalf of the borrower from time to time as directed by the borrower.

(2)The amount of each advance and the charges and other permitted costs are debited to an account.

…

Legislative history

Amended by Stats. 1985, Ch. 297, Sec. 2.