California Financial Code

§ 22370

FIN § 22370 Effective Jan 1, 2019Div. 9 · Ch. 2 · Art. 3.6

Statute text

(a)A loan made pursuant to this section shall comply with the following requirements:

(1)The loan shall be unsecured.

(2)Interest on the loan shall accrue on a simple-interest basis, through the application of a daily periodic rate to the actual unpaid principal balance each day.

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Legislative history

Amended by Stats. 2018, Ch. 1016, Sec. 2. (AB 237) Effective January 1, 2019. Repealed as of January 1, 2028, pursuant to Section 22381.