California Financial Code

§ 22604

FIN § 22604 Effective Jan 1, 2016Div. 9 · Ch. 3 · Art. 3

Statute text

(a)Any person that receives compensation in connection with a referral, as described in Section 22602, that leads to the consummation of a commercial loan under this division may not do any of the following:

(1)Make a materially false or misleading statement or representation to a prospective borrower about the terms or conditions of a prospective loan.

(2)Advertise, print, display, publish, distribute, or broadcast any statement or representation with regard to the conditions for making or negotiating a loan that is false, misleading, or deceptive, or that omits material information that is necessary to make the statements made not false, misleading, or deceptive.

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Legislative history

Added by Stats. 2015, Ch. 761, Sec. 3. (SB 197) Effective January 1, 2016.