California Financial Code

§ 4970

FIN § 4970 Effective Jan 1, 2023Div. 1.7 · Ch. 1

Statute text

For purposes of this division:

(a)“Annual percentage rate” means the annual percentage rate for the loan calculated according to the provisions of the federal Truth in Lending Act and the regulations adopted thereunder by the Consumer Financial Protection Bureau.

(b)“Covered loan” means a consumer loan in which the original principal balance of the loan does not exceed the most current conforming loan limit for a single-family first mortgage loan established by the Federal National Mortgage Association in the case of a mortgage or deed of trust, and where one of the following conditions are met:

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Legislative history

Amended by Stats. 2022, Ch. 452, Sec. 107. (SB 1498) Effective January 1, 2023.