A licensee shall credit any payment made to a borrower's account on the same business day the payment is received by the licensee, regardless of the date of processing. As a general rule, a licensee shall process any payment to a borrower's account within two business days from the business day the payment is received by the licensee.

Note: Authority cited: Section 50304, Financial Code. Reference: Section 50314, Financial Code.

History

1. New section filed 11-25-96; operative 12-25-96 (Register 96, No. 48).