22802
Effective Jan 1, 2024Amended (as added by Stats. 2018, Ch. 1011, Sec. 2, 1st text) by Stats. 2023, Ch. 376, Sec. 1. (SB 33) Effective January 1, 2024.
- (a) A provider subject to this division shall disclose all of the information in subdivision (b) or in Section 22803, if applicable, to a recipient at the time of extending a specific commercial financing offer to that recipient, and shall obtain the recipient’s signature on the disclosure before consummating the commercial financing transaction.
(b) Except as provided in Section 22803, a provider subject to this division shall disclose all of the following:
- (1) The total amount of funds provided.
- (2) The total dollar cost of the financing.
- (3) The term or estimated term.
- (4) The method, frequency, and amount of payments.
- (5) A description of prepayment policies.
- (6) The total cost of the financing expressed as an annualized rate.