California Financial Code 18642 – If the maturity of a loan made under Section 18636 is accelerated for …
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If the maturity of a loan made under Section 18636 is accelerated for any reason, the company shall make the same refund or credit as would be required if the loan contract was paid in full on the date of acceleration and the unpaid balance shall be treated as the unpaid principal balance and thereafter the unpaid balance of the loan contract shall bear charges at the agreed rate of charge if the loan contract so provides.
(Added by Stats. 1979, Ch. 270.)
Terms Used In California Financial Code 18642
- Charges: as used in this division , include the aggregate interest, fees, bonuses, commissions, brokerage, discounts, expenses, and other forms of costs charged, contracted for, or received by an industrial loan company or any other person in connection with the investigating, arranging, negotiating, procuring, guaranteeing, making, servicing, collecting, or enforcing of a loan, or for forbearance of money, credit, goods, things in action, or any other service or services rendered. See California Financial Code 18007
- company: means a premium finance agency. See California Financial Code 18565
- Contract: A legal written agreement that becomes binding when signed.
- principal balance: means the difference between the amount of the premium and fees charged by the insurer or producer and the downpayment on the premium. See California Financial Code 18566