Terms Used In California Codes > Financial Code > Division 9 > Chapter 2 - Consumer Loans

• Abstract of judgment: In a federal criminal proceeding, A certification from a U.S. District Court clerk that a judgment of restitution was entered against the defendant owing to the victim. If the defendant inherits, owns, or sells real property or holdings, these assets can then be attached at the state and local levels as well.
• Action: includes a civil action and a special proceeding of a civil nature. See California Code of Civil Procedure 2016.020
• Adjourn: A motion to adjourn a legislative chamber or a committee, if passed, ends that day's session.
• Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
• agreement: means the total legal obligation that results from the parties' agreement as determined by this code and as supplemented by any other applicable laws. See California Commercial Code 1201
• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Appraisal: A determination of property value.
• Arraignment: A proceeding in which an individual who is accused of committing a crime is brought into court, told of the charges, and asked to plead guilty or not guilty.
• Bank: means a person engaged in the business of banking, and includes a savings bank, savings and loan association, credit union, and trust company. See California Commercial Code 1201
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Board: means the State Public Works Board. See California Government Code 15802
• board: means the California State Board of Optometry. See California Business and Professions Code 3004
• bona fide principal amount: as used in this division solely for the purposes of determining whether the loan amount exceeds a regulatory ceiling, and is not intended to affect the meaning of "principal" for any other purpose. See California Financial Code 22251
• Bonds: means revenue bonds, notes, including commercial paper notes or other forms of negotiable short-term indebtedness, or bond anticipation notes issued to finance prison facilities, interest during construction of prison facilities, reserve funds, and costs of issuance of the bonds, as the board may determine. See California Government Code 15819.1
• candidate: includes any officeholder who is subject to a recall election. See California Elections Code 305
• Capitol area: includes both of the following:

  California Government Code 8160.1

• Central city: means that area of the City of Sacramento bounded on the north by the American River, on the west by the Sacramento River, and on the south and east by Interstate Highway 80. See California Government Code 8160.1
• City: includes "city and county" and "incorporated town" but does not include "unincorporated town" or "village. See California Government Code 20
• City: includes city and county. See California Business and Professions Code 18
• City: includes incorporated city, city and county, municipal corporation, municipality, town and incorporated town. See California Financial Code 13
• Classification: means that each position in the classified service shall have a designated title, a regular minimum number of assigned hours per day, days per week, and months per year, a specific statement of the duties required to be performed by the employees in each such position, and the regular monthly salary ranges for each such position. See California Education Code 88001
• Clerk: means the county elections official, registrar of voters, city clerk, or other officer or board charged with the duty of conducting any election. See California Elections Code 307
• Code: means the Code of Fair Campaign Practices. See California Elections Code 20420
• Commercial modular: as used in this part has the same meaning as defined in Section 18001. See California Health and Safety Code 18218
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• compensation: means the remuneration paid out of funds controlled by the employer in payment for the member's services performed during normal working hours or for time during which the member is excused from work because of any of the following:

  California Government Code 20630

• Construction: includes the extension, enlargement, repair, renovation, restoration, improvement, furnishing, and equipping of any public building. See California Government Code 15802
• contract: means the bargain of the parties in fact, as found in their language or inferred from other circumstances, including course of performance, course of dealing, or usage of trade as provided in Section 1303. See California Commercial Code 1201
• County: includes city and county. See California Government Code 19
• County: includes city and county. See California Health and Safety Code 14
• County: includes city and county. See California Business and Professions Code 17
• County: includes "city and county. See California Code of Civil Procedure 17
• county: includes "city and county". See California Penal Code 7
• County: includes "city and county. See California Corporations Code 14
• County: includes "city and county. See California Public Resources Code 14
• County: includes city and county. See California Financial Code 14
• Court: means the trial court in which the action is pending, unless otherwise specified. See California Code of Civil Procedure 2016.020
• Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) ^{Source: OCC}
• Credit insurance: means credit life, disability, and loss-of-income insurance, or any combination of these coverages. See California Financial Code 22314
• Credit loss-of-income insurance: means insurance issued to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is involuntarily unemployed, as defined in the policy. See California Financial Code 22314
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. ^{Source: OCC}
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Demotion: means assignment to an inferior position or status without the employee's written voluntary consent. See California Education Code 88001
• department: means the Department of Parks and Recreation and "director" means the Director of Parks and Recreation. See California Public Resources Code 5001.1
• Department: means the Department of General Services. See California Government Code 8160.1
• Department: means the Department of General Services. See California Government Code 14837
• department: means State Department of Health Services. See California Health and Safety Code 20
• Department: means the Department of Food and Agriculture. See California Food and Agricultural Code 32
• Director: means the Director of General Services. See California Government Code 8160.1
• Director: means the Director of General Services. See California Government Code 14837
• Director: means "State Director of Health Services. See California Health and Safety Code 21
• director: means the Director of Emergency Services. See California Penal Code 14113
• director: refer to the Department of General Services and the Director of General Services, respectively, unless the context otherwise requires. See California Government Code 14602
• directors: means natural persons, designated in the articles or bylaws or elected by the incorporators, and their successors and natural persons designated, elected, or appointed by any other name or title to act as members of the governing body of the corporation. See California Corporations Code 5047
• Disability: means a medical condition, mental disability, or physical disability, as those terms are defined in subdivisions (i), (j), and (l) of §. See California Elections Code 354.5
• Disabled veteran business enterprise: means an enterprise that has been certified as meeting the qualifications established by paragraph (7) of subdivision (b) of §. See California Government Code 14837
• Disciplinary action: includes any action whereby an employee is deprived of any classification or any incident of any classification in which he or she has permanence, including dismissal, suspension, demotion, or any reassignment, without his or her voluntary consent, except a layoff for lack of work or lack of funds. See California Education Code 88001
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Document of title: includes a bill of lading, dock warrant, dock receipt, warehouse receipt, or order for the delivery of goods, and also any other document which in the regular course of business or financing is treated as adequately evidencing that the person in possession of it is entitled to receive, hold, and dispose of the document and the goods it covers. See California Commercial Code 1201
• Election: means any election including a primary that is provided for under this code. See California Elections Code 318
• Elections official: means any of the following:

  California Elections Code 320

• Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See California Commercial Code 1201
• Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See California Code of Civil Procedure 2016.020
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Equal Credit Opportunity Act: Prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program. ^{Source: OCC}
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• executed: when used with respect to the documents filed pursuant to this code or pursuant to regulations adopted under this code, and presented to the Secretary of State, include a document bearing a signature under subdivision (a). See California Corporations Code 17.1
• Executor: A male person named in a will to carry out the decedent
• Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{Source: OCC}
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Forbearance: A means of handling a delinquent loan. A
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. ^{Source: Federal Reserve}
• Holder: means :

  California Commercial Code 1201

• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Jurisprudence: The study of law and the structure of the legal system.
• knowingly: import s only a knowledge that the facts exist which bring the act or omission within the provisions of this code. See California Penal Code 7
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lease-purchase financing: means the financing of prison facilities from the proceeds of the sale of bonds authorized by the board. See California Government Code 15819.1
• license: means license, certificate, registration, or other means to engage in a business or profession regulated by this code or referred to in Section 1000 or 3600. See California Business and Professions Code 23.7
• Licensee: means any person authorized by a license, certificate, registration, or other means to engage in a business or profession regulated by this code or referred to in Sections 1000 and 3600. See California Business and Professions Code 23.8
• Lien: A claim against real or personal property in satisfaction of a debt.
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Manufactured home: as used in this part shall have the same meaning as defined in Section 18007. See California Health and Safety Code 18210.5
• Manufacturer: means a business that meets both of the following requirements:

  California Government Code 14837

• Metropolitan area: means the greater metropolitan Sacramento area, including the City of Sacramento, the County of Sacramento, and the eastern part of Yolo County. See California Government Code 8160.1
• Microbusiness: is a small business which, together with affiliates, has average annual gross receipts of two million five hundred thousand dollars ($2,500,000) or less over the previous three years, or is a manufacturer, as defined in subdivision (c), with 25 or fewer employees. See California Government Code 14837
• Mobilehome: as used in this part shall have the same meaning as defined in Section 18008. See California Health and Safety Code 18211
• Money: means a medium of exchange that is currently authorized or adopted by a domestic or foreign government. See California Commercial Code 1201
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• office: means the Office of Emergency Services. See California Penal Code 14113
• Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}
• open-end credit program: means a licensee's plan for making open-end loans pursuant to a loan agreement that sets forth the terms and conditions governing the use of the open-end credit program, expressly states that the loan is made pursuant to this article, and provides that:

  California Financial Code 22450

• optometrist: means a person who is licensed to practice optometry in this state under the authority of this chapter. See California Business and Professions Code 3003
• Oversight: Committee review of the activities of a Federal agency or program.
• Party: means a political party or organization that has qualified for participation in any primary or presidential general election. See California Elections Code 338
• permanent employee: includes tenure in the classification in which the employee passed the required probationary period and includes all of the incidents of that classification. See California Education Code 88001
• Person: includes any person, firm, association, organization, partnership, limited liability company, business trust, corporation, or company. See California Government Code 17
• Person: means any person, firm, association, organization, partnership, business trust, corporation, limited liability company, or company. See California Health and Safety Code 19
• Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See California Commercial Code 1201
• person: includes a firm, association, corporation, campaign committee or organization. See California Elections Code 20200
• Person: includes a corporation as well as a natural person. See California Code of Civil Procedure 17
• person: includes a corporation as well as a natural person. See California Penal Code 7
• Person: includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind. See California Financial Code 18
• personal property: include money, goods, chattels, things in action, and evidences of debt. See California Civil Code 14
• place of practice: means any location where optometry is practiced. See California Business and Professions Code 3005
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Precinct: means a geographical area within a county that is made up of voters and is formed pursuant to Chapter 3 (commencing with Section 12200) of Division 12. See California Elections Code 338.6
• Primary election: includes all primary nominating elections provided for by this code. See California Elections Code 341
• Prison facilities lease: means any lease of a prison facility entered into by the Director of Corrections with the board pursuant to this chapter. See California Government Code 15819.1
• Prison facility: means real property, fixtures, furnishings, equipment, and related improvements for the following facilities:

  California Government Code 15819.1

• Probate: Proving a will
• Process: includes a writ or summons issued in the course of judicial proceedings of either a civil or criminal nature. See California Government Code 22
• Process: signifies a writ or summons issued in the course of a judicial proceeding. See California Code of Civil Procedure 17
• property: includes property real and personal. See California Civil Code 14
• Property: includes both personal and real property. See California Code of Civil Procedure 17
• property: includes both real and personal property. See California Penal Code 7
• Public building: includes any structure, building, facility, or work that a state agency has jurisdiction of, or is authorized to design or construct, including, but not limited to, infrastructure, parking lots, landscaping, and other ancillary facilities, including furnishings and equipment, incidental to the use of any building, and also includes the site thereof, and any easements or rights of way appurtenant thereto or necessary for its full use. See California Government Code 15802
• Public defender: Represent defendants who can't afford an attorney in criminal matters.
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Purchase: means taking by sale, lease, discount, negotiation, mortgage, pledge, lien, security interest, issue or reissue, gift, or any other voluntary transaction creating an interest in property. See California Commercial Code 1201
• Purchaser: means a person that takes by purchase. See California Commercial Code 1201
• Quorum: The number of legislators that must be present to do business.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See California Commercial Code 1201
• records: means all papers, maps, exhibits, magnetic or paper tapes, photographic films and prints, punched cards, and other documents produced, received, owned or used by an agency, regardless of physical form or characteristics. See California Government Code 14741
• Recreational vehicle: as used in this part has the same meaning as defined in Section 18010. See California Health and Safety Code 18215.5
• Remedy: means any remedial right to which an aggrieved party is entitled with or without resort to a tribunal. See California Commercial Code 1201
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Right: includes remedy. See California Commercial Code 1201
• rules and regulations: as used in this part , means regulations promulgated by the commission or department, as appropriate, pursuant to Chapter 3. See California Health and Safety Code 18010.5
• Secretary: means the Secretary of Food and Agriculture. See California Food and Agricultural Code 35
• Security interest: includes any interest of a consignor and a buyer of accounts, chattel paper, a payment intangible, or a promissory note in a transaction that is subject to Division 9 (commencing with Section 9101). See California Commercial Code 1201
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Signature: includes either of the following:

  California Elections Code 354.5

• Small business: means an independently owned and operated business that is not dominant in its field of operation, the principal office of which is located in California, the officers of which are domiciled in California, and which, together with affiliates, has 100 or fewer employees, and average annual gross receipts of ten million dollars ($10,000,000) or less over the previous three years, or is a manufacturer, as defined in subdivision (c), with 100 or fewer employees. See California Government Code 14837
• specified amount: means five thousand dollars ($5,000). See California Financial Code 22551
• Spouse: includes "registered domestic partner" as required by §. See California Health and Safety Code 12.2
• Spouse: includes "registered domestic partner" as required by §. See California Government Code 12.2
• State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
• State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See California Commercial Code 1201
• State: means the State of California, unless applied to the different parts of the United States. See California Business and Professions Code 21
• State: includes the District of Columbia and the territories when applied to the different parts of the United States, and the words "United States" may include the district and territories. See California Code of Civil Procedure 17
• state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the district and territories. See California Penal Code 7
• state agency: includes every state office, officer, department, division, bureau, board, and commission. See California Government Code 11000
• state lands: means lands owned by, or under the jurisdiction of, the state or any state agency. See California Public Resources Code 5097
• Subdivision: means a subdivision of the section in which that term occurs, unless some other section is expressly mentioned. See California Business and Professions Code 15
• Subdivision: means a subdivision of the section in which the term occurs unless some other section is expressly mentioned. See California Government Code 10
• Subpoena: A command to a witness to appear and give testimony.
• Term: means a portion of an agreement that relates to a particular matter. See California Commercial Code 1201
• third party: as used in this part , means an entity which is all of the following:

  California Health and Safety Code 18013.2

• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Transcript: A written, word-for-word record of what was said, either in a proceeding such as a trial or during some other conversation, as in a transcript of a hearing or oral deposition.
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• Uphold: The decision of an appellate court not to reverse a lower court decision.
• Voter: means any elector who is registered under this code. See California Elections Code 359
• Voter list: means the list of registered voters in a single or consolidated precinct or in an entire county. See California Elections Code 359.2
• will: includes codicil. See California Penal Code 7
• Will: includes codicil. See California Code of Civil Procedure 17
• willfully: when applied to the intent with which an act is done or omitted, implies simply a purpose or willingness to commit the act, or make the omission referred to. See California Penal Code 7
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.
• Writ: means an order or precept in writing, issued in the name of the people, or of a court or judicial officer. See California Code of Civil Procedure 17
• Writing: includes printing and typewriting. See California Code of Civil Procedure 17
• Writing: includes any form of recorded message capable of comprehension by ordinary visual means. See California Financial Code 8