Article 1 Definitions
Article 2 Exemptions
Article 3 Loan Regulations
Article 3.6 Pilot Program for Increased Access to Responsible Small Dollar Loans
Article 4 Charges On Scheduled Balances
Article 5 Open-End Loan Programs
Article 6 Disclosure of Loan Applications

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.
  • Affected county: means each county which is proposed to be part of a consolidated county or which is consolidated with one or more counties. See California Government Code 23501
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
  • 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
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • ballot: means any of the following:

    California Elections Code 301

  • 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.
  • Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
  • board: means the 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
  • Buyer: means the person who buys or hires a motor vehicle under a conditional sale contract. See California Civil Code 2981
  • candidate: includes any officeholder who is subject to a recall election. See California Elections Code 305
  • City: includes incorporated city, city and county, municipal corporation, municipality, town and incorporated town. See California Financial Code 13
  • City: includes "city and county" and "incorporated town" but does not include "unincorporated town" or "village. See California Government Code 20
  • Clerk: means the clerk of the county board of supervisors. See California Government Code 23501
  • Commercial modular: as used in this part has the same meaning as defined in Section 18001. See California Health and Safety Code 18218
  • Conditional sale contract: means :

    California Civil Code 2981

  • 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 Financial Code 14
  • County: includes city and county. See California Food and Agricultural Code 29
  • 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 Corporations Code 14
  • County: includes "city and county. See California Public Resources Code 14
  • 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
  • Creditor: includes a general creditor, a secured creditor, a lien creditor, and any representative of creditors, including an assignee for the benefit of creditors, a trustee in bankruptcy, a receiver in equity, and an executor or administrator of an insolvent debtor's or assignor's estate. See California Commercial Code 1201
  • Decedent: A deceased person.
  • Department: means the Department of Food and Agriculture. See California Food and Agricultural Code 32
  • department: means State Department of Health Services. See California Health and Safety Code 20
  • Department: means the Department of Human Resources. See California Government Code 19815
  • department: means the Department of Parks and Recreation and "director" means the Director of Parks and Recreation. See California Public Resources Code 5001.1
  • Director: means "State Director of Health Services. See California Health and Safety Code 21
  • Director: means the Director of the Department of Human Resources. See California Government Code 19815
  • 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
  • Division: means the Division of Labor Relations. See California Government Code 19815
  • 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

  • Elector: means a person who is a United States citizen 18 years of age or older and, except as specified in subdivision (b), is a resident of an election precinct in this state on or before the day of an election. See California Elections Code 321
  • 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.
  • Ex officio: Literally, by virtue of one's office.
  • 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
  • fund: means the State Parks and Recreation Fund. See California Public Resources Code 5098
  • General election: means either of the following:

    California Elections Code 324

  • General fund reserves: means the general fund reserve balance as of July 1, 1978, that is not legally obligated. See California Government Code 16271
  • Good faith: except as otherwise provided in Division 5 (commencing with Section 5101), means honesty in fact and the observance of reasonable commercial standards of fair dealing. See California Commercial Code 1201
  • Governing board: means board of school trustees, community college board of trustees, and city, and city and county board of education. See California Education Code 78
  • Governing body: means the board of supervisors except that in the case of a subsidiary district "governing body" means the city council, and in the case of a multi-county district "governing body" means the governing body of the multi-county district itself. See California Government Code 16271
  • 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
  • Grantor: The person who establishes a trust and places property into it.
  • Holder: means :

    California Commercial Code 1201

  • Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
  • Jurisprudence: The study of law and the structure of the legal system.
  • 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
  • Licensing board: means any board, as defined in Section 22, the State Bar of California, and the Department of Real Estate. See California Business and Professions Code 30
  • 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
  • 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 currently authorized or adopted by a domestic or foreign government. See California Commercial Code 1201
  • 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.
  • Motor vehicle: means a vehicle required to be registered under the Vehicle Code that is bought for use primarily for personal or family purposes, and does not mean any vehicle that is bought for use primarily for business or commercial purposes or a mobilehome, as defined in Section 18008 of the Health and Safety Code that is sold on or after July 1, 1981. See California Civil Code 2981
  • Multi-county district: means any special district which includes territory in more than one county. See California Government Code 16271
  • 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.
  • Nominate: means the selection, at a state-conducted primary election, of candidates who are entitled by law to participate in the general election for that office, but does not mean any other lawful mechanism that a political party may adopt for the purposes of choosing the candidate who is preferred by the party for a nonpartisan or voter-nominated office. See California Elections Code 332.5
  • 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

  • operating entity: means the entity owning the park land and the facilities thereon. See California Public Resources Code 5400.6
  • 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
  • Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
  • Organization: means a person other than an individual. See California Commercial Code 1201
  • Party: means a political party or organization that has qualified for participation in any primary or presidential general election. See California Elections Code 338
  • 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
  • Person: means any individual, partnership, association, corporation, limited liability company, or any organized group of persons whether incorporated or not. See California Food and Agricultural Code 38
  • 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, public corporation, or any other legal or commercial entity. See California Commercial Code 1201
  • Person: includes a corporation as well as a natural person. See California Corporations Code 18
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • 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
  • presidential elector: as used in this chapter means an elector of President and Vice President of the United States, and not an elector as defined in Section 321. See California Elections Code 6900
  • Primary election: includes all primary nominating elections provided for by this code. See California Elections Code 341
  • Principal county: means the county with the greatest proportion of assessed value, as shown on the last equalized assessment roll, to the total amount of taxable property in the county. See California Government Code 23501
  • 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
  • property: includes property real and personal. See California Civil Code 14
  • public park: includes only a park operated by a public agency. See California Public Resources Code 5400.5
  • 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
  • Purchase order: means a sales order, car reservation, statement of transaction or any other such instrument used in the conditional sale of a motor vehicle pending execution of a conditional sale contract. See California Civil Code 2981
  • 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.
  • 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
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Recreational vehicle: as used in this part has the same meaning as defined in Section 18010. See California Health and Safety Code 18215.5
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • 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
  • 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
  • Sell: includes offer for sale, expose for sale, possess for sale, exchange, barter, or trade. See California Food and Agricultural Code 44
  • Seller: means a person engaged in the business of selling or leasing motor vehicles under conditional sale contracts. See California Civil Code 2981
  • Service of process: The service of writs or summonses to the appropriate party.
  • Signature: includes either of the following:

    California Elections Code 354.5

  • Special district: includes a county service area, a maintenance district or area, an improvement district or improvement zone, or any other zone or area formed for the purpose of designating an area within which a property tax rate will be levied to pay for a service or improvement benefitting that area. See California Government Code 16271
  • specified amount: means five thousand dollars ($5,000). See California Financial Code 22551
  • Spouse: includes "registered domestic partner" as required by Section 297. See California Government Code 12.2
  • Spouse: includes "registered domestic partner" as required by Section 297. See California Business and Professions Code 14.2
  • 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 the State of California, unless applied to the different parts of the United States. See California Education Code 77
  • 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 agency: includes every state office, officer, department, division, bureau, board, and commission. See California Government Code 11000
  • Subdivision: means a subdivision of the section in which the term occurs unless some other section is expressly mentioned. See California Government Code 10
  • 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 appears unless some other section is expressly mentioned. See California Corporations Code 10
  • Subpoena: A command to a witness to appear and give testimony.
  • Subsidiary district: means a special district in which the city council of a city has been empowered to act as ex officio members of the board of directors of such district and either:

    California Government Code 16271

  • Summons: Another word for subpoena used by the criminal justice system.
  • Term: means a portion of an agreement that relates to a particular matter. See California Commercial Code 1201
  • 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.
  • 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
  • User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.
  • Venue: The geographical location in which a case is tried.
  • Voter: means any elector who is registered under this code. See California Elections Code 359
  • will: includes codicil. See California Civil Code 14
  • Writ: A formal written command, issued from the court, requiring the performance of a specific act.
  • Writing: includes any form of recorded message capable of comprehension by ordinary visual means. See California Financial Code 8
  • Writing: includes printing, typewriting, or any other intentional reduction to tangible form. See California Commercial Code 1201