Cal. Code Regs. Tit. 10, § 1445 - Limitation on Loans Made to Finance Sales in Connection with Other Business
No finance company shall make a loan to finance a retail sale made in connection with any "other business" authorized in accordance with Section 22154 of the Financial Code. This means that if a license has been granted to someone engaged in a retail sales business in accordance with Section 22154, no retail sales may be financed by the making of a loan. A loan may be made however, to refinance a sales contract which originated from such a retail sale if the loan complies with Section 22341 of the Financial Code.
Note: Authority cited: Section 22150, Financial Code. Reference: Sections 22150,22154, 22326 and 22341, Financial Code.
2. Change without regulatory effect amending first paragraph, repealing subsections (a) and (b), and amending Note filed 1-14-93 pursuant to section 100, title 1, California Code of Regulations (Register 93, No. 3).
3. Change without regulatory effect amending section and Note filed 6-14-95 pursuant to section 100, title 1, California Code of Regulations (Register 95, No. 24).
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