Cal. Code Regs. Tit. 10, § 1478 - Deferment Charges: Required Notice and Records

(a) When a borrower requests deferment of the payment date of an installment which is in default on the date of deferment or which will become due within 15 days of such date, and such deferment is granted, the finance company's records must contain some evidence thereof. This must be represented by a written request from the borrower or by an appropriate notation of the request in the borrower's file or upon the loan ledger card.
(b) When the payment date of an installment that is in default at least one full month is deferred at the option of a finance company and a charge is made, the finance company shall notify the borrower of such deferment and the loan file shall contain evidence thereof. The notice to the borrower shall include at least the following:
(1) The amount of the deferment charge and any additional credit insurance charges;
(2) The date the next installment will be due;
(3) The new maturity date of the loan; and
(4) The date the deferment was granted.


Cal. Code Regs. Tit. 10, § 1478

Note: Authority cited: Section 22150, Financial Code. Reference: Sections 22150,22156 and 22400, Financial Code.

1. New NOTE filed 12-29-83; effective thirtieth day thereafter (Register 83, No. 53).
2. Change without regulatory effect amending Note filed 6-14-95 pursuant to section 100, title 1, California Code of Regulations (Register 95, No. 24).

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