State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 23060-23063

FINANCIAL CODE
SECTION 23060-23063



23060.  (a) If any amount other than, or in excess of, the charges
or fees permitted by this division is willfully charged, contracted
for, or received, a deferred deposit transaction contract shall be
void, and no person shall have any right to collect or receive the
principal amount provided in the deferred deposit transaction, any
charges, or fees in connection with the transaction.
   (b) If any provision of this division is willfully violated in the
making or collection of a deferred deposit transaction, the deferred
deposit transaction contract shall be void, and no person shall have
any right to collect or receive any amount provided in the deferred
deposit transaction, any charges, or fees in connection with the
transaction.



23061.  (a) If any amount other than, or in excess of, the charges
permitted by this division is charged, contracted for, or received in
connection with a deferred deposit transaction, for any reason other
than a willful act of the licensee, the licensee shall forfeit all
charges and fees on the deferred deposit transaction and may collect
or receive only the principal amount of the transaction.
   (b) Subdivision (a) shall not apply to an error in computation if
(1) the licensee shows by a preponderance of evidence that the
violation was not intentional and resulted from a bona fide error,
notwithstanding the maintenance of procedures reasonably adapted to
avoid that error, and (2) within 60 days of discovering the error the
licensee notifies the customer of the error and makes whatever
adjustments in the account are necessary to correct the error.



23062.  (a) If any provision of this division is violated in the
making or collection of a deferred deposit transaction, for any
reason other than a willful act of the licensee, the licensee shall
forfeit all charges and fees on the deferred deposit and may collect
or receive only the principal amount.
   (b) Subdivision (a) shall not apply to a violation if (1) the
licensee shows by a preponderance of evidence that the violation was
not intentional and resulted from a bona fide error notwithstanding
the maintenance of procedures reasonably adapted to avoid any such
error, and (2) within 30 days of discovering the error the licensee
notified the customer of the error and rectified the error by making
the appropriate changes in the documents or account and by taking
other action necessary to correct the error.



23063.  No provision imposing liability under this division,
including the provisions of subdivision (a) of Section 23061 and
subdivision (a) of Section 23062, shall apply to any act done or
omitted in good faith in conformity with any written general rule,
regulation, or specific ruling of the commissioner, notwithstanding
that after the act or omission has occurred, the written general
rule, regulation, or specific ruling is amended, rescinded, or
determined by judicial or other authority to be invalid for any
reason.