State Codes and Statutes

Statutes > California > Fin > 4000-4002

FINANCIAL CODE
SECTION 4000-4002



4000.  (a) For purposes of this division, the following terms have
the following meanings:
   (1) "Charge cardholder" and "charge card issuer" have the meaning
defined in Section 1748.21 of the Civil Code and "charge card" means
those cards defined in subdivision (a) of Section 1748.21 of the
Civil Code and upon which the full balance is due and payable in each
billing cycle.
   (2) "Consumer" means a natural person.
   (3) "Consumer credit agreement" means any written instrument
providing for an extension of unsecured open-end credit for personal,
family, or household purposes, that governs the relationship between
a supervised financial organization and one or more consumers.
   (4) "Charge card agreement" means the written instrument that
creates and governs the relationship between a charge card issuer and
one or more consumers.
   (5) "Minimum payment" means that amount of money recited on a
billing statement for an open-end credit account that must be
received by the supervised financial institution by a specified due
date.
   (6) "Open-end credit" has the meaning set forth in Section 226.2
(a)(20) of Regulation Z.
   (7) "Regulation Z" means any rule, regulation, or interpretation
promulgated by the Board of Governors of the Federal Reserve System
under the federal Truth in Lending Act, as amended (15 U.S.C. Sec.
1601 et seq.), and any interpretation or approval issued by an
official or employee of the Federal Reserve System duly authorized by
the board under the Truth in Lending Act, as amended, to issue
interpretations or approvals.
   (8) "Security interest" has the meaning set forth in Section 226.2
(a)(25) of Regulation Z.
   (9) "Supervised financial organization" means a state or federally
regulated bank, savings association, savings bank, or credit union,
or a subsidiary of any of the above.
   (10) "Unsecured" means that the supervised financial organization
is not granted a security interest in personal or real property under
the consumer credit agreement.
   (b) Notwithstanding any other provisions of law, the definitions
contained in this section shall control transactions governed by this
division.


4001.  (a) A supervised financial organization or charge card issuer
may not charge more than any of the following amounts:
   (1) If set forth in the consumer credit or charge card agreement,
one of the following fees:
   (A) Seven dollars ($7) with respect to any monthly billing cycle
as a late payment charge on the minimum payment due that is not paid
within five days after the date the payment is due.
   (B) Ten dollars ($10) with respect to any monthly billing cycle as
a late payment charge on the minimum payment due that is not paid
within 10 days after the date the payment is due.
   (C) Fifteen dollars ($15) with respect to any monthly billing
cycle as a late payment charge on the minimum payment due that is not
paid within 15 days after the date the payment is due.
   (2) In lieu of the fee permitted by paragraph (1), if the consumer
has already incurred two late payment fees during the preceding
12-month period, the fee charged may be no more than ten dollars
($10) with respect to any monthly billing cycle as a late payment
charge on the minimum payment due that is not paid within five days
after the date the payment is due.
   (3) Ten dollars ($10) with respect to any charge that causes the
outstanding balance to exceed the credit limit by five hundred
dollars ($500) or 120 percent, whichever is less. No overlimit fee
may be charged unless the charge causes the outstanding balance to
exceed the credit limit by five hundred dollars ($500) or 120
percent, whichever is less. Not more than one overlimit charge may be
assessed with respect to any monthly billing cycle.
   (b) In addition to imposing a fee for any late payment or
overlimit as authorized by subdivision (a), a supervised financial
organization may assess a finance charge at the rates set forth in
the consumer credit agreement on the outstanding balance, which may
include any late payment or overlimit fee charged on a prior billing
statement.
   (c) Whenever a consumer fails to make a minimum payment on or
before the due date specified in the billing statement, plus the
applicable late payment grace period, a late payment fee may be
assessed by the supervised financial organization or charge card
issuer. A supervised financial organization or charge card issuer may
impose no more than one late payment fee with respect to any monthly
billing cycle. All payments by the consumer shall be applied by a
supervised financial organization to satisfaction of scheduled
payments in the order that they become due. A charge card issuer
shall apply all payments made by the consumer to satisfaction of
unpaid amounts in the order that they become due.
   (d) A supervised financial organization shall provide a minimum
number of days between the monthly billing statement date and the
date upon which the minimum payment is due, exclusive of the
applicable late payment grace period provided for in paragraph (1) of
subdivision (a), and a charge card issuer shall provide a minimum
number of days between the monthly billing statement date and the
date upon which the applicable late payment grace period provided for
in paragraph (1) of subdivision (a) begins to run, of at least:
   (1) Twenty-three days, on an average basis over a calendar year or
other consecutive 12-month period, for any organization or issuer
charging the fee authorized by subparagraph (A) of paragraph (1) of
subdivision (a).
   (2) Twenty days, on an average basis over a calendar year or other
consecutive 12-month period, for any organization or issuer charging
the fee authorized by subparagraph (B) or (C) of paragraph (1) of
subdivision (a).
   (e) (1) The applicable late payment grace period and fee shall be
disclosed in the consumer credit agreement. The late payment grace
period shall be disclosed in the consumer credit or charge card
agreement but need not be disclosed in any monthly or other billing
statement. The amount and conditions for imposition of any fee for
overlimit activity shall also be disclosed in the consumer credit or
charge card agreement.
   (2) If a consumer credit or charge card agreement contains a
provision for a late payment fee or overlimit fee, each monthly or
other billing statement shall disclose the amount of the late payment
and overlimit fee and the date the minimum payment is due.



4002.  (a) (1) Upon the request of a person who has obtained a
police report pursuant to Section 530.6 of the Penal Code, a
supervised financial organization shall provide to the person, or to
a law enforcement officer specified by the person, copies of all
application forms or application information containing the person's
name, address, or other identifying information pertaining to the
application filed with the supervised financial organization by an
unauthorized person in violation of Section 530.5 of the Penal Code.
   (2) Before providing the person with copies pursuant to paragraph
(1), the supervised financial organization shall inform the
requesting person of the categories of identifying information that
the unauthorized person used to complete the application, and shall
require the requesting person to provide identifying information in
those categories and a copy of the police report.
   (3) The supervised financial organization shall provide copies of
all forms and information required by this section, without charge,
within 10 business days of receipt of the person's request and
submission of the required copy of the police report and identifying
information.
   (b) (1) Before a supervised financial organization provides copies
to a law enforcement officer pursuant to paragraph (1) of
subdivision (a), the supervised financial organization may require
the requesting person to provide them with a signed and dated
statement by which the person does all of the following:
   (A) Authorizes disclosure for a stated period.
   (B) Specifies the name of the agency or department to which the
disclosure is authorized.
   (C) Identifies the type of records that the person authorizes to
be disclosed.
   (2) The supervised financial organization shall include in the
statement to be signed by the requesting person a notice that the
person has the right at any time to revoke the authorization.
   (c) As used in this section, "law enforcement officer" means a
peace officer as defined by Section 830.1 of the Penal Code.


State Codes and Statutes

Statutes > California > Fin > 4000-4002

FINANCIAL CODE
SECTION 4000-4002



4000.  (a) For purposes of this division, the following terms have
the following meanings:
   (1) "Charge cardholder" and "charge card issuer" have the meaning
defined in Section 1748.21 of the Civil Code and "charge card" means
those cards defined in subdivision (a) of Section 1748.21 of the
Civil Code and upon which the full balance is due and payable in each
billing cycle.
   (2) "Consumer" means a natural person.
   (3) "Consumer credit agreement" means any written instrument
providing for an extension of unsecured open-end credit for personal,
family, or household purposes, that governs the relationship between
a supervised financial organization and one or more consumers.
   (4) "Charge card agreement" means the written instrument that
creates and governs the relationship between a charge card issuer and
one or more consumers.
   (5) "Minimum payment" means that amount of money recited on a
billing statement for an open-end credit account that must be
received by the supervised financial institution by a specified due
date.
   (6) "Open-end credit" has the meaning set forth in Section 226.2
(a)(20) of Regulation Z.
   (7) "Regulation Z" means any rule, regulation, or interpretation
promulgated by the Board of Governors of the Federal Reserve System
under the federal Truth in Lending Act, as amended (15 U.S.C. Sec.
1601 et seq.), and any interpretation or approval issued by an
official or employee of the Federal Reserve System duly authorized by
the board under the Truth in Lending Act, as amended, to issue
interpretations or approvals.
   (8) "Security interest" has the meaning set forth in Section 226.2
(a)(25) of Regulation Z.
   (9) "Supervised financial organization" means a state or federally
regulated bank, savings association, savings bank, or credit union,
or a subsidiary of any of the above.
   (10) "Unsecured" means that the supervised financial organization
is not granted a security interest in personal or real property under
the consumer credit agreement.
   (b) Notwithstanding any other provisions of law, the definitions
contained in this section shall control transactions governed by this
division.


4001.  (a) A supervised financial organization or charge card issuer
may not charge more than any of the following amounts:
   (1) If set forth in the consumer credit or charge card agreement,
one of the following fees:
   (A) Seven dollars ($7) with respect to any monthly billing cycle
as a late payment charge on the minimum payment due that is not paid
within five days after the date the payment is due.
   (B) Ten dollars ($10) with respect to any monthly billing cycle as
a late payment charge on the minimum payment due that is not paid
within 10 days after the date the payment is due.
   (C) Fifteen dollars ($15) with respect to any monthly billing
cycle as a late payment charge on the minimum payment due that is not
paid within 15 days after the date the payment is due.
   (2) In lieu of the fee permitted by paragraph (1), if the consumer
has already incurred two late payment fees during the preceding
12-month period, the fee charged may be no more than ten dollars
($10) with respect to any monthly billing cycle as a late payment
charge on the minimum payment due that is not paid within five days
after the date the payment is due.
   (3) Ten dollars ($10) with respect to any charge that causes the
outstanding balance to exceed the credit limit by five hundred
dollars ($500) or 120 percent, whichever is less. No overlimit fee
may be charged unless the charge causes the outstanding balance to
exceed the credit limit by five hundred dollars ($500) or 120
percent, whichever is less. Not more than one overlimit charge may be
assessed with respect to any monthly billing cycle.
   (b) In addition to imposing a fee for any late payment or
overlimit as authorized by subdivision (a), a supervised financial
organization may assess a finance charge at the rates set forth in
the consumer credit agreement on the outstanding balance, which may
include any late payment or overlimit fee charged on a prior billing
statement.
   (c) Whenever a consumer fails to make a minimum payment on or
before the due date specified in the billing statement, plus the
applicable late payment grace period, a late payment fee may be
assessed by the supervised financial organization or charge card
issuer. A supervised financial organization or charge card issuer may
impose no more than one late payment fee with respect to any monthly
billing cycle. All payments by the consumer shall be applied by a
supervised financial organization to satisfaction of scheduled
payments in the order that they become due. A charge card issuer
shall apply all payments made by the consumer to satisfaction of
unpaid amounts in the order that they become due.
   (d) A supervised financial organization shall provide a minimum
number of days between the monthly billing statement date and the
date upon which the minimum payment is due, exclusive of the
applicable late payment grace period provided for in paragraph (1) of
subdivision (a), and a charge card issuer shall provide a minimum
number of days between the monthly billing statement date and the
date upon which the applicable late payment grace period provided for
in paragraph (1) of subdivision (a) begins to run, of at least:
   (1) Twenty-three days, on an average basis over a calendar year or
other consecutive 12-month period, for any organization or issuer
charging the fee authorized by subparagraph (A) of paragraph (1) of
subdivision (a).
   (2) Twenty days, on an average basis over a calendar year or other
consecutive 12-month period, for any organization or issuer charging
the fee authorized by subparagraph (B) or (C) of paragraph (1) of
subdivision (a).
   (e) (1) The applicable late payment grace period and fee shall be
disclosed in the consumer credit agreement. The late payment grace
period shall be disclosed in the consumer credit or charge card
agreement but need not be disclosed in any monthly or other billing
statement. The amount and conditions for imposition of any fee for
overlimit activity shall also be disclosed in the consumer credit or
charge card agreement.
   (2) If a consumer credit or charge card agreement contains a
provision for a late payment fee or overlimit fee, each monthly or
other billing statement shall disclose the amount of the late payment
and overlimit fee and the date the minimum payment is due.



4002.  (a) (1) Upon the request of a person who has obtained a
police report pursuant to Section 530.6 of the Penal Code, a
supervised financial organization shall provide to the person, or to
a law enforcement officer specified by the person, copies of all
application forms or application information containing the person's
name, address, or other identifying information pertaining to the
application filed with the supervised financial organization by an
unauthorized person in violation of Section 530.5 of the Penal Code.
   (2) Before providing the person with copies pursuant to paragraph
(1), the supervised financial organization shall inform the
requesting person of the categories of identifying information that
the unauthorized person used to complete the application, and shall
require the requesting person to provide identifying information in
those categories and a copy of the police report.
   (3) The supervised financial organization shall provide copies of
all forms and information required by this section, without charge,
within 10 business days of receipt of the person's request and
submission of the required copy of the police report and identifying
information.
   (b) (1) Before a supervised financial organization provides copies
to a law enforcement officer pursuant to paragraph (1) of
subdivision (a), the supervised financial organization may require
the requesting person to provide them with a signed and dated
statement by which the person does all of the following:
   (A) Authorizes disclosure for a stated period.
   (B) Specifies the name of the agency or department to which the
disclosure is authorized.
   (C) Identifies the type of records that the person authorizes to
be disclosed.
   (2) The supervised financial organization shall include in the
statement to be signed by the requesting person a notice that the
person has the right at any time to revoke the authorization.
   (c) As used in this section, "law enforcement officer" means a
peace officer as defined by Section 830.1 of the Penal Code.



State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 4000-4002

FINANCIAL CODE
SECTION 4000-4002



4000.  (a) For purposes of this division, the following terms have
the following meanings:
   (1) "Charge cardholder" and "charge card issuer" have the meaning
defined in Section 1748.21 of the Civil Code and "charge card" means
those cards defined in subdivision (a) of Section 1748.21 of the
Civil Code and upon which the full balance is due and payable in each
billing cycle.
   (2) "Consumer" means a natural person.
   (3) "Consumer credit agreement" means any written instrument
providing for an extension of unsecured open-end credit for personal,
family, or household purposes, that governs the relationship between
a supervised financial organization and one or more consumers.
   (4) "Charge card agreement" means the written instrument that
creates and governs the relationship between a charge card issuer and
one or more consumers.
   (5) "Minimum payment" means that amount of money recited on a
billing statement for an open-end credit account that must be
received by the supervised financial institution by a specified due
date.
   (6) "Open-end credit" has the meaning set forth in Section 226.2
(a)(20) of Regulation Z.
   (7) "Regulation Z" means any rule, regulation, or interpretation
promulgated by the Board of Governors of the Federal Reserve System
under the federal Truth in Lending Act, as amended (15 U.S.C. Sec.
1601 et seq.), and any interpretation or approval issued by an
official or employee of the Federal Reserve System duly authorized by
the board under the Truth in Lending Act, as amended, to issue
interpretations or approvals.
   (8) "Security interest" has the meaning set forth in Section 226.2
(a)(25) of Regulation Z.
   (9) "Supervised financial organization" means a state or federally
regulated bank, savings association, savings bank, or credit union,
or a subsidiary of any of the above.
   (10) "Unsecured" means that the supervised financial organization
is not granted a security interest in personal or real property under
the consumer credit agreement.
   (b) Notwithstanding any other provisions of law, the definitions
contained in this section shall control transactions governed by this
division.


4001.  (a) A supervised financial organization or charge card issuer
may not charge more than any of the following amounts:
   (1) If set forth in the consumer credit or charge card agreement,
one of the following fees:
   (A) Seven dollars ($7) with respect to any monthly billing cycle
as a late payment charge on the minimum payment due that is not paid
within five days after the date the payment is due.
   (B) Ten dollars ($10) with respect to any monthly billing cycle as
a late payment charge on the minimum payment due that is not paid
within 10 days after the date the payment is due.
   (C) Fifteen dollars ($15) with respect to any monthly billing
cycle as a late payment charge on the minimum payment due that is not
paid within 15 days after the date the payment is due.
   (2) In lieu of the fee permitted by paragraph (1), if the consumer
has already incurred two late payment fees during the preceding
12-month period, the fee charged may be no more than ten dollars
($10) with respect to any monthly billing cycle as a late payment
charge on the minimum payment due that is not paid within five days
after the date the payment is due.
   (3) Ten dollars ($10) with respect to any charge that causes the
outstanding balance to exceed the credit limit by five hundred
dollars ($500) or 120 percent, whichever is less. No overlimit fee
may be charged unless the charge causes the outstanding balance to
exceed the credit limit by five hundred dollars ($500) or 120
percent, whichever is less. Not more than one overlimit charge may be
assessed with respect to any monthly billing cycle.
   (b) In addition to imposing a fee for any late payment or
overlimit as authorized by subdivision (a), a supervised financial
organization may assess a finance charge at the rates set forth in
the consumer credit agreement on the outstanding balance, which may
include any late payment or overlimit fee charged on a prior billing
statement.
   (c) Whenever a consumer fails to make a minimum payment on or
before the due date specified in the billing statement, plus the
applicable late payment grace period, a late payment fee may be
assessed by the supervised financial organization or charge card
issuer. A supervised financial organization or charge card issuer may
impose no more than one late payment fee with respect to any monthly
billing cycle. All payments by the consumer shall be applied by a
supervised financial organization to satisfaction of scheduled
payments in the order that they become due. A charge card issuer
shall apply all payments made by the consumer to satisfaction of
unpaid amounts in the order that they become due.
   (d) A supervised financial organization shall provide a minimum
number of days between the monthly billing statement date and the
date upon which the minimum payment is due, exclusive of the
applicable late payment grace period provided for in paragraph (1) of
subdivision (a), and a charge card issuer shall provide a minimum
number of days between the monthly billing statement date and the
date upon which the applicable late payment grace period provided for
in paragraph (1) of subdivision (a) begins to run, of at least:
   (1) Twenty-three days, on an average basis over a calendar year or
other consecutive 12-month period, for any organization or issuer
charging the fee authorized by subparagraph (A) of paragraph (1) of
subdivision (a).
   (2) Twenty days, on an average basis over a calendar year or other
consecutive 12-month period, for any organization or issuer charging
the fee authorized by subparagraph (B) or (C) of paragraph (1) of
subdivision (a).
   (e) (1) The applicable late payment grace period and fee shall be
disclosed in the consumer credit agreement. The late payment grace
period shall be disclosed in the consumer credit or charge card
agreement but need not be disclosed in any monthly or other billing
statement. The amount and conditions for imposition of any fee for
overlimit activity shall also be disclosed in the consumer credit or
charge card agreement.
   (2) If a consumer credit or charge card agreement contains a
provision for a late payment fee or overlimit fee, each monthly or
other billing statement shall disclose the amount of the late payment
and overlimit fee and the date the minimum payment is due.



4002.  (a) (1) Upon the request of a person who has obtained a
police report pursuant to Section 530.6 of the Penal Code, a
supervised financial organization shall provide to the person, or to
a law enforcement officer specified by the person, copies of all
application forms or application information containing the person's
name, address, or other identifying information pertaining to the
application filed with the supervised financial organization by an
unauthorized person in violation of Section 530.5 of the Penal Code.
   (2) Before providing the person with copies pursuant to paragraph
(1), the supervised financial organization shall inform the
requesting person of the categories of identifying information that
the unauthorized person used to complete the application, and shall
require the requesting person to provide identifying information in
those categories and a copy of the police report.
   (3) The supervised financial organization shall provide copies of
all forms and information required by this section, without charge,
within 10 business days of receipt of the person's request and
submission of the required copy of the police report and identifying
information.
   (b) (1) Before a supervised financial organization provides copies
to a law enforcement officer pursuant to paragraph (1) of
subdivision (a), the supervised financial organization may require
the requesting person to provide them with a signed and dated
statement by which the person does all of the following:
   (A) Authorizes disclosure for a stated period.
   (B) Specifies the name of the agency or department to which the
disclosure is authorized.
   (C) Identifies the type of records that the person authorizes to
be disclosed.
   (2) The supervised financial organization shall include in the
statement to be signed by the requesting person a notice that the
person has the right at any time to revoke the authorization.
   (c) As used in this section, "law enforcement officer" means a
peace officer as defined by Section 830.1 of the Penal Code.


Categories