An industrial loan company may make a consumer loan that is not secured primarily by real property or other type of loan which is repayable at maturity by a single payment which includes principal and charges. In no event shall such loans have a term in excess of one year or be made for the purpose of evading or avoiding this division.
Cal. Fin. Code § 18207
Terms and Maximum Charges
Known as the Industrial Loan Law
The act spans §§ 18000–18707 (410 sections).
Repealed and added by Stats. 1976, Ch. 964.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.