This section creates and authorizes an exempt class of persons pursuant to Section 1 of Article XV of the State Constitution. The restrictions upon rates of interest contained in Section 1 of Article XV of the State Constitution shall not apply to any loans made by, or forbearances of, any licensee. This section shall apply retroactively to any such loans or forbearances.
Cal. Fin. Code § 31410
Transaction of Business
Known as the Business and Industrial Development Corporations Law
The act spans §§ 31000–31952 (132 sections).
Added by renumbering Section 31953 by Stats. 1987, Ch. 867, Sec. 31.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.