33000.
As used in this division:(a) “Covered entity” means a person who offers a deferred interest period to consumers.
(b) “Deferred interest period” means a period of time during which a borrower is not required to pay interest on a loan balance at the end of which, if any portion of the loan balance remains unpaid, the borrower is required to pay interest that is backdated and charged on the entire original balance, regardless of how much of the balance remains unpaid.
(c) “Effective notice” means notice that meets all of the following criteria:
(1) The notice is reasonably calculated, and intended in good faith, to inform a consumer that a deferred interest period is ending.
(2) The notice is legible and easy to read.
(3) The notice is delivered to the consumer, at the consumer’s preferred method of contact whether electronically or by mail, within either of the following time periods, as applicable:
(A) If the deferred interest period is one year or less, at least 30 but not more than 45 days before the end of the deferred interest period.
(B) If the deferred interest period is more than one year, at least 45 but not more than 60 days before the end of the deferred interest period.