Financial Code - FIN
DIVISION 9. CALIFORNIA FINANCING LAW [22000 - 22780.1]
( Heading of Division 9 amended by Stats. 2017, Ch. 475, Sec. 3. ) CHAPTER 2. Consumer Loans [22200 - 22470]
( Chapter 2 added by Stats. 1994, Ch. 1115, Sec. 2. ) ARTICLE 1. Definitions [22200 - 22204]
( Article 1 added by Stats. 1994, Ch. 1115, Sec. 2. ) 22203.
“Consumer loan” means a loan, whether secured by either real or personal property, or both, or unsecured, the proceeds of which are intended by the borrower for use primarily for personal, family, or household purposes. For purposes of determining whether a loan is a consumer loan, the lender may rely on any written statement of intended purposes signed by the borrower. The statement may be a separate statement signed by the borrower, or may be contained in a loan application or other document signed by the borrower. The lender shall not be required to
ascertain that the proceeds of the loan are used in accordance with the statement of intended purposes. Nothing in this section shall authorize the taking of real property as security, except as specified in Section 22330.
(Amended by Stats. 1999, Ch. 347, Sec. 1. Effective January 1, 2000.)