(a) A provider subject to this division shall disclose all of the information in subdivision (b) or in Section 22803, if applicable, to a recipient at the time of extending a specific commercial financing offer to that recipient, and shall obtain the recipient’s signature on such a disclosure before consummating the commercial financing transaction.
(b) Except as provided in Section 22803, a provider subject to this division shall disclose all of the following:
(1) The total amount of funds provided.
(2) The total dollar cost of the financing.
(3) The term or estimated term.
(4) The method, frequency, and amount of payments.
(5) A description of prepayment policies.
(6) The total cost of the financing expressed as an annualized rate.
(c) This section shall remain in effect only until January 1, 2024, and as of that date is repealed.
(Added by Stats. 2018, Ch. 1011, Sec. 2, 1st text. (SB 1235) Effective January 1, 2019. Repealed as of January 1, 2024, by its own provisions. See later operative version, the second text added by Stats. 2018, Ch. 1011, Sec. 2.)