Section 80.163 - Extend Credit(a) To "extend credit" to a person includes: (1) To make or renew a loan to the person.(2) To purchase a security or other asset from the person under a repurchase agreement.(3) To acquire a note, draft, contract, or similar instrument with respect to which the person is liable, whether as maker, endorser, guarantor, or otherwise.(4) To guarantee or become surety upon an obligation with respect to which the person is an obligor or obligee.(b) Notwithstanding the provisions of Subdivision (a) of this Section, to "extend credit" to a person does not include:(1) In case the person extending credit is an issuer of payment instruments or stored value and the person to whom credit is extended is authorized to sell payment instruments or stored value on behalf of the first person, any amount due from the second person to the first person on account of sales of payment instruments or stored value issued by the first person.(2) In case the person extending credit is a bank, the giving of immediate credit upon uncollected items deposited in the ordinary course of business.Cal. Code Regs. Tit. 10, § 80.163
1. Amendment of subsection (b)(1) and NOTE filed 8-11-2015; operative 10-1-2015 (Register 2015, No. 33). Note: Authority cited: Sections 321 and 334, Financial Code. Reference: Division 1.2, Financial Code.
1. Amendment of subsection (b)(1) and Note filed 8-11-2015; operative 10/1/2015 (Register 2015, No. 33).