Section 1462.5 - [Operative 2/15/2025] Licensure of Advance Providers - Education Financing(a) A provider of an advance of funds as described in section 1461 is not "in the business" of a finance lender or broker for purposes of licensure under Financial Code section 22100 of the California Financing Law (division 9 (commencing with section 22000) of the Financial Code) if: (1) The advance of funds is education financing with income-driven repayment provisions, as those terms are defined in California Code of Regulations, title 10, section 1003, subdivisions (b) and (d);(2) The provider is registered with the Department to offer education financing under California Code of Regulations, title 10, section 1010, or is licensed under the Student Loan Servicing Act (division 12.5 (commencing with section 28100) of the Financial Code) and exempt from registration under California Code of Regulations, title 10, section 2044.1; and(3) The charges collected by the provider in connection with the education financing do not exceed charges that would be permitted under the California Financing Law if the provider were licensed under that law and the financing were provided under the authority of that law.(b) This section shall expire when the registration requirements for education financing providers under California Code of Regulations, title 10, section 1010, expire.Cal. Code Regs. Tit. 10, § 1462.5
Note: Authority cited: Sections 326, 334, 22150 and 90009, Financial Code; and Stats. 1994, ch. 1115, § 7. Reference: Sections 22100, 22335 and 90009.5, Financial Code.
1. New section filed 10-11-2024; operative 2/15/2025 (Register 2024, No. 41).