Loans and Purchased ObligationsCredit Cards

Section § 18245

Explanation

This law allows industrial loan companies to issue credit cards and manage the debts that arise from their use, provided they follow any rules from the commissioner. Usually, these actions are not subject to certain other regulations mentioned in the law, unless the commissioner says otherwise.

(a)CA Financial Code § 18245(a) Subject to any regulations that the commissioner may issue, an industrial loan company may issue credit cards and may acquire or hold obligations resulting from the use of credit cards.
(b)CA Financial Code § 18245(b) Except as the commissioner may otherwise provide by regulation or order, the acquiring and holding of obligations pursuant to subdivision (a) are not subject to Article 2 (commencing with Section 18205) or Article 6.5 (commencing with Section 18300).
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