Cal. Financial Code § 22502
Cal. Financial Code § 22502
California · California Financial Code · Status: effective · Effective 1995-01-01
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- Citation
- Cal. Financial Code § 22502, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/815701
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Full text
“Commercial loan” means a loan of a principal amount of five thousand dollars ($5,000) or more, or any loan under an open-end credit program, 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 other than personal, family, or household purposes.
For purposes of determining whether a loan is a commercial 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.