DIVISION 10. CALIFORNIA DEFERRED DEPOSIT TRANSACTION LAW 23000-23106›CHAPTER 3. Enforcement 23045-23106›ARTICLE 2. Penalties for Misconduct 23060-23063

§ 23060

California Financial Code · 2020-11 edition · updated 2026-10-04 · California

(a) If any amount other than, or in excess of, the charges or fees permitted by this division is willfully charged, contracted for, or received, a deferred deposit transaction contract shall be void, and no person shall have any right to collect or receive the principal amount provided in the deferred deposit transaction, any charges, or fees in connection with the transaction.

(b) If any provision of this division is willfully violated in the making or collection of a deferred deposit transaction, the deferred deposit transaction contract shall be void, and no person shall have any right to collect or receive any amount provided in the deferred deposit transaction, any charges, or fees in connection with the transaction.

(Added by Stats. 2002, Ch. 777, Sec. 10. Effective January 1, 2003. Section operative on December 31, 2004, or sooner, pursuant to Section 23104.)

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California Financial Code

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