California payday loan laws

Legal Status:  Legal

Citation: Cal. Fin. Code §§ 23000 to 23106

Loan Terms:

Maximum Loan Amount:  $255 if maximum fee charged ($300 maximum check)
Loan Term: Max:  31 days
Maximum Finance Rate and Fees:  15% of check
Finance Charge for 14-day $100 loan:  $17.65
APR for 14-day $100 loan:  459%

Debt Limits:

Maximum Number of Outstanding Loans at One Time:  One
Rollovers Permitted:  None (cannot charge fee for extension)
Cooling-off Period:  None
Repayment Plan:  Voluntary (no fees may be charged in conjunction with repayment extension)

Collection Limits:

Collection Fees:  $15 NSF fee
Criminal Action:  Prohibited

Where to Complain, Get Information:
Regulator: California Department of Corporations
Address: Financial Services Division, 1515 K Street, Suite 200 Sacramento CA 95814
Phone: (866) 275-2677 

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