A CFL borrower asks for a written statement of what she owes on a $27,000 loan and the licensee has given her nothing. Is the signed note alone enough to deny her a written loan-and-payment statement?
Correct Answer
C) She is entitled to a statement of the loan terms and the amounts paid
A borrower is entitled to a written statement of the loan and the payments made on it; the note records the bargain rather than the running account. Other choices: delinquency is not the trigger; and the entitlement is not confined to one request a year. Source: Cal. Fin. Code § 22338
Why This Is the Correct Answer
A borrower is entitled to a written statement of the loan and the payments made on it; the note records the bargain rather than the running account. Other choices: delinquency is not the trigger; and the entitlement is not confined to one request a year. Source: Cal. Fin. Code § 22338
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