California Financial Code 12318 – A prorater shall not take:(a) Any contract, promise to pay, or …
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A prorater shall not take:
(a) Any contract, promise to pay, or other instrument which has any blank spaces when signed by a debtor;
Terms Used In California Financial Code 12318
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
(b) Any negotiable instrument for the prorater’s charges;
(c) Any note, wage assignment, real estate or chattel mortgage, or other security to secure the prorater’s charges;
(d) Any confession of judgment or power of attorney to confess judgment against the debtor or to appear for the debtor in a judicial proceeding.
(e) Concurrent with the signing of the contract or as part of the contract or as part of the application for the contract a release of any obligation to be performed on the part of the prorater.
(Added by Stats. 1957, Ch. 498.)