California
In California, the disclosure law leaves no room for ambiguity, precisely detailing both the required information and the appropriate disclosure methods. When engaging in financial transactions, providers must meticulously prepare written disclosures that cover essential aspects such as the funding provided, the annual percentage rate (APR), finance charges, total payment amount, and periodic payment amount.
Additionally, recipients must be furnished with written disclosures whenever there are modifications to the terms of an existing contract, especially if these changes lead to an increase in the APR. This ensures that individuals are fully informed about any alterations that might impact their financial obligations.
Moreover, before commencing any transaction, financial providers must obtain a signed copy of the disclosures, underlining the significance of documenting the agreement to foster transparency and accountability throughout the process.
California Disclosure FAQ
The Broker must transmit the California Disclosure to the California Merchant pre-funding.
The Broker if requested by their lender must provide (2) different financing options to the merchant at the same time.
