§ 22310 Loan Rebate Exemption Rules

Financial Code·California

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Key Takeaways

•If you pay off a loan early, you might get some money back (a rebate or refund).
•But if the money you’d get back is less than $1, the lender doesn’t have to give it to you.
•The lender can’t trick you into paying extra just to avoid giving you that small refund.

Example

You pay off a $500 loan early and are supposed to get $0.75 back as a refund.

The lender doesn’t have to give you the $0.75 because it’s less than $1. But they also can’t make you pay an extra fee just to avoid giving you that small amount.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 22310 Loan Rebate Exemption Rules

(a) Except for a rebate or refund pursuant to any administrative, civil, or criminal action, or any act of the commissioner, a rebate or refund required to be made upon payment in full of a loan pursuant to this division need not be made if the aggregate of all rebates or refunds required in connection with a loan is less than one dollar ($1). (b) No licensee shall contract for or receive any payment required in connection with a loan for the purpose of avoiding a rebate or refund of less than one dollar ($1). (Added by Stats. 1994, Ch. 1115, Sec. 2. Effective January 1, 1995. Operative July 1, 1995, by Sec. 5 of Ch. 1115.)

Last verified: January 23, 2026

Key Terms

rebate refund loan licensee

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 22310.

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Key Takeaways

Example

Key Terms

Related Statutes

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