AB 469, as amended, Wagner. Telephonic sellers: loan modifications.
Existing law provides for the regulation of telephonic sellers, and requires that a telephonic seller register with the Department of Justice, as specified. Existing law defines “telephonic seller” to include, among others, a person who represents or implies in a telephonic solicitation, whether or not initiated by the telephonic seller, that he or she is offering to make a loan, or to arrange or assist in arranging a loan or to assist in providing information
begin delete whichend delete may lead to the obtaining of a loan, with a specified exception. Existing
law makes it a misdemeanor to solicit prospects on behalf of a telephonic seller who is not registered with the department.
This bill would include in the definition of telephonic sellers a person who represents or implies in a telephonic solicitation, whether initiated by the telephonic seller or made in response to inquiries generated by advertisements on behalf of the telephonic seller, that he or she is offering to arrange or assist in arranging the modification of an existing loan, or to assist in providing information
begin delete whichend delete may lead to the obtaining of a loan modification, as specified. Because begin delete thisend delete bill would expand the scope of a crime, it would impose a state-mandated local program.
The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.
This bill would provide that no reimbursement is required by this act for a specified reason.
Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: yes.
The people of the State of California do enact as follows:
Section 17511.1 of the Business and Professions
2Code is amended to read:
As used in this article, “telephonic seller” or “seller”
4means a person who, on his or her own behalf or through
5salespersons or through the use of an automatic dialing-announcing
6device, as defined in Section 2871 of the Public Utilities Code,
7causes a telephone solicitation or attempted telephone solicitation
begin delete whichend delete meets the criteria specified in subdivision (a),
9(b), (c), or (d) and who is not exempted by subdivision (e), as
11(a) A telephone solicitation or attempted telephone solicitation
12wherein the telephonic seller initiates telephonic contact with a
13prospective purchaser and represents or implies one or more of
15(1) That a prospective purchaser who buys one or more items
16will also receive additional or other items, whether or not of the
17same type as purchased, without further cost. For purposes of this
18subdivision, “further cost” does not include actual postage or
19common carrier delivery charges, if any.
20(2) That a prospective purchaser will receive a prize or gift, if
21the person also encourages the prospective purchaser to do either
22of the following:
23(A) Purchase or rent any goods or services.
24(B) Pay any money, including, but not limited to, a delivery or
P3 1(3) That a
prospective purchaser is able to obtain any item or
2service at a price
begin delete whichend delete the seller states or implies is below
3the regular price of the item or service offered. This paragraph
4shall not apply to retailers who, within the previous 12 months,
5have sold a majority of their goods or services through in-person
6sales at retail stores.
7(4) That a prospective purchaser who buys office equipment or
8supplies will, because of some unusual event or imminent price
9increase, be able to buy these items at prices
begin delete whichend delete are below
10those that are usually charged or will be charged for the items.
11(5) That the seller is a person other than the person he or she is.
12(6) That the items for sale are manufactured or supplied by a
13person other than the actual manufacturer or supplier.
14(7) That the seller is offering to sell the prospective purchaser
15any gold, silver, or other metals, including
begin delete coins,end delete diamonds,
16rubies, sapphires, or other
begin delete stones,end delete coal or other minerals,
17or any interest in oil, gas, or mineral fields, wells, or exploration
18sites, or any other investment opportunity of any type whatsoever.
19(8) That the seller is offering to make a loan, or to arrange or
20assist in arranging a loan or modification of an existing loan, or
21to assist in providing information
begin delete whichend delete may lead to the
22obtaining of a loan or modification of an existing loan, unless no
23payment of any kind is made until the loan proceeds are disbursed
24to the borrower.
25(9) That a prospective purchaser will receive a credit card, as
26defined in subdivision (a) of Section 1747.02 of the Civil Code,
27if the purchaser pays an upfront or preapplication fee for the credit
28card to the telephonic seller.
29(b) A solicitation or attempted solicitation
begin delete whichend delete is made
30by telephone in response to inquiries generated by unrequested
31notifications sent by the seller to persons who have not previously
32purchased goods or services from the seller or who have not
33previously requested credit from the seller, to a prospective
34purchaser wherein the seller represents or implies to the recipient
35of the notification that any of the following applies to the recipient:
36(1) That the recipient has in any manner been specially selected
37to receive the notification or the offer contained in the notification.
38(2) That the recipient will receive a prize or gift if the recipient
39calls the seller.
P4 1(3) That if the recipient buys one or more items from the seller,
2the recipient will also receive additional or other items, whether
3or not of the same type as purchased, without further cost or at a
begin delete whichend delete the seller states or implies is less than the regular
begin delete suchend delete items.
6However, this subdivision does not apply to the solicitation of
7sales by a catalog seller who periodically issues and delivers
8catalogs to potential purchasers by mail or by other means. This
9exception only applies if the catalog includes a written description
10or illustration and the sales price of each item of merchandise
11offered for sale, includes at least 24 full pages of written material
12or illustrations, is distributed in more than one state, and has an
13annual circulation of not less than 250,000 customers.
14(c) A solicitation or attempted solicitation
begin delete whichend delete is made
15by telephone in response to inquiries generated by advertisements
16on behalf of the telephonic seller wherein it is represented or
17implied that the seller is offering to sell to the prospective purchaser
18any gold, silver, or other metals, including
begin delete coins,end delete diamonds,
19rubies, sapphires, or other
begin delete stones,end delete coal or other minerals,
20or any interest in oil, gas, or mineral fields, wells, or exploration
21sites, or any other investment opportunity of any type whatsoever.
22(d) A solicitation or attempted solicitation
begin delete whichend delete is made
23by telephone in response to inquiries generated by advertisements
24on behalf of the telephonic seller wherein it is represented or
25implied that the seller is offering to make a loan or to arrange or
26assist in arranging a loan or modification of an existing loan, or
27to assist in providing information
begin delete whichend delete may lead to the
28obtaining of a loan or modification of an existing loan, unless no
29payment of any kind is made until the loan proceeds are disbursed
30to the borrower.
31(e) For purposes of this article, “telephonic seller” or “seller”
32does not include any of the following:
33(1) A person offering or selling a security qualified under
34Section 25110, 25120, or 25130 of the Corporations Code or
35exempt from qualification under Chapter 1 (commencing with
36Section 25100) of Part 2 of Division 1 of Title 4 of the
37Corporations Code. The fact that a notice claiming an exemption
38under the Corporate Securities Law of 1968 is filed with the
39Department of Corporations does not create an exemption under
P5 1(2) A person licensed pursuant to Part 1 (commencing with
2Section 10000) of Division 4, when the solicited transaction is
3governed by that law.
4(3) A person licensed pursuant to Chapter 9 (commencing with
5Section 7000) of Division 3, when the solicited transaction is
6governed by that law.
7(4) A person licensed or certificated pursuant to Part 2
8(commencing with Section 680) of Division 1 of the Insurance
9Code, including a person licensed pursuant to Chapter 5
10(commencing with Section 1621) thereof, when the solicited
11transaction is governed by that law.
12(5) A person offering or selling a franchise registered pursuant
13to Section 31110 of the Corporations Code or exempt from
14registration under Chapter 1 (commencing with Section 31100)
15of Part 2 of Division 5 of Title 4 of the Corporations Code. The
16fact that a notice claiming an exemption under the Franchise
17Investment Law is filed with the Department of Corporations does
18not create an exemption under this paragraph.
19(6) A person soliciting the sale of a seller assisted marketing
20plan, as defined in Title 2.7 (commencing with Section 1812.200)
21of Part 4 of Division 3 of the Civil Code, who has filed with the
22Attorney General the documents required by Section 1812.203 of
23the Civil Code.
24(7) A person primarily
soliciting the sale of a newspaper of
25general circulation, as defined in Article 1 (commencing with
26Section 6000) of Chapter 1 of Division 7 of Title 1 of the
27Government Code, a magazine, or membership in a book or record
28club whose program operates in conformity with the requirements
29of Section 1584.5 of the Civil Code.
30(8) A person soliciting business from prospective purchasers
31who have previously purchased from the business enterprise for
32which the person is calling.
33(9) A person soliciting without the intent to complete and who
34does not complete the sales presentation during the telephone
35solicitation but completes the sales presentation at a later
36face-to-face meeting between the solicitor and the prospective
37purchaser. However, if a seller, directly following a telephone
38solicitation, causes an individual whose primary purpose it is to
39go to the prospective purchaser to collect the payment or deliver
40any item purchased, this exemption does not apply.
P6 1(10) Any supervised financial institution or parent, subsidiary,
2or subsidiary of parent thereof. As used in this paragraph,
3“supervised financial institution” means any commercial bank,
4trust company, savings and loan association, credit union, industrial
5loan company, personal property broker, consumer finance lender,
6commercial finance lender, or insurer, provided that the institution
7is subject to supervision by an official or agency of this state or of
8the United States.
9(11) A person soliciting the sale of a preneed funeral
10arrangement regulated by Article 9 (commencing with Section
117735) of Chapter 12 of Division 3.
12(12) A person licensed pursuant to Chapter 19 (commencing
13with Section 9600) of Division 3 when acting pursuant to that
15(13) A person soliciting the sale of services provided by a cable
16television system licensed or franchised pursuant to Section 53066
17of the Government Code or any other authority.
18(14) A person or an affiliate of a person whose business is
19regulated by the Public Utilities Commission.
20(15) A person soliciting the sale of a commodity pursuant to
21Part 2 (commencing with Section 58601) of Division 21 of the
22Food and Agricultural Code, if the solicitation neither intends to,
23nor actually results in, a sale
begin delete whichend delete costs the purchaser in
24excess of one hundred dollars ($100).
25(16) An issuer or subsidiary of an issuer that has a security listed
26on a national securities exchange or designated as a national market
27system security on an interdealer quotation system by the National
28Association of Securities Dealers, Inc., if the exchange or
29interdealer quotation system has been certified by rule or order of
30the Commissioner of Corporations under subdivision (o) of Section
3125100 of the Corporations Code. A subsidiary of an issuer that
32qualifies for exemption under this paragraph is not itself exempt
33unless not less than 60 percent of the voting power of its shares is
34owned by the qualifying issuer or issuers.
35(17) A person soliciting exclusively the sale of telephone
36answering services to be provided by that person or that person’s
38(18) A person soliciting a transaction regulated by the
39 Commodity Futures Trading Commission if the person is registered
40or temporarily licensed for this activity with the Commodity
P7 1Futures Trading Commission under the Commodity Exchange Act
2(7 U.S.C. Sec. 1 et seq.), and the registration or license has not
3expired or been suspended or revoked.
4(19) A person who sells coins or bullion at a price
begin delete whichend delete
5 is not more than 25 percent more than the price at which the seller
6is concurrently buying the same coins or bullion, if: (A) the seller
7has had a retail location in California from which he or she has
8been selling coins or bullion to the public in person for at least
9three years; (B) the telephonic solicitations are not the person’s
10primary business and sales made telephonically make up less than
1120 percent of the person’s total retail sales; and (C) the person
12claiming an exemption pursuant to this subdivision complies with
13Section 17511.3, as applicable, and subdivision (p) of Section
15(20) A person licensed pursuant to Chapter 14 (commencing
16with Section 1800) of Division 1 of the Financial Code to receive
17money for transmittal to foreign countries if the license has not
18expired or been suspended or revoked.
19(21) A person licensed as a residential mortgage lender or
20servicer pursuant to Division 20 (commencing with Section 50000)
21of the Financial Code, when acting under the authority of that
23(22) A corporation that meets all of the following conditions:
24(A) It has been exempt from taxation under Section 23701e of
25the Revenue and Taxation Code for a minimum of 10 years.
26(B) It has maintained its principal purpose for a minimum of
28(C) It has been incorporated in the state for a minimum of 25
30(f) In any civil proceeding alleging a violation of this article,
31the burden of proving an exemption or an exception from a
32definition is upon the person claiming it, and in any criminal
33proceeding alleging a violation of this article, the burden of
34producing evidence to support a defense based upon an exemption
35or an exception from a definition is upon the person claiming it.
36(g) Compliance with this article does not satisfy nor substitute
37for any requirements for license, registration, or regulation
38mandated by other laws.
Each filing pursuant to Section 17511.3 shall contain
2the following information:
3(a) The name or names of the seller, including the name under
4which the seller is doing or intends to do business, if different from
5the name of the seller, and the name of any parent or affiliated
6organization (1) that will engage in business transactions with
7purchasers relating to sales solicited by the seller or (2) that accepts
8responsibility for statements made by, or acts of, the seller relating
9to sales solicited by the seller.
10(b) The seller’s business form and place of organization and, if
11the seller is a corporation, a copy of its articles of incorporation
12and bylaws and amendments thereto, or, if a partnership, a copy
13of the partnership agreement, or if operating under a fictitious
14business name, the location where the fictitious name has been
15registered. All the same information shall be included for any
16parent or affiliated organization disclosed pursuant to subdivision
18(c) The complete street address or addresses of all locations,
19designating the principal location from which the telephonic seller
20will be conducting business. If the principal business location of
21the seller is not in this state, then the seller shall also designate
22which of its locations within this state is its main location in the
24(d) A listing of all telephone numbers to be used by the seller
25and the address where each telephone using each of these telephone
26numbers is located.
27(e) The name of, and the office held by, the seller’s officers,
28directors, trustees, general and limited partners, sole proprietor,
29and owners, as the case may be, and the names of those persons
30who have management responsibilities in connection with the
31seller’s business activities.
32(f) The complete address of the principal residence, the date of
33birth, and the driver’s license number and state of issuance of each
34of the persons whose names are disclosed pursuant to subdivision
36(g) The name and principal residence address of each person
37the telephonic seller leaves in charge at each location from which
38the seller does business in this state, as defined in subdivision (a)
39of Section 17511.3, and the business location
begin delete whichend delete each of
40these persons is or will be in charge of.
P9 1(h) A statement, meeting the requirements of this subdivision,
2as to both the seller, whether a corporation, partnership, firm,
3association, joint venture, or any other type of business entity (and
4whether identified pursuant to subdivision (e) or (g) or not), and
5as to any person identified pursuant to subdivision (e) or (g) who:
6(1) Has been convicted of a felony or misdemeanor involving
7an alleged violation of this article, or fraud, theft, embezzlement,
8fraudulent conversion, or misappropriation of property. For
9purposes of this paragraph, a plea of nolo contendere is a
11(2) Has had entered against him or her a final judgment or order
12in a civil or administrative action, including a stipulated judgment
13or order, if the complaint or petition in the civil or administrative
14action alleged acts constituting a violation of this article, fraud,
15theft, embezzlement, fraudulent conversion, or misappropriation
16of property, the use of untrue or misleading representations in an
17attempt to sell or dispose of real or personal property, or the use
18of unfair, unlawful, or deceptive business practices.
19(3) Is subject to any currently effective injunction or restrictive
20court order relating to business activity as the result of an action
21brought by a federal, state, or local public agency or unit thereof,
22including, but not limited to, an action affecting any vocational
24(4) Has at any time during the previous seven tax years been
25the subject of an order for relief in bankruptcy, been reorganized
26due to insolvency, or been a principal, director, officer, trustee,
27general or limited partner, or had management responsibilities of
28any other corporation, partnership, joint venture, or business entity,
29that has been the subject of an order for relief in bankruptcy during
30or within one year after the period that the person held that position.
31For purposes of paragraphs (1), (2), and (3), the statement
32required by this subdivision shall identify the seller or person, the
33court or administrative agency rendering the conviction, judgment,
34or order, the docket number of the matter, the date of the
35conviction, judgment, or order, and the name of the governmental
36agency, if any, that brought the action resulting in the conviction,
37judgment, or order. For purposes of paragraph (4), the statement
38required by this subdivision shall include the name and location
39of the seller or person that has been the subject of an order for
40relief in bankruptcy, or reorganized due to insolvency, and shall
P10 1include the date thereof, the court
begin delete whichend delete exercised jurisdiction,
2and the docket number of the matter.
3(i) A list of the names, principal residence addresses, the date
4of birth, and the driver’s license number and state of issuance
5thereof, of salespersons who solicit on behalf of the telephonic
6seller and the names the salespersons use while so soliciting. No
7salesperson shall use the same name as used by any other
8salesperson soliciting for the telephonic seller and no telephonic
9seller shall permit a salesperson to use the same name as used by
10any other salesperson soliciting for the telephonic seller.
11(j) A description of the items the seller is offering for sale and
12a copy of all sales scripts the telephonic seller requires salespersons
13to use when soliciting prospective purchasers, or if no sales script
14is required to be used, a statement to that effect.
15(k) A copy of all sales information and literature (including, but
16not limited to, scripts, outlines, instructions, and information
17regarding how to conduct telephonic sales, sample introductions,
18sample closings, product information, and contest or
19premium-award information) provided by the telephonic seller to
20salespersons or of which the seller informs salespersons, and a
21copy of all written materials the seller sends to any prospective or
23(l) If the telephonic seller represents or implies, or directs
24salespersons to represent or imply, to purchasers that the purchaser
25will receive certain specific items (including a certificate of any
begin delete whichend delete the purchaser
must redeem to obtain the item
27described in the certificate) or one or more items from among
28designated items, whether the items are denominated as gifts,
29premiums, bonuses, prizes, or otherwise, the filing shall include
31(1) A list of the items offered.
32(2) The value or worth of each item described to prospective
33purchasers and the basis for the valuation.
34(3) The price paid by the telephonic seller to its supplier for
35each of these items and the name, address, and telephone number
36of each item’s supplier.
37(4) If the purchaser is to receive fewer than all of the items
38described by the seller, the filing shall include the following:
39(A) The manner in which the telephonic
seller decides which
40item or items a particular prospective purchaser is to receive.
P11 1(B) The odds a single prospective purchaser has of receiving
2each described item.
3(C) The name and address of each recipient who has, during
4the preceding 12 months (or if the seller has not been in business
5that long, during the period the telephonic seller has been in
6business) received the item having the greatest value and the item
7with the smallest odds of being received.
8(5) All rules, regulations, terms, and conditions a prospective
9purchaser must meet in order to receive the item.
10(m) If the telephonic seller is offering to sell any metal, stone,
11or mineral, the filing shall include the following:
12(1) The name, address, and telephone number of each of the
13seller’s suppliers and a description of each metal, stone, or mineral
14provided by the supplier.
15(2) If possession of any metal, stone, or mineral is to be retained
16by the seller or will not be transferred to the purchaser until the
17purchaser has paid in full, the filing shall include the following:
18(A) The address of each location where the metal, stone, or
19mineral will be kept.
20(B) If not kept on premises owned by the seller or at an address
21or addresses set forth in compliance with subdivision (c), the name
22of the owner of the business at which the metal, stone, or mineral
23will be kept.
24(C) A copy of any contract or other document
begin delete whichend delete
25 evidences the seller’s right to store the metal, stone, or mineral at
26the address or addresses designated pursuant to subparagraph (A).
27(3) If the seller is not selling the metal, stone, or mineral from
28its own inventory, but instead purchases the metal, stone, or mineral
29to fill orders taken from purchasers, the filing shall include copies
30of all contracts or other documents evidencing the seller’s ability
31to call upon suppliers to fill the seller’s orders.
32(4) If the seller represents to purchasers that the seller has
33insurance or a surety bond of any type relating to a purchaser’s
34purchase of any metal, stone, or mineral from the seller, the filing
35shall include a complete copy of all these insurance policies and
37(5) If the seller makes any representation as to the earning or
38profit potential of purchases of any metal, stone, or mineral, the
39filing shall include data to substantiate the claims made. If the
40representation relates to previous sales made by the seller or a
P12 1related entity, substantiating data shall be based on the experiences
2of at least 50 percent of the persons who have purchased the
3particular metal, stone, or mineral from the seller or related entity
4during the preceding six months (or if the seller or related entity
5has not been in business that long, during the period the seller or
6related entity has been in business) and shall include the raw data
7upon which the representation is based, including, but not limited
8to, all of the following:
9(A) The length of time the seller or related entity has been selling
10the particular metal, stone, or mineral being offered.
11(B) The number of purchasers thereof from the seller or related
12entity known to the seller or related entity to have made at least
13the same earnings or profit as those represented.
14(C) The percentage that the number disclosed pursuant to
15subparagraph (B) represents of the total number of purchasers from
16the seller or related entity of the particular metal, stone, or mineral.
17(n) If the telephonic seller is offering to sell an interest in oil,
18gas, or mineral fields, wells, or exploration sites, the filing shall
19include disclosure of the following:
20(1) The seller’s ownership interest, if any, in each field, well,
21or site being offered for sale.
22(2) The total number of interests to be sold in each field, well,
23or site being offered for sale.
24(3) If, in selling an interest in any
particular field, well, or site,
25reference is made to an investigation of these fields, wells, or sites
26by the seller or anyone else, the filing shall include the following:
27(A) The name, business address, telephone number, and
28professional credentials of the person or persons who made the
30(B) A copy of the report and other documents relating to the
31investigation prepared by the person or persons.
32(4) If the seller makes any representation as to the earning or
33profit potential of purchases of any interest in these fields, wells,
34or sites, the filing shall include data to substantiate the claims
35made. If the representation relates to previous sales made by the
36seller or a related entity, the substantiating data shall be based on
37the experiences of at least 50 percent of the purchasers of the
38particular interests from the seller or the related entity during the
39preceding six months (or if the seller has not been in business that
40long, during the period the seller or related entity has been in
P13 1business) and shall include the raw data upon which the
2representation is based, including, but not limited to, all of the
4(A) The length of time the seller or related entity has been selling
5the particular interests in the fields, wells, or sites being offered.
6(B) The number of purchasers of the particular interests from
7the seller or related entity known to the seller to have made, at
8least the same earnings as those represented.
9(C) The percentage the number disclosed pursuant to
10subparagraph (B) represents of the total number of purchasers of
11the particular interests from the seller or related entity.
12(o) The name and address of the telephonic seller’s agent in this
13state, other than the Attorney General, authorized to receive service
14of process in this state.
15(p) If a person, based on paragraph (19) of subdivision (c) of
16Section 17511.1, claims an exemption from having to file the
17information required by subdivisions (a) to (o), inclusive, the
18person shall file, on a form provided by the Attorney General, the
20(1) The name or names of the person claiming the exemption,
21including the name under which the person is doing or intends to
23(2) The person’s business form, and place of organization,
24whether corporate or otherwise; or, if operating under a fictitious
25business name, the location where the fictitious name has been
27(3) The complete street address of the person’s retail locations,
28and telephone numbers located therein and a statement as to how
29long the person has been selling at retail from each location.
30(4) A copy of the person’s currently valid business license.
31(5) A statement reflecting the dollar amount of the person’s
32total retail sales during the 12 months preceding the filing.
33(6) A statement reflecting the dollar amount of the person’s
34sales made telephonically during the 12 months preceding the
36The filing shall be verified by a declaration signed under penalty
37of perjury by each principal of the person claiming the exemption.
38The declaration shall specify the date and location of signing.
39If a person filing pursuant to subdivision (p) makes any
40representation to a prospective purchaser as to the historical
P14 1movements or changes in the price or value of any coin or bullion,
2the person shall maintain in its records sufficient data to
3substantiate each representation. This data shall be retained in the
4person’s records for a period of at least three years after the last
5date on which a representation is made and shall be made available
6for inspection upon request by any governmental agency at each
7of its business locations.
8(q) If the telephonic seller represents or implies, or directs
9salespersons to represent or imply, that the telephonic seller can,
10or may be able to, make a loan or arrange or assist in arranging a
11loan or to assist in providing information
begin delete whichend delete may lead to
12the obtaining of a loan, the filing shall include the following:
13(1) The names and addresses of all persons who, in the previous
1424 months, lent money to those who responded to the seller’s
15solicitations or lent money to the telephonic seller for the seller to
16lend to those who responded to the seller’s representations that it
17could make a loan or arrange or assist in arranging a loan or could
18assist in providing information
begin delete whichend delete could lead to the
19obtaining of a loan.
20(2) The names and addresses of all persons who, in the previous
2124 months, lent money to those who responded to the solicitations
22of the seller’s predecessor or the seller’s officers, owners, or those
23persons having present management responsibilities or to
24companies with which they were associated, that they could make
25a loan or arrange or assist in arranging a loan or could assist in
begin delete whichend delete could lead to the obtaining of a
27loan or lent money to the seller’s predecessor or the seller’s
28officers, owners, or those persons having present management
29responsibilities or to companies with which they were associated
30for them to lend to those who responded to these representations.
31(3) The names and addresses of all persons who have informed
32the telephonic seller that they may be able to lend money, within
33the next 12 months from the date of this registration, to persons
34solicited by the seller or to the telephonic seller for the seller to
35lend to those who respond to the seller’s representations that it can
36make a loan or arrange or assist in arranging a loan or can assist
37in providing information
begin delete whichend delete can lead to the obtaining of
39(4) Copies of all contracts between the seller and lenders or
40prospective lenders who may lend money: (A) to the seller to lend
P15 1to individuals who, in connection with the seller’s business
2activities, respond to the seller’s representations that it can make
3a loan or arrange or assist in arranging a loan or can assist in
begin delete whichend delete can lead to the obtaining of a
5loan; or (B) directly to persons to whom the seller may represent
6that it can arrange or assist in providing information
begin delete whichend delete
7 can lead to the obtaining of a loan.
No reimbursement is required by this act pursuant to
28Section 6 of Article XIII B of the California Constitution because
29the only costs that may be incurred by a local agency or school
30district will be incurred because this act creates a new crime or
31infraction, eliminates a crime or infraction, or changes the penalty
32for a crime or infraction, within the meaning of Section 17556 of
33the Government Code, or changes the definition of a crime within
34the meaning of Section 6 of Article XIII B of the California