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Section 50504 Of Chapter 7. Prohibited Practices And Penalties From California Financial Code >> Division 20. >> Chapter 7.
50504
. (a) If an amount other than or in excess of the charges
permitted by this division is willfully charged, contracted for, or
received, in addition to any other penalties or remedies, the
commissioner may order the licensee to refund to all borrowers
charged the excess amount, the excess amount and the amount of the
charge, both with interest at the rate of 10 percent per annum,
calculated from the date the improper charge was imposed.
(b) If interest on the principal amount of a loan in excess of the amount authorized by this division is willfully charged, contracted for, or received, in addition to any other penalties or remedies, the commissioner may order the licensee to refund the excess interest amount to all borrowers charged the excess amount, with interest at the rate of 10 percent per annum, calculated from the date the improper charge was imposed.
(b) If interest on the principal amount of a loan in excess of the amount authorized by this division is willfully charged, contracted for, or received, in addition to any other penalties or remedies, the commissioner may order the licensee to refund the excess interest amount to all borrowers charged the excess amount, with interest at the rate of 10 percent per annum, calculated from the date the improper charge was imposed.
