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California Department of Business Oversight-Release No. 58-FS (Revised). Evidence of Compliance Code With Financial Code Section 50204, Subdivision (o) Per Diem Interest

California Department of Business Oversight-Release No. 58-FS (Revised). Evidence of Compliance Code With Financial Code Section 50204, Subdivision (o) Per Diem Interest 2026

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The document is a release from the California Department of Business Oversight, dated May 3, 2017, providing guidance to licensees under the California Residential Mortgage Lending Act regarding compliance with the per diem interest statute. It outlines acceptable evidence for demonstrating compliance with Financial Code section 50204(o), which restricts borrowers from paying interest more than one day prior to loan disbursement. The release details acceptable documentation and communication methods between licensees and settlement agents to verify disbursement dates, especially in light of changes due to federal regulations.

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How to use or fill out California Department of Business Oversight-Release No. 58-FS (Revised). Evidence of Compliance Code With Financial Code Section 50204, Subdivision (o) Per Diem Interest

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Click ‘Get Form’ to open it in the editor.
Begin by reviewing the introductory section that outlines the purpose of the form and its relevance to compliance with Financial Code Section 50204, subdivision (o).
Fill in your details as a licensee, ensuring accuracy in your name and contact information.
In the section regarding evidence of compliance, specify the type of documentation you are providing, such as written records or electronic communications with the settlement agent.
If applicable, include any certifications under Code of Civil Procedure section 2015.5, ensuring they are signed and dated correctly.
Review all entries for completeness and accuracy before submitting your form through our platform.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What are the per diem rules in California?

Per diem staff members do not automatically obtain full-time employee benefits, yet remain protected under the fundamental labor laws of California. California labor laws ensure that per diem employees have a right to minimum wage and overtime pay, along with meal and rest breaks, and protection from discrimination and

What is the California per diem interest charge?

Per diem interest is the interest a mortgage lender charges for the days between your closing date and the first day of the billing cycle.

What is the interest rate per diem?

Per diem interest is the interest charged on a loan on a daily basis. The finance charge each payment is interest calculated since the last time a payment was made. For example, if you make a payment every 30 days you would see 30 days worth of interest deducted from your payment.

How to avoid per diem interest?

How to avoid per diem interest? You cant totally avoid per diem interest however, you can smartly time out your closing date to be as late in the month as possible. Mortgage billing cycles typically begin on the first of the month but you can close on a home on any day.

What is the per diem interest rule in California?

Under the per diem statute, a borrower cannot be required to pay interest for more than one day prior to the disbursement of loan proceeds from an escrow on a principal obligation under a promissory note secured by a mortgage or deed of trust on real property with up to four residential dwelling units, except as

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What is Section 2948.5 in the California Civil Code?

California Civil Code Section 2948.5 restricts lenders from charging more than one day interest from the date the loan is funding until the date the funds are disbursed for the benefit of the borrower. In most cases, the settlement agent makes all the disbursements.

California Department of Business Oversight-Release No. 58-FS (Revised). Evidence of Compliance Code With Financial Code Section 50204, Subdivision (o) Per Diem Interest 2026

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