California Enacts Bill Prohibiting Certain Fees for Loans Under $500,000

Title 1.90 has been signed into law by Governor Newsom and becomes effective January 1, 2024 prohibiting commercial non-regulated entities from charging fees “without clear corresponding services” as well as “collateral monitoring fees” for non-delinquent accounts. SFNet will be providing additional information to members. If you have any questions, please reach out to Michele Ocejo at mocejo@sfnet.com.

https://legiscan.com/CA/text/SB666/id/2823785