CA’s ‘Per Diem’ Statute is Dead — If Davis Gets to Sign Legislation
September 22, 2003
The California legislature approved legislation that frees borrowers from paying more than one day’s interest until the actual date the loan funds are disbursed. A.B. 313, which amends existing state law concerning the charging of ‘per diem’ interest, would prohibit lenders from assessing interest on mortgage loans until the actual disbursement date.