The California Deferred Deposit Transaction Law, also known as the Payday Loan Law, is a state law in California that regulates and governs payday lending activities. It establishes the rules and requirements that lenders must follow when providing payday loans to consumers in the state. It caps loans at $300, caps interest rates at a maximum of $15 for each $100 borrowed, sets a minimum repayment term of 31 days and requires payday lenders to be licensed by the state. Learn more about payday loan laws in California.