Ca Laws, Civil Rule – CIV § 2954.11. “ Installment financing ” suggests any financing specified in subdivision (h) offered under an installment financing showcase.

Ca Laws, Civil Rule – CIV § 2954.11. “ Installment financing ” suggests any financing specified in subdivision (h) offered under an installment financing showcase.

Research California Requirements

Look by Keyword or Citation

(a) As utilized in this part:

(1) “Open-end credit score rating arrange” has got the meaning established in legislation Z of the Federal book System ( 12 C.F.R. 226.2(a)(20) ).

(2) “ Installment mortgage ” indicates any loan specified in subdivision (h) offered under an installment loan function.

(3) “ Installment loan ability ” means an attribute of an open-end credit plan that provides for a separate subaccount for the open-end credit strategy pursuant to which the primary of, and interest on, the loan related to that subaccount should be repaid in significantly equal installments over a particular course without reference to the quantity exceptional under virtually any ability from the open-end credit score rating strategy or perhaps the cost routine with respect to the various other function.

(b)(1) Except as or else supplied by statute, the borrower under any installment financing shall be eligible for prepay the or any part of the installment mortgage, together with any accumulated interest, whenever you want.

(2) With respect to any installment financing, nothing within part shall prevent a borrower from getting obliged, by a contract on paper, to pay for a prepayment cost; but merely a prepayment produced within five years with the big date the installment financing is made is likely to be subject to a prepayment fee following solely as here set forth. Read more