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(a) As found in this part:
(1) “Open-end credit plan” has the meaning established in Regulation Z for the Federal Reserve System ( 12 C.F.R. 226.2(a)(20) ).
(2) “ Installment loan ” means any loan specified in subdivision (h) extended under an installment loan function.
(3) “ Installment loan feature ” means an element of an credit that is open-end which supplies for an independent subaccount of this open-end credit plan pursuant to which the key of, and interest on, the mortgage related to that subaccount can be repaid in significantly equal installments over a certain duration without reference to the total amount outstanding under some other function associated with open-end credit plan or the re payment schedule with regards to the other function.
(b)(1) Except as otherwise supplied by statute, the borrower under any installment loan will be eligible to prepay your whole or any area of the installment loan, as well as any accrued interest, whenever you want.
(2) with regards to any installment loan, nothing in this area shall preclude a debtor from becoming obligated, by the contract on paper, to pay for a prepayment fee; but just a prepayment made within five several years of the date the installment loan is manufactured can be at the mercy of a prepayment cost after which solely as herein established. 続きを読む Ca Code, Civil Code – CIV § 2954.11