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(a) As utilized in this area:
(1) “Open-end credit plan” gets 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 function ” means an attribute of a credit that is open-end which supplies for an independent subaccount of this open-end credit plan pursuant to which the main of, and interest on, the mortgage related to that subaccount can be paid back in considerably equal installments more than a certain duration without reference to the total amount outstanding under some other function associated with the open-end credit plan or the re payment routine with regards to the other function.
(b)(1) Except as otherwise given by statute, the borrower under any installment loan will probably be eligible to prepay your whole or any the main installment loan, as well as any accrued interest, whenever you want. Continue reading “Ca Code, Civil Code – CIV § 2954.11”