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(a) As utilized in this area:
(1) “Open-end credit plan” gets the meaning set forth in Regulation Z regarding 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 element of an credit that is open-end which supplies for an independent subaccount for the open-end credit plan pursuant to which the key of, and interest on, the mortgage related to that subaccount can be paid back in considerably equal installments over a specified duration without reference to the total amount outstanding under virtually any function for the open-end credit plan or perhaps the payment routine according to the other function. Continue reading “California Code, Civil Code – CIV § 2954.11”