California § 1802.20. 1802.20. (Added by Stats. 1979, Ch. 805.)

California Statutes

§ 1802.20. — 1802.20. (Added by Stats. 1979, Ch. 805.)

California·Code CIV Civil Code - CIV·Div. 3. DIVISION 3. OBLIGATIONS·Title 2.·Part 4. TITLE 2. CREDIT SALES·Ch. 1. CHAPTER 1. Retail Installment Sales·Art. 2. ARTICLE 2. Definitions

“Simple-interest basis” means the determination of a finance charge, other than an administrative finance charge, by applying a constant rate to the unpaid balance as it changes from time to time, either:

(a)Calculated on the basis of a 365-day year and actual days elapsed (although the seller may, but need not, adjust its calculations to account for leap years); reference in this chapter to the “365-day basis” shall mean this method of determining the finance charge, or

(b)For contracts entered into prior to January 1, 1988, calculated on the basis of a 360-day year consisting of 12 months of 30 days each and on the assumption that all payments will be received by the seller on their respective due dates; reference in this chapter to the “360-day basis” shall mean this method of deter

Free access — add to your briefcase to read the full text and ask questions with AI

“Simple-interest basis” means the determination of a finance charge, other than an administrative finance charge, by applying a constant rate to the unpaid balance as it changes from time to time, either:
(a)
Calculated on the basis of a 365-day year and actual days elapsed (although the seller may, but need not, adjust its calculations to account for leap years); reference in this chapter to the “365-day basis” shall mean this method of determining the finance charge, or
(b)
For contracts entered into prior to January 1, 1988, calculated
on the basis of a 360-day year consisting of 12 months of 30 days each and on the assumption that all payments will be received by the seller on their respective due dates; reference in this chapter to the “360-day basis” shall mean this method of determining the finance charge.

California § 1802.20. (1802.20. (Added by Stats. 1979, Ch. 805.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.