California Codes, Civil Code - CIV, Division 3 — Obligations, Part 4 — Obligations Arising from Particular Transactions, Title 2 — Credit Sales, Chapter 1 — Retail Installment Sales, Article 2 — Definitions, Section 1802.7
“Retail installment account” or “installment account” or “revolving account” means an account established by an agreement entered into in this state, pursuant to which the buyer promises to pay, in installments, to a retail seller, his outstanding balance incurred in retail installment sales, whether or not a security interest in the goods sold is retained by the seller, and which provides for a finance charge which is expressed as a percent of the periodic balances to accrue thereafter providing such charge is not capitalized or stated as a dollar amount in such agreement.
Notes
Defines a retail installment account, installment account, or revolving account as a California agreement under which the buyer pays a retail seller an outstanding retail-installment-sale balance in installments. Requires the finance charge to be expressed as a percentage of periodic balances and not capitalized or stated as a dollar amount; the seller may or may not retain a security interest.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 1802.7 | https://laws.lexinter.net/codes/california/civil-code/division-3/part-4/title-2/chapter-1/article-2/section-1802-7