California Codes, Civil Code - CIV, Division 3 — Obligations, Part 4 — Obligations Arising from Particular Transactions, Title 14 — Lien, Chapter 2b — Automobile Sales Finance Act, Section 2981.7
All contracts entered into between a buyer and a seller on or after January 1, 1983, shall provide for the calculation of the finance charge contemplated by item (A) of paragraph (1) of subdivision (j) of Section 2982 on the simple-interest basis, if the date on which the final installment is due, according to the original terms of the contract, is more than 62 months after the date of the contract.
Notes
Requires qualifying motor-vehicle conditional sale contracts entered on or after January 1, 1983, to calculate the specified finance charge on a simple-interest basis when the originally scheduled final payment is more than 62 months after the contract date. The requirement applies to the finance-charge calculation identified in the referenced contract-disclosure provision.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 2981.7 | https://laws.lexinter.net/codes/california/civil-code/division-3/part-4/title-14/chapter-2b/section-2981-7