California Financial Code

§ 22453

FIN § 22453 Effective Jan 1, 2020Div. 9 · Ch. 2 · Art. 5

Statute text

The minimum monthly payment shall be determined by any of the following:

(a)The amount calculated by multiplying the unpaid principal balance, after an advance and including the advance, by a percent agreed upon by the borrower and the licensee, which shall be no less than 212 percent. The minimum payment shall continue at the amount determined pursuant to this paragraph until a subsequent loan advance is made.

(b)The amount calculated by multiplying the unpaid balance at the end of each billing cycle by a percent agreed upon by the borrower and the licensee, which shall be no less than 5 percent.

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Legislative history

Amended by Stats. 2019, Ch. 708, Sec. 10. (AB 539) Effective January 1, 2020.