Terms Used In California Codes > Financial Code > Division 9 > Chapter 2 > Article 5 - Open-End Loan Programs

• Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• bona fide principal amount: as used in this division solely for the purposes of determining whether the loan amount exceeds a regulatory ceiling, and is not intended to affect the meaning of "principal" for any other purpose. See California Financial Code 22251
• Commercial modular: as used in this part has the same meaning as defined in Section 18001. See California Health and Safety Code 18218
• County: includes city and county. See California Health and Safety Code 14
• Credit insurance: means credit life, disability, and loss-of-income insurance, or any combination of these coverages. See California Financial Code 22314
• department: means State Department of Health Services. See California Health and Safety Code 20
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Manufactured home: as used in this part shall have the same meaning as defined in Section 18007. See California Health and Safety Code 18210.5
• Mobilehome: as used in this part shall have the same meaning as defined in Section 18008. See California Health and Safety Code 18211
• Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}
• open-end credit program: means a licensee's plan for making open-end loans pursuant to a loan agreement that sets forth the terms and conditions governing the use of the open-end credit program, expressly states that the loan is made pursuant to this article, and provides that:

  California Financial Code 22450

• Person: means any person, firm, association, organization, partnership, business trust, corporation, limited liability company, or company. See California Health and Safety Code 19
• Person: includes any person, firm, partnership, association, corporation, company, limited liability company, syndicate, estate, trust, business trust, or organization of any kind. See California Financial Code 18
• Recreational vehicle: as used in this part has the same meaning as defined in Section 18010. See California Health and Safety Code 18215.5
• specified amount: means five thousand dollars ($5,000). See California Financial Code 22551
• State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23