§ 940. Calculation of Annual Percentage Rate.
10 CA ADC § 940Barclays Official California Code of RegulationsEffective: December 9, 2022
Effective: December 9, 2022
10 CCR § 940
§ 940. Calculation of Annual Percentage Rate.
(a) The annual percentage rate is a measure of the cost of credit, expressed as a yearly rate, that relates the amount and timing of value received by the recipient to the amount and timing of payments made to the provider. For purposes of this subchapter, the annual percentage rate shall be determined in accordance with either the United States Rule method or the actuarial method, as both are set forth in Appendix J, 12 C.F.R. Part 1026 (1-1-21 Edition), and which is incorporated herein by this reference.
(c) When calculating the required disclosures for commercial open-ended credit plans made pursuant to section 911, the provider shall assume that the recipient borrows the approved credit limit at origination and makes no subsequent draws and that minimum on-time payments are made pursuant to the contract.
Credits
Note: Authority cited: Sections 321 and 22804, Financial Code. Reference: Sections 22800, 22802, 22803 and 22804, Financial Code.
History
1. New section filed 6-9-2022; operative 12-9-2022 pursuant to Government Code section 11343.4(b)(2) (Register 2022, No. 23). Transmission deadline specified in Government Code section 11346.4(b) extended 60 calendar days pursuant to Executive Order N-40-20 and an additional 60 calendar days pursuant to Executive Order N-71-20. Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20 and an additional 60 calendar days pursuant to Executive Order N-71-20.
This database is current through 4/19/24 Register 2024, No. 16.
Cal. Admin. Code tit. 10, § 940, 10 CA ADC § 940
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