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(a) As found in this part:
(1) “Open-end credit plan” gets the meaning established in Regulation Z associated with Federal Reserve System ( 12 C.F.R. 226.2(a)(20) ).
(2) “ Installment loan ” means any loan specified in subdivision (h) extended under an installment loan function.
(3) “ Installment loan function ” means an element of a credit that is open-end which supplies for an independent subaccount regarding the open-end credit plan pursuant to which the key of, and interest on, the mortgage related to that subaccount can be repaid in considerably equal installments over a certain duration without reference to the total amount outstanding under virtually any function for the open-end credit plan or perhaps the payment routine with regards to the other function.
(b)(1) Except as otherwise supplied by statute, the debtor under any installment loan will probably be eligible to prepay the entire or any the main installment loan, along with any accrued interest, whenever you want.
(2) with regards to any installment loan, absolutely absolutely nothing in this part shall preclude a borrower from becoming obligated, by the agreement written down, to pay for a prepayment fee; but just a prepayment made within five years of the date the installment loan is made could be at the mercy of a prepayment fee after which solely as herein established.