California § 22453 - The minimum monthly payment shall be determined by any of the following: (a) The
Full text of California Public Contract Code - PCC § 22453 — The minimum monthly payment shall be determined by any of the following: (a) The, with citation guidance and answers to common questions.
§ 22453. The minimum monthly payment shall be determined by any of the following: (a) The
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 2 1 2 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. (c) Any other bona fide amount agreed upon by the borrower and the licensee which would be sufficient to pay all charges and some principal, originally scheduled to be due by the borrower as of each scheduled due date. This section does not apply to any open-end loan of a bona fide principal amount of ten thousand dollars ($10,000) or more as determined in accordance with Section 22467.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 22453
What does Public Contract Code - PCC § 22453 cover?
Section 22453 ("The minimum monthly payment shall be determined by any of the following: (a) The") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 22453?
A common citation format is "Public Contract Code - PCC § 22453" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 22453 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.