This section basically says that unless there's a specific reason not to, the definitions in this article should be used to understand the rest of the chapter.

This law defines what "goods" are in terms of property purchased for personal or household use. It includes physical items and certain products that become part of real estate, like fixtures. However, it excludes vehicles that need to be registered and items sold with or leased alongside such vehicles under specific contracts. It does count trailers sold with boats, unless exempted by another rule. Here, trailers refer to those made to carry boats exclusively.

This law defines 'services' as any kind of work or labor provided that isn't intended for commercial or business purposes. This can include services related to selling or fixing goods, repairing motor vehicles (but not those service contracts sold with vehicles), improving real estate, or providing insurance. However, it does not cover medical services by doctors or dentists, or any services where costs and prices need official approval or filing with the federal government.

This law defines a 'retail seller' or 'seller' as someone who sells goods or provides services directly to consumers.

This law defines a 'retail buyer' as someone who purchases goods or services from a retailer with a payment plan and not mainly to sell them again. It's about shoppers who plan to use what they buy themselves, not resell it.

This law explains that a 'retail installment sale' is when a store sells goods or provides services to a customer and allows them to pay for it over time through multiple payments instead of all at once.

This law defines a 'retail installment contract' as any agreement for a retail sale where the buyer pays back in installments. It applies whether the contract includes holding onto the title until paid off or not. It covers situations where a buyer agrees to pay finance charges or gets a discount for using cash or a credit card. It also includes deals where goods or services would have been cheaper or better quality if bought with cash. If a contract involves more than four installments, it falls under this definition. It further includes security agreements or leases where you eventually own the item if you make all the payments as agreed.

This law section defines what a 'retail installment account' is. Basically, it's an account created when you agree in California to pay off purchases from a store over time, with payments being made in installments. The agreement can include a finance charge, which is a cost for borrowing that is calculated as a percentage of what you owe, but it's not a fixed amount or added directly to the loan.

This section defines 'cash price' in a retail installment contract as the price a buyer would pay in cash today for goods or services if it wasn't an installment sale. This includes taxes and any costs for additional accessories or services.

The term “total sale price” includes everything a buyer is expected to pay for a product or service. This means the item's base cost, any insurance, official fees, and the finance charge are all part of the total price.

This section explains that a "finance charge" is the extra cost a buyer agrees to pay when buying something on installment, kind of like a payment plan. It doesn't include costs for things like insurance, late fees, lawyer fees, court costs, or costs for maintaining or securing the purchased item that may come up after the contract is signed.

This law section explains two financial terms used in retail installment sales. 'Amount financed' refers to a specific financial detail that must be disclosed according to another section of the law. 'Unpaid balance' means the total price of goods or services in the sale, plus any insurance or fees included, minus the buyer's down payment.

The 'total of payments' refers to the total amount a borrower needs to pay, as detailed under certain financial disclosure regulations. This total can include part of the downpayment if it's postponed until the second scheduled payment, as long as no interest is charged on this deferred amount.

In simple terms, 'official fees' refer to the payments that are legally required and made to public officials to secure a lien or other type of claim on goods sold on an installment basis. This can include fees related to licensing, certificates of title, and vehicle registration.

This section defines the word "person" very broadly. It includes not just individual people, but also partnerships, corporations, limited liability companies, associations, and any other organized groups.

A 'financing agency' in California is anyone involved in buying retail installment contracts or installment accounts from retail sellers. This includes banks, trust companies, private bankers, and investment companies, if they are engaged in this activity.

This law defines a 'billing cycle' as the period between the dates of regular monthly billing statements.

This section explains that 'Regulation Z' refers to the set of rules and guidelines created by the Federal Reserve Board under the Truth in Lending Act. It includes any official interpretations or approvals related to this act, which are issued by authorized members or employees of the Federal Reserve.

This law section specifies when a retail installment contract or account is considered to be made in California, making it subject to state laws. If a seller offers to sell in California or a buyer who lives in California makes or accepts an offer to buy within the state, the contract is considered made there. Additionally, if sales communication from outside California reaches a California resident, it's seen as an offer within the state. Likewise, if a California resident sends a buying request to an out-of-state seller, it's considered an offer to buy in California.

This law explains how to calculate a finance charge using a simple interest method. It describes two methods: one uses a 365-day year to calculate actual days passed, which sellers can adjust for leap years. The other method is for contracts before 1988, using a 360-day year with each month having 30 days, assuming all payments are made on time.

The 'precomputed basis' is a way to calculate a finance charge on a loan. It involves multiplying the initial amount owed by a rate, and then multiplying that result by the total number of payment periods from the start of the finance charge until the final scheduled payment.