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Civil Code - CIV - CIV § 1917.072

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.072

(a) Each lender making a shared appreciation loan shall also furnish to the prospective borrower, prior to the consummation of the loan, the disclosures required by Subpart C of Federal Reserve Board Regulation Z (12 CFR Part 226), including 12 CFR Section 226.18(f), to the exten

Civil Code - CIV - CIV § 1917.073

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.073

Each lender making a shared appreciation loan shall additionally furnish to the prospective borrower, prior to the consummation of the loan, a statement containing the following information: IMPORTANT INFORMATION ABOUT YOUR SHARED APPRECIATION LOAN You are being offered a shared

Civil Code - CIV - CIV § 1917.074

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.074

Each deed of trust and evidence of debt executed in connection with a shared appreciation loan shall contain a statement, printed or written in a size equal to at least 12-point bold type, consisting of substantially the following language: “THIS IS A [DURATION] SHARED APPRECIATI

Civil Code - CIV - CIV § 1917.075

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.075

Where, pursuant to any provision of law, the lender is required to disclose the amount of interest due or to be due under a shared appreciation loan and the amount of contingent deferred interest due or to be due is not known, the lender may disclose that fact and specify in the

Civil Code - CIV - CIV § 1917.110

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.110

The Legislature hereby finds and declares that: (a) It is necessary and essential that the state provide and promote alternative means of supplying affordable housing to the citizens of the state. (b) Because of current economic conditions, including the unprecedented fluctuation

Civil Code - CIV - CIV § 1917.120

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.120

For purposes of this chapter: (a) “Borrower” means the recipient or recipients of a shared appreciation loan and includes any successor in interest to the borrower under a shared appreciation loan, to the extent such succession is permitted by law or by the terms of the shared ap

Civil Code - CIV - CIV § 1917.130

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.130

Lenders may make shared appreciation loans pursuant to this chapter for the purchase of real property improved with one- to four-dwelling units, including structures ancillary to such dwelling units and including attached single-family dwelling units, single-family mobilehome uni

Civil Code - CIV - CIV § 1917.131

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.131

A shared appreciation loan shall include the following terms and conditions: (a) The term of the loan, excluding any refinancing under Section 1917.133, shall be at least seven years, but not more than 30 years. (b) The repayment schedule for the loan, excluding any refinancing u

Civil Code - CIV - CIV § 1917.132

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.132

(a) The borrower shall have the right to prepay, at any time, in full or in part, the principal loan balance of the shared appreciation loan, together with accrued interest, including contingent deferred interest. (b) Nothing in this chapter shall prevent a borrower from obligati

Civil Code - CIV - CIV § 1917.133

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.133

(a) If a shared appreciation loan with an original term of less than 10 years is not prepaid in full or the property is not sold or transferred prior to maturity of the loan, and provided the borrower is not then in default, the lender shall offer or arrange for refinancing of th

Civil Code - CIV - CIV § 1917.134

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.134

Except as provided in this article, the terms and conditions of the refinancing loan shall be subject to all laws applicable to loans in effect on the date of refinancing.

Civil Code - CIV - CIV § 1917.135

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.135

Nothing in this chapter shall preclude the borrower from obtaining any other financing, in lieu of the refinancing provided for in Section 1917.133, including refinancing on other terms mutually agreeable to the borrower and lender.

Civil Code - CIV - CIV § 1917.140

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.140

The borrower may, at any time for the purpose of facilitating a sale of the property, request the lender to stipulate the minimum amount which the lender considers to be the fair market value of the property for the purposes of this chapter. The lender shall advise the borrower w

Civil Code - CIV - CIV § 1917.141

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.141

(a) In the case of a sale for cash within 90 days after the lender stipulates, under the provisions of Section 1917.140, a minimum amount which the lender considers to be the fair market value of the property, the fair market value shall be the gross sale price, unless the gross

Civil Code - CIV - CIV § 1917.142

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.142

When Section 1917.141 requires the application of this section, the fair market value shall be determined as the average of two appraisals of the property performed as described in this section. If possible, the appraisals shall be based on the sale prices of comparable propertie

Civil Code - CIV - CIV § 1917.150

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.150

The borrower may have the value of capital improvements added to the borrower’s cost of the property, for purposes of determining net appreciated value and the amount of contingent deferred interest, but only if the procedures set forth in this article are followed. (a) Within 60

Civil Code - CIV - CIV § 1917.151

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.151

Nothing in this article shall preclude a shared appreciation loan from providing the borrower with a greater credit for improvements than specified in this article, provided the relevant disclosures required by Article 7 (commencing with Section 1917.170) are appropriately modifi

Civil Code - CIV - CIV § 1917.160

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.160

The relationship of the borrower and the lender, as to a shared appreciation loan, is that of debtor and creditor and shall not be, or be construed to be, a joint venture, equity venture, partnership, or other relationship.

Civil Code - CIV - CIV § 1917.161

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.161

Any waiver of any right of a borrower under the provisions of this chapter shall be void and unenforceable.

Civil Code - CIV - CIV § 1917.162

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.162

(a) Notwithstanding Section 711, a provision in a shared appreciation loan made pursuant to this chapter permitting the lender to accelerate the maturity date of the principal and accrued interest on the loan upon sale of the property shall be valid and enforceable against the bo

Civil Code - CIV - CIV § 1917.163

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.163

This chapter facilitates the making of shared appreciation financing in this state which conforms to the provisions of this chapter. The terms and conditions of any shared appreciation loan made pursuant to this chapter shall be consistent with this chapter. This chapter does not

Civil Code - CIV - CIV § 1917.164

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.164

A shared appreciation loan shall not be subject to any provision of this code or the Financial Code which limits the interest rate or change of interest rate of variable interest rate or renegotiable interest instruments, or which requires particular language or provisions in sec

Civil Code - CIV - CIV § 1917.165

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.165

The lien of a deed of trust securing a shared appreciation loan shall include and secure the principal amount of the shared appreciation loan, and all interest, whether accrued or to be accrued, including all amounts of contingent deferred interest.

Civil Code - CIV - CIV § 1917.166

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.166

The lien of a shared appreciation loan, including the principal amount and all interest, whether accrued or to be accrued, and all amounts of contingent deferred interest, shall attach from the time of the recordation of the deed of trust securing the loan, and the lien, includin

Civil Code - CIV - CIV § 1917.167

statute | California | California Legislative Counsel

Civil Code - CIV - CIV § 1917.167

A shared appreciation loan which at origination bears a fixed interest rate complying with the usury provisions of Article XV of the California Constitution shall not be deemed to become usurious by reason of the payment of contingent deferred interest pursuant to this chapter.