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Civil Code - CIV - CIV § 1917.168
Civil Code - CIV - CIV § 1917.168
The qualification requirements of Sections 25110, 25120, and 25130 of the Corporations Code do not apply to a shared appreciation loan to the extent the exemption afforded by subdivision (p) of Section 25100 of that code is applicable.
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Civil Code - CIV - CIV § 1917.170
Civil Code - CIV - CIV § 1917.170
(a) The disclosures made pursuant to this chapter, as required, shall be the only disclosures required to be made pursuant to state law for shared appreciation loans, notwithstanding any contrary provision applicable to loans not made under this chapter, except those, if any, tha
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Civil Code - CIV - CIV § 1917.171
Civil Code - CIV - CIV § 1917.171
(a) Each lender offering shared appreciation loans shall furnish to a prospective borrower, on the earlier of the dates on which the lender first provides written information concerning shared appreciation loans from the lender or provides a loan application form to the prospecti
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Civil Code - CIV - CIV § 1917.172
Civil Code - CIV - CIV § 1917.172
(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
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Civil Code - CIV - CIV § 1917.173
Civil Code - CIV - CIV § 1917.173
Each lender making a shared appreciation loan shall additionally furnish to the prospective borrower, prior to consummation of the loan, a statement containing the following information: IMPORTANT INFORMATION ABOUT YOUR SHARED APPRECIATION LOAN You are being offered a shared appr
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Civil Code - CIV - CIV § 1917.174
Civil Code - CIV - CIV § 1917.174
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
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Civil Code - CIV - CIV § 1917.175
Civil Code - CIV - CIV § 1917.175
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
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Civil Code - CIV - CIV § 1917.210
Civil Code - CIV - CIV § 1917.210
Each pension fund or retirement system which is subject to the Employee Retirement Income Security Act of 1974 (P.L. 93-406), shall not be required to obtain any license or certificate in order to provide funds for any type of loan transaction permitted by law.
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Civil Code - CIV - CIV § 1917.220
Civil Code - CIV - CIV § 1917.220
Pursuant to the authority contained in Section 1 of Article XV of the California Constitution, the restrictions upon rates of interest contained in Section 1 of Article XV of the California Constitution shall not apply to any obligation of, loan made by, or forbearance of, any pe
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Civil Code - CIV - CIV § 1917.320
Civil Code - CIV - CIV § 1917.320
For the purposes of this chapter: (a) “Actual contingent interest” means the lender’s appreciation share of the net appreciated amount. In no event, however, shall the rate of appreciation upon which actual contingent interest is calculated at the end of the loan term exceed 2 1
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Civil Code - CIV - CIV § 1917.330
Civil Code - CIV - CIV § 1917.330
Lenders may make shared appreciation loans for seniors pursuant to this chapter for the refinancing 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
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Civil Code - CIV - CIV § 1917.331
Civil Code - CIV - CIV § 1917.331
(a) A shared appreciation loan for seniors shall include all of the following: (1) The term of the loan shall be for an open-ended term, terminating upon the occurrence of a maturity event, or the failure of the borrower to meet the terms of a deed of trust granted by the borrowe
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Civil Code - CIV - CIV § 1917.332
Civil Code - CIV - CIV § 1917.332
Any provision in any loan made pursuant to this chapter for the discontinuation or termination of a monthly annuity other than upon the occurrence of a maturity event is void and unenforceable.
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Civil Code - CIV - CIV § 1917.333
Civil Code - CIV - CIV § 1917.333
(a) The borrower shall have the right to prepay, at any time, in full or in part, the total loan obligation.
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Civil Code - CIV - CIV § 1917.334
Civil Code - CIV - CIV § 1917.334
Except as provided in this article, the terms and conditions of the shared appreciation loan for seniors shall be subject to all laws applicable to loans in effect on the date the loan is made.
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Civil Code - CIV - CIV § 1917.410
Civil Code - CIV - CIV § 1917.410
The borrower, at any time for the purpose of facilitating a sale of the property or prepaying or refinancing the loan, may 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. T
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Civil Code - CIV - CIV § 1917.411
Civil Code - CIV - CIV § 1917.411
(a) In the case of a sale for cash within 90 days after the lender stipulates, under the provisions of Section 1917.410, 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
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Civil Code - CIV - CIV § 1917.412
Civil Code - CIV - CIV § 1917.412
When Section 1917.411 requires the application of this section, the fair market value shall be determined by averaging two appraisals of the property performed as described in this section. If possible, the appraisals shall be based on the sale prices of comparable properties in
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Civil Code - CIV - CIV § 1917.510
Civil Code - CIV - CIV § 1917.510
The borrower may have the value of capital improvements added to the fair market value of the borrower’s property, for purposes of determining the total loan obligation, but only if the procedures set forth in this article are followed. (a) Within 60 days following the completion
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Civil Code - CIV - CIV § 1917.511
Civil Code - CIV - CIV § 1917.511
Nothing in this article shall preclude a shared appreciation loan for seniors 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 1917.710) are appropri
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Civil Code - CIV - CIV § 1917.610
Civil Code - CIV - CIV § 1917.610
The relationship of the borrower and the lender of a shared appreciation loan for seniors is that of debtor and creditor and shall not be, or be construed to be, a joint venture, an equity venture, a partnership, or other relationship.
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Civil Code - CIV - CIV § 1917.611
Civil Code - CIV - CIV § 1917.611
Any waiver of any right of a borrower under the provisions of this chapter shall be void and unenforceable.
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Civil Code - CIV - CIV § 1917.612
Civil Code - CIV - CIV § 1917.612
This chapter facilitates one method of making shared appreciation loans to senior citizens in this state. The terms and conditions of any shared appreciation loan for seniors made pursuant to this chapter shall be consistent with this chapter. This chapter does not, however, appl
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Civil Code - CIV - CIV § 1917.613
Civil Code - CIV - CIV § 1917.613
A shared appreciation loan for seniors 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 provi
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Civil Code - CIV - CIV § 1917.614
Civil Code - CIV - CIV § 1917.614
The lien of a deed of trust securing a shared appreciation loan for seniors shall include and secure the total loan obligation of the shared appreciation loan for seniors.