CHAPTER 4. Shared Appreciation Loans of E.R.I.S.A. Pension Funds [1917.010. - 1917.075.]

Chapter 4 repealed and added by Stats. 1982, Ch. 466, Sec. 11.

§§ 1917.010–1917.075 · 29 sections

1. ARTICLE 1. Legislative Findings and Declarations § 1917.010 · 1 section

   • § 1917.010 The Legislature hereby finds and declares that: (a) It is necessary and essential that the state provide and promote alternative means of supplying affordable… see note
2. ARTICLE 2. Definitions § 1917.020 · 1 section

   • § 1917.020 For purposes of this chapter: (a) “Adjusted fair market value” means all of the following: (1) The net sale price, in the case of a bona fide sale made in good… see note
3. ARTICLE 3. Terms and Conditions §§ 1917.030–1917.034 · 5 sections

   • § 1917.030 Lenders may make shared appreciation loans pursuant to this chapter for the purchase of real property improved with one- to four-family dwelling units,… see note
   • § 1917.031 A shared appreciation loan shall include the following terms and conditions: (a) The term of the loan, excluding refinancing under Section 1917.033, shall be… see note
   • § 1917.032 (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… see note
   • § 1917.033 (a) If the shared appreciation loan is not prepaid in full or the real property securing the loan is not sold or transferred prior to maturity of the loan, the… see note
   • § 1917.034 Nothing in this chapter shall preclude the borrower from obtaining any other financing, in lieu of the refinancing provided for in Section 1917.033, including… see note
4. ARTICLE 4. Annual Appraisals §§ 1917.040–1917.044 · 5 sections

   • § 1917.040 The fair market value of the real property securing a shared appreciation loan shall be determined annually as provided in this article. The lender shall… see note
   • § 1917.041 If the borrower disputes the amount of the appraisal, the borrower, within 30 days of the anniversary date of the loan, may procure an appraisal of the… see note
   • § 1917.042 If the appraisal by the appraiser selected by the borrower is lower in amount than the appraisal by the appraiser selected by the lender, the amount to be used… see note
   • § 1917.043 The appraisal amount, as determined pursuant to Section 1917.040 if the borrower does not dispute the appraisal amount, or 1917.042 if the borrower disputes… see note
   • § 1917.044 The qualifications of the appraisers may be specified by the terms of the shared appreciation loan for purposes of this article and Article 5 (commencing with… see note
5. ARTICLE 5. Improvements § 1917.050 · 1 section

   • § 1917.050 The borrower may have the cost of capital improvements to the security property completed within any 12-month period, and with an appraised value in excess of… see note
6. ARTICLE 6. General Provisions §§ 1917.060–1917.069 · 10 sections

   • § 1917.060 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… see note
   • § 1917.061 Any waiver of any right of a borrower under the provisions of this chapter shall be void and unenforceable. see note
   • § 1917.062 (a) Notwithstanding Section 711, a provision in a shared appreciation loan (not including the refinancing obligation) permitting the lender to accelerate the… see note
   • § 1917.063 This chapter facilitates the making of shared appreciation financing in this state which conforms to the provisions of this chapter. The terms and conditions… see note
   • § 1917.064 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… see note
   • § 1917.065 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… see note
   • § 1917.066 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… see note
   • § 1917.067 Lenders shall be exempt from the usury provisions of Article XV of the California Constitution with respect to shared appreciation loans made pursuant to this… see note
   • § 1917.068 The qualification requirements of Sections 25110, 25120, and 25130 of the Corporations Code shall not apply to a shared appreciation loan, provided (1) the… see note
   • § 1917.069 The aggregate amount of any fee charged to the borrower for processing an application and preparing any necessary documents in connection with originating a… see note
7. ARTICLE 7. Notices and Disclosures §§ 1917.070–1917.075 · 6 sections

   • § 1917.070 (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… see note
   • § 1917.071 (a) Each lender offering shared appreciation loans shall furnish to a prospective borrower, on the earlier of the date on which the lender first provides… see note
   • § 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… see note
   • § 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… see note
   • § 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… see note
   • § 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… see note