CHAPTER 7. Shared Appreciation Loans for Seniors [1917.320. - 1917.714.]

Chapter 7 added by Stats. 1984, Ch. 1701, Sec. 1.

§§ 1917.320–1917.714 · 26 sections

1. ARTICLE 1. Definitions § 1917.320 · 1 section

   • § 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,…
2. ARTICLE 2. Terms and Conditions §§ 1917.330–1917.334 · 5 sections

   • § 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,…
   • § 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…
   • § 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…
   • § 1917.333 (a) The borrower shall have the right to prepay, at any time, in full or in part, the total loan obligation.
   • § 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…
3. ARTICLE 3. Determination of Fair Market Value §§ 1917.410–1917.412 · 3 sections

   • § 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…
   • § 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…
   • § 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…
4. ARTICLE 4. Improvements §§ 1917.510–1917.511 · 2 sections

   • § 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…
   • § 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…
5. ARTICLE 5. General Provisions §§ 1917.610–1917.619 · 10 sections

   • § 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…
   • § 1917.611 Any waiver of any right of a borrower under the provisions of this chapter shall be void and unenforceable.
   • § 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…
   • § 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…
   • § 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…
   • § 1917.615 The lien of a shared appreciation loan for seniors, including the total loan obligation, shall attach from the time of the recordation of the deed of trust…
   • § 1917.616 A shared appreciation loan for seniors which bears a fixed interest rate complying with the usury provisions of Article XV of the California Constitution shall…
   • § 1917.617 The qualification requirements of Sections 25110, 25120, and 25130 of the Corporations Code do not apply to a shared appreciation loan for seniors to the…
   • § 1917.618 Any loan made pursuant to this chapter shall be subject to Section 580b of the Code of Civil Procedure.
   • § 1917.619 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…
6. ARTICLE 6. Notices and Disclosures §§ 1917.710–1917.714 · 5 sections

   • § 1917.710 (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…
   • § 1917.711 (a) Each lender offering shared appreciation loans for seniors shall furnish to a prospective borrower, on the earlier of the dates on which the lender first…
   • § 1917.712 (a) Each lender making a shared appreciation loan for seniors shall also furnish to the prospective borrower, prior to the consummation of the loan, the…
   • § 1917.713 Each lender making a shared appreciation loan for seniors shall additionally furnish to the prospective borrower, prior to consummation of the loan, a…
   • § 1917.714 Each deed of trust and evidence of debt executed in connection with a shared appreciation loan for seniors shall contain a statement, printed or written in a…