CHAPTER 2.5. Home Equity Sales Contracts
Chapter 2.5 added by Stats. 1979, Ch. 1029.
§§ 1695–1695.17 · 18 sections
- § 1695 (a) The Legislature finds and declares that homeowners whose residences are in foreclosure have been subjected to fraud, deception, and unfair dealing by home…
- § 1695.1 The following definitions apply to this chapter: (a) “Equity purchaser” means any person who acquires title to any residence in foreclosure, except a person…
- § 1695.2 Every contract shall be written in letters of a size equal to 10-point bold type, in the same language principally used by the equity purchaser and equity…
- § 1695.3 Every contract shall contain the entire agreement of the parties and shall include the following terms: (a) The name, business address, and the telephone…
- § 1695.4 (a) In addition to any other right of rescission, the equity seller has the right to cancel any contract with an equity purchaser until midnight of the fifth…
- § 1695.5 (a) The contract shall contain in immediate proximity to the space reserved for the equity seller’s signature a conspicuous statement in a size equal to at…
- § 1695.6 (a) The contract as required by Sections 1695.2, 1695.3, and 1695.5, shall be provided and completed in conformity with those sections by the equity purchaser.…
- § 1695.7 An equity seller may bring an action for the recovery of damages or other equitable relief against an equity purchaser for a violation of any subdivision of…
- § 1695.8 Any equity purchaser who violates any subdivision of Section 1695.6 or who engages in any practice which would operate as a fraud or deceit upon an equity…
- § 1695.9 The provisions of this chapter are not exclusive and are in addition to any other requirements, rights, remedies, and penalties provided by law.
- § 1695.10 Any waiver of the provisions of this chapter shall be void and unenforceable as contrary to the public policy.
- § 1695.11 If any provision of this chapter, or if any application thereof to any person or circumstance is held unconstitutional, the remainder of this chapter and the…
- § 1695.12 In any transaction in which an equity seller purports to grant a residence in foreclosure to an equity purchaser by any instrument which appears to be an…
- § 1695.13 It is unlawful for any person to initiate, enter into, negotiate, or consummate any transaction involving residential real property in foreclosure, as defined…
- § 1695.14 (a) In any transaction involving residential real property in foreclosure, as defined in Section 1695.1, which is in violation of Section 1695.13 is voidable…
- § 1695.15 (a) An equity purchaser is liable for all damages resulting from any statement made or act committed by the equity purchaser’s representative in any manner…
- § 1695.16 (a) Any provision of a contract which attempts or purports to limit the liability of the equity purchaser under Section 1695.15 shall be void and shall at the…
- § 1695.17 (a) Any representative, as defined in subdivision (b) of Section 1695.15, deemed to be the agent or employee, or both the agent and the employee of the equity…