PART 7. SOLAR AND ENERGY CONSERVATION MORTGAGE CORPORATION [53000. - 53113.]

Part 7 added by Stats. 1981, Ch. 1033.

§§ 53000–53113 · 23 sections

1. CHAPTER 1. Legislative Findings and Intent §§ 53000–53002 · 3 sections

   • § 53000 This part may be cited as the Solar and Energy Conservation Mortgage Corporation Act of 1981.
   • § 53001 The Legislature hereby determines that: (a) There is a national policy of reducing demand for nonrenewable energy sources, recognition of which is especially…
   • § 53002 The Legislature further declares its intention that the provisions of this part be interpreted and implemented in a manner which will accomplish the following:…
2. CHAPTER 2. Definitions §§ 53050–53062 · 7 sections

   • § 53050 Unless the context otherwise requires and so stipulates, the definitions provided in this chapter shall govern construction of this part.
   • § 53052 “Corporation” means the Solar and Energy Conservation Mortgage Corporation, also known as “Sunny Mac,” created by this part.
   • § 53054 “Energy conservation measure” means any one or more of the following: (a) A device, system, or design that utilizes solar energy or wind power for water…
   • § 53056 “Financial institution” means any commercial bank, trust company, savings and loan association, credit union, insurance company, industrial loan company,…
   • § 53058 “Financing” means to lend money for the purpose of purchasing, leasing, installing, or constructing energy conservation measures.
   • § 53060 “Holder-in-due course,” means the purchaser of a loan or loans from a financial institution that participates in, arranges, or finances a loan pursuant to the…
   • § 53062 “Structural improvements” means alterations or additions to a designated building intended to enhance energy conservation and efficiency of building space…
3. CHAPTER 3. Purpose and Organization §§ 53100–53113 · 13 sections

   • § 53100 The corporation created by this part shall be known as “Sunny Mac.”
   • § 53101 The Solar and Energy Conservation Mortgage Corporation is hereby created for the following purposes: (a) To facilitate financing of energy conservation…
   • § 53102 The corporation shall have common stock, without par value, which shall be vested with all voting rights, each share being entitled to one vote with rights of…
   • § 53103 The board of directors of the corporation shall consist of seven members, selected and appointed as follows: (a) One member, representing the public interest,…
   • § 53104 The members of the board shall annually elect a chairman from among their membership.
   • § 53105 In order to expedite the startup of the corporation, the four members representing the stockholders shall initially be appointed by the Secretary of the…
   • § 53106 On or before February 1, 1982, the Governor, the State Treasurer, and the Secretary of Business, Transportation and Housing shall appoint the directors…
   • § 53108 For the purposes set forth in this chapter, the corporation is authorized pursuant to commitments, or otherwise, to purchase, service, sell, lend on the…
   • § 53109 For the purposes set forth in this chapter, the corporation is authorized to borrow money through the issuance of notes, bonds, debentures, mortgage trust…
   • § 53110 Any financial institution may apply to the corporation to become a member financial institution. The corporation shall establish standards and procedures for…
   • § 53111 Any purchases of loans made by the corporation pursuant to the provisions of this part, for value, in good faith and without actual and written notice of any…
   • § 53112 Any mortgage trust certificates, mortgage-backed bonds, mortgage-backed passthrough certificates, or other obligations of the corporation secured by the loans…
   • § 53113 The corporation may accept and administer grants, subsidies, loans, loan guarantees, and other special programs as may be established for that purpose by the…