California § 1695.17. 1695.17. (Added by Stats. 1990, Ch. 1537, Sec. 3.)

California Statutes

§ 1695.17. — 1695.17. (Added by Stats. 1990, Ch. 1537, Sec. 3.)

California § 1695.17.

JurisdictionCalifornia

Code CIVCivil Code - CIV

Div. 3.DIVISION 3. OBLIGATIONS

Title5.

Part 2.TITLE 5. EXTINCTION OF CONTRACTS

Ch. 2.5.CHAPTER 2.5. Home Equity Sales Contracts

This text of California § 1695.17. (1695.17. (Added by Stats. 1990, Ch. 1537, Sec. 3.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Civil Code - CIV Code § 1695.17. (2026).

Text

(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 purchaser shall be required to provide both of the following:

(1)Written proof to the equity seller that the representative has a valid current California Real Estate Sales License and that the representative is bonded by an admitted surety insurer in an amount equal to twice the fair market value of the real property which is the subject of the contract.

(2)A statement in writing, under penalty of perjury, that the representative has a valid current California Real Estate Sales License, is bonded by an admitted surety insurer in an amount equal to at least twice the value of the real property which is the subject of the contract a

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(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 purchaser shall be required to provide both of the following:
(1)
Written proof to the equity seller that the representative has a valid current California Real Estate Sales License and that the representative is bonded by an admitted surety insurer in an amount equal to twice the fair market value of the real property which is the subject of the contract.
(2)
A statement in writing, under penalty of perjury, that the representative has a valid current California Real Estate Sales License, is bonded by an admitted surety insurer in an amount equal to at least twice the value of the real property which is the subject of the contract and has complied with paragraph (1). The written statement required by this paragraph shall be provided to all parties to the contract prior to the transfer of any interest in the real property which is the subject of the contract.
(b)
The failure to comply with subdivision (a) shall at the option of the equity seller render the equity purchase contract void and the equity purchaser shall be liable to the equity seller for all damages proximately caused by the failure to comply.