§ 1917.032. — 1917.032. (Repealed and added by Stats. 1982, Ch. 466, Sec. 11.)

California § 1917.032.

• Jurisdiction: California
• Code CIV: Civil Code - CIV
• Div. 3.: DIVISION 3. OBLIGATIONS
• Title: 4.
• Part 4.: TITLE 4. LOAN
• Ch. 4.: CHAPTER 4. Shared Appreciation Loans of E.R.I.S.A. Pension Funds
• Art. 3.: ARTICLE 3. Terms and Conditions

Text

(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 accrued interest, including deferred contingent interest.
(b)
Nothing in this chapter shall prevent a borrower from obligating himself or herself, by an agreement in writing, to pay a prepayment charge, as authorized by this section, upon prepayment of the loan, in full or in part, within five years of the date of execution of the shared appreciation loan.
(c)
Any prepayment charge imposed upon the prepayment of a shared appreciation loan shall not exceed the amount authorized and specified in subdivision (b) of Section 2954.9.
(d)
No prepayment charge shall be imposed as to any portion of the contingent deferred interest.

Legislative History

Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.