§ 1917.073. — 1917.073. (Repealed and added by Stats. 1982, Ch. 466, Sec. 11.)

California § 1917.073.

• 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. 7.: ARTICLE 7. Notices and Disclosures

Text

Each lender making a shared appreciation loan shall additionally furnish to the prospective borrower, prior to the consummation of the loan, a statement containing the following information:
IMPORTANT INFORMATION ABOUT YOUR SHARED APPRECIATION LOAN
You are being offered a shared appreciation loan. Before you decide to accept this loan read this statement, which is designed to provide important information that you should consider.
1.
Prevailing interest rate: __%.
2.
Fixed interest rate on this loan: __%.
3.
Lender’s share of net appreciated value: one-third.
4.
Amount of this loan: $__.
5.
Amount of the monthly payments: $__.
6.
Term of this loan: __ years.
7.
Amortization period on which payments are calculated: 30 years.
8.
Prepayment penalty (if any) __.

Legislative History

Repealed and added by Stats. 1982, Ch. 466, Sec. 11.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