§ 1917.713. — 1917.713. (Added by Stats. 1984, Ch. 1701, Sec. 1.)

California § 1917.713.

• Jurisdiction: California
• Code CIV: Civil Code - CIV
• Div. 3.: DIVISION 3. OBLIGATIONS
• Title: 4.
• Part 4.: TITLE 4. LOAN
• Ch. 7.: CHAPTER 7. Shared Appreciation Loans for Seniors
• Art. 6.: ARTICLE 6. Notices and Disclosures

Text

Each lender making a shared appreciation loan for seniors shall additionally furnish to the prospective borrower, prior to consummation of the loan, a statement containing the following information:
IMPORTANT INFORMATION ABOUT YOUR SHARED APPRECIATION LOAN FOR SENIORS
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 you should consider.
1.
Prevailing interest rate: __%.
2.
Stated interest rate on this loan: __%.
3.
Projected contingent interest: __%.
4.
Initial amount of this loan: $__.
5.
Amount of the monthly annuity payments you will receive: $__.
6.
Projected term of this loan: __ years.
7.
Projected total loan obligation you will have to pay, assuming the loan continues to the end of the “borrower’s” life expectancy: $__.

Legislative History

Added by Stats. 1984, Ch. 1701, Sec. 1.