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California Law (Last Updated: March 4, 2014) |
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Civil Code - CIV |
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Division 3. OBLIGATIONS |
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Part 4. OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS |
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Title 4. LOAN |
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Chapter 4. Shared Appreciation Loans of E.R.I.S.A. Pension Funds |
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ARTICLE 7. Notices and Disclosures |
Section 1917.073.
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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) __.