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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 7. Shared Appreciation Loans for Seniors |
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ARTICLE 6. Notices and Disclosures |
Section 1917.713.
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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: $__.