California Civil Code

§ 1916.7

CIV § 1916.7Div. 3 · Title 4 · Part 4 · Ch. 3

Statute text

(a)Sections 1916.5, 1916.6, 1916.8, and 1916.9 of the Civil Code, and any other provision of law restricting or setting forth requirements for changes in the rate of interest on loans, shall not be applicable to loans made pursuant to this section.

(b)A mortgage loan made pursuant to the provisions of this section is an adjustable-payment, adjustable-rate loan, on the security of real property occupied or intended to be occupied by the borrower containing four or fewer residential units and incorporating terms substantially as follows:

(1)The term of the loan shall be not less than 29 years, repayable in monthly installments amortized over a period of not less than 30 years.

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Legislative history

Added by Stats. 1981, Ch. 1079, Sec. 1.