California Civil Code

§ 2966

CIV § 2966Div. 3 · Title 14 · Part 4 · Ch. 2 · Art. 3

Statute text

(a)In a transaction regulated by this article, which includes a balloon payment note when the term for repayment is for a period in excess of one year, the holder of the note shall, not less than 90 nor more than 150 days before the balloon payment is due, deliver or mail by first-class mail, with a certificate of mailing obtained from the United States Postal Service, to the trustor, or his or her successor in interest, at the last known address of such person a written notice, to include:

(1)A statement of the name and address of the person to whom the balloon payment is required to be paid.

(2)The date on or before which the balloon payment was or is required to be paid.

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Legislative history

Amended by Stats. 1986, Ch. 1360, Sec. 3.