California Military and Veterans Code

§ 987.655

MVC § 987.655 Effective Jan 1, 2022Div. 4 · Ch. 6 · Art. 3.1

Statute text

For a mobilehome which is to be sited in a mobilehome park as defined in Section 18214 of the Health and Safety Code, the department shall charge a rate of interest higher than that which is charged to purchasers of conventional housing or of a mobilehome sited on a lot owned by the purchaser. The interest rate shall be set by the department to balance lending risk while maintaining a rate at or below the market rate for a mobilehome in a park.

Legislative history

Amended by Stats. 2021, Ch. 549, Sec. 13. (SB 661) Effective January 1, 2022.