California Revenue and Taxation Code

§ 20823

RTC § 20823 Effective Jan 1, 2012Div. 2 · Part 10.6 · Ch. 3

Statute text

(a)The deferment of property taxes pursuant to this chapter shall not affect the obligation of a borrower to continue to make payments to a lender with respect to an impound account, trust, or other type of account described in Section 2954 of the Civil Code which was established prior to the effective date of the act that added this section.

(b)(1) No lender shall require a borrower to maintain an impound, trust, or other similar type of account with regard to property taxes once the borrower has deferred these taxes pursuant to this chapter and submits to the lender evidence of tax deferment under this part, except in the following circumstances:

(A)Federal law, regulation, rule, or program requires the borrower to maintain an impound, trust, or other similar type of account with regard to property taxes.

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Legislative history

Added by Stats. 2011, Ch. 369, Sec. 3. (AB 1090) Effective January 1, 2012.