reglab/statecodes huggingface dataset:
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 2 - Mortgage of Real Property › Section 2953.4.

2953.4. (a) Any subordination clause and any subordination agreement which is executed after the effective date of this act and which does not substantially comply with the provisions of Section 2953.2 or Section 2953.3 shall be voidable upon the election of the person whose security interest is to be subordinated or his successor-in-interest exercised within two years of the date on which the instrument to which his security interest is subordinated is executed; provided that such power of avoidance shall not be exercisable by any person having actual knowledge of the existence and terms of the subordination clause or agreement.
(b) The person whose security interest was to be subordinated or his successor-in-interest shall exercise his election to void the subordination clause or subordination agreement provided by subdivision (a) of this section by recording a notice stating that the provisions of Civil Code Section 2953.2 or Civil Code Section 2953.3 have not been complied with, and that he is the holder of the security instrument which is or was to become subordinated and that he elects to avoid the effect of the subordination clause or subordination agreement.
(c) The provisions of this section may be waived by the subsequent execution and recordation by the holder of the security interest which is or may become subordinated, of a statement that he knows of the existence of the subordination clause or agreement and of its terms and that he waives the provisions of this section and the requirements of Sections 2953.1, 2953.2, and 2953.3.
(Added by Stats. 1963, Ch. 1861.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 2 - Mortgage of Real Property › Section 2953.5.

2953.5. (a) Sections 2953.1 through 2953.4 shall not apply to any subordination clause or subordination agreement which expressly states that the subordinating loan shall exceed twenty-five thousand dollars ($25,000).
(b) Sections 2953.1 through 2953.4 shall not apply to any subordination clause or subordination agreement which is executed in connection with a loan which exceeds twenty-five thousand dollars ($25,000).
(Added by Stats. 1963, Ch. 1861.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 2 - Mortgage of Real Property › Section 2954.1.

2954.1. No lender or person who purchases obligations secured by real property, or any agent of such lender or person, who maintains an impound, trust, or other type of account for the payment of taxes and assessments on real property, insurance premiums, or other purposes relating to such property shall do any of the following:
(a) Require the borrower or vendee to deposit in such account in any month an amount in excess of that which would be permitted in connection with a federally related mortgage loan pursuant to Section 10 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2609), as amended.
(b) Require the sums maintained in such account to exceed at any time the amount or amounts reasonably necessary to pay such obligations as they become due. Any sum held in excess of the reasonable amount shall be refunded within 30 days unless the parties mutually agree to the contrary. Such an agreement may be rescinded at any time by any party.
(c) Make payments from the account in a manner so as to cause any policy of insurance to be canceled or so as to cause property taxes or other similar payments to become delinquent.
Nothing contained herein shall prohibit requiring additional amounts to be paid into an impound account in order to recover any deficiency which may exist in the account.
Any person harmed by a violation of this section shall be entitled to sue to recover his or her damages or for injunctive relief; but such violation shall not otherwise affect the validity of the loan or sale.
This section applies to all such accounts maintained after the effective date of this act.
(Amended by Stats. 1983, Ch. 74, Sec. 1.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 2 - Mortgage of Real Property › Section 2954.2.

2954.2. (a) Every mortgagee of record of real property containing only a one- to four-family residence, when the mortgage is given to secure payment of the balance of the purchase price of the property or to refinance such a mortgage, shall furnish to the mortgagor within 60 days after the end of each calendar year a written statement showing the amount of moneys received for interest and principal repayment, late charges, moneys received and held in or disbursed from an impound account, if any, for the payment of taxes on the property, insurance premiums, bond assessments, or other purposes relating to the property, and interest credited to the account, if any. The written statement required to be furnished by this section shall be deemed furnished if the mortgagee of record transmits to the mortgagor of record cumulative statements or receipts which, for each calendar year, provide in one of the statements or receipts the information required by this section. The mortgagor, trustor or vendee shall be entitled to receive one such statement for each calendar year without charge and without request. Such statement shall include a notification in 10-point type that additional accountings can be requested by the mortgagor, trustor, or vendee, pursuant to Section 2954.
(b) For the purposes of this section:
(1) “Mortgagee” includes a beneficiary under a deed of trust, a vendor under a real property sale contract, and an organization which services a mortgage or deed of trust by receiving and disbursing payments for the mortgagee or beneficiary.
(2) “Mortgage” includes a first or second mortgage, a first or second deed of trust, and a real property sale contract.
(3) “Impound account” includes a trust or other type of account established for the purposes described in subdivision (a).
(c) The requirements of this section shall be in addition to the requirements of Section 2954.
(d) This section shall become operative on December 31, 1978, and apply to moneys received by a mortgagee on and after January 1, 1978.
(Added by Stats. 1976, Ch. 774.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 2 - Mortgage of Real Property › Section 2954.4.

2954.4. (a) A charge that may be imposed for late payment of an installment due on a loan secured by a mortgage or a deed of trust on real property containing only a single-family, owner-occupied dwelling, shall not exceed either (1) the equivalent of 6 percent of the installment due that is applicable to payment of principal and interest on the loan, or (2) five dollars ($5), whichever is greater. A charge may not be imposed more than once for the late payment of the same installment. However, the imposition of a late charge on any late payment does not eliminate or supersede late charges imposed on prior late payments. A payment is not a “late payment” for the purposes of this section until at least 10 days following the due date of the installment.
(b) A late charge may not be imposed on any installment which is paid or tendered in full on or before its due date, or within 10 days thereafter, even though an earlier installment or installments, or any late charge thereon, may not have been paid in full when due. For the purposes of determining whether late charges may be imposed, any payment tendered by the borrower shall be applied by the lender to the most recent installment due.
(c) A late payment charge described in subdivision (a) is valid if it satisfies the requirements of this section and Section 2954.5.
(d) Nothing in this section shall be construed to alter in any way the duty of the borrower to pay any installment then due or to alter the rights of the lender to enforce the payment of the installments.
(e) This section is not applicable to loans made by a credit union subject to Division 5 (commencing with Section 14000) of the Financial Code, by an industrial loan company subject to Division 7 (commencing with Section 18000) of the Financial Code, or by a finance lender subject to Division 9 (commencing with Section 22000) of the Financial Code, and is not applicable to loans made or negotiated by a real estate broker subject to Article 7 (commencing with Section 10240) of Chapter 3 of Part 1 of Division 4 of the Business and Professions Code.
(f) As used in this section, “single-family, owner-occupied dwelling” means a dwelling that will be owned and occupied by a signatory to the mortgage or deed of trust secured by the dwelling within 90 days of the execution of the mortgage or deed of trust.
(g) This section applies to loans executed on and after January 1, 1976.
(Amended by Stats. 2001, Ch. 159, Sec. 35. Effective January 1, 2002.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 2 - Mortgage of Real Property › Section 2954.5.

2954.5. (a) Before the first default, delinquency, or late payment charge may be assessed by any lender on a delinquent payment of a loan, other than a loan made pursuant to Division 9 (commencing with Section 22000) of the Financial Code, secured by real property, and before the borrower becomes obligated to pay this charge, the borrower shall either (1) be notified in writing and given at least 10 days from mailing of the notice in which to cure the delinquency, or (2) be informed, by a billing or notice sent for each payment due on the loan, of the date after which this charge will be assessed.
The notice provided in either paragraph (1) or (2) shall contain the amount of the charge or the method by which it is calculated.
(b) If a subsequent payment becomes delinquent the borrower shall be notified in writing, before the late charge is to be imposed, that the charge will be imposed if payment is not received, or the borrower shall be notified at least semiannually of the total amount of late charges imposed during the period covered by the notice.
(c) Notice provided by this section shall be sent to the address specified by the borrower, or, if no address is specified, to the borrower’s address as shown in the lender’s records.
(d) In case of multiple borrowers obligated on the same loan, a notice mailed to one shall be deemed to comply with this section.
(e) The failure of the lender to comply with the requirements of this section does not excuse or defer the borrower’s performance of any obligation incurred in the loan transaction, other than his or her obligation to pay a late payment charge, nor does it impair or defer the right of the lender to enforce any other obligation including the costs and expenses incurred in any enforcement authorized by law.
(f) The provisions of this section as added by Chapter 1430 of the Statutes of 1970 shall only affect loans made on and after January 1, 1971.
The amendments to this section made at the 1975–76 Regular Session of the Legislature shall only apply to loans executed on and after January 1, 1976.
(Amended by Stats. 2001, Ch. 159, Sec. 36. Effective January 1, 2002.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 2 - Mortgage of Real Property › Section 2954.65.

2954.65. Within 30 days after notice of cancellation from the insured, a private mortgage insurer or mortgage guaranty insurer shall, if the policy is cancellable, refund the remaining portion of the unused premium to the person or persons designated by the insured.
(Added by Stats. 1990, Ch. 1099, Sec. 2.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 2 - Mortgage of Real Property › Section 2954.8.

2954.8. (a) Every financial institution that makes loans upon the security of real property containing only a one- to four-family residence and located in this state or purchases obligations secured by such property and that receives money in advance for payment of taxes and assessments on the property, for insurance, or for other purposes relating to the property, shall pay interest on the amount so held to the borrower. The interest on such amounts shall be at the rate of at least 2 percent simple interest per annum. Such interest shall be credited to the borrower’s account annually or upon termination of such account, whichever is earlier.
(b) No financial institution subject to the provisions of this section shall impose any fee or charge in connection with the maintenance or disbursement of money received in advance for the payment of taxes and assessments on real property securing loans made by such financial institution, or for the payment of insurance, or for other purposes relating to such real property, that will result in an interest rate of less than 2 percent per annum being paid on the moneys so received.
(c) For the purposes of this section, “financial institution” means a bank, savings and loan association or credit union chartered under the laws of this state or the United States, or any other person or organization making loans upon the security of real property containing only a one- to four-family residence.
(d) The provisions of this section do not apply to any of the following:
(1) Loans executed prior to the effective date of this section.
(2) Moneys which are required by a state or federal regulatory authority to be placed by a financial institution other than a bank in a non-interest-bearing demand trust fund account of a bank.
The amendment of this section made by the 1979–80 Regular Session of the Legislature shall only apply to loans executed on or after January 1, 1980.
(Amended by Stats. 1979, Ch. 803.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 2 - Mortgage of Real Property › Section 2954.9.

2954.9. (a) (1) Except as otherwise provided by statute, where the original principal obligation is a loan for residential property of four units or less, the borrower under any note or evidence of indebtedness secured by a deed of trust or mortgage or any other lien on real property shall be entitled to prepay the whole or any part of the balance due, together with accrued interest, at any time.
(2) Nothing in this subdivision shall prevent a borrower from obligating himself, by an agreement in writing, to pay a prepayment charge.
(3) This subdivision does not apply during any calendar year to a bona fide loan secured by a deed of trust or mortgage given back during such calendar year to the seller by the purchaser on account of the purchase price if the seller does not take back four or more such deeds of trust or mortgages during such calendar year. Nothing in this subdivision shall be construed to prohibit a borrower from making a prepayment by an agreement in writing with the lender.
(b) Except as otherwise provided in Section 10242.6 of the Business and Professions Code, the principal and accrued interest on any loan secured by a mortgage or deed of trust on owner-occupied residential real property containing only four units or less may be prepaid in whole or in part at any time but only a prepayment made within five years of the date of execution of such mortgage or deed of trust may be subject to a prepayment charge and then solely as herein set forth. An amount not exceeding 20 percent of the original principal amount may be prepaid in any 12-month period without penalty. A prepayment charge may be imposed on any amount prepaid in any 12-month period in excess of 20 percent of the original principal amount of the loan which charge shall not exceed an amount equal to the payment of six months’ advance interest on the amount prepaid in excess of 20 percent of the original principal amount.
(c) Notwithstanding subdivisions (a) and (b), there shall be no prepayment penalty charged to a borrower under a loan subject to this section if the residential structure securing the loan has been damaged to such an extent by a natural disaster for which a state of emergency is declared by the Governor, pursuant to Chapter 7 (commencing with Section 8550) of Division 1 of Title 2 of the Government Code, that the residential structure cannot be occupied and the prepayment is causally related thereto.
(Amended by Stats. 1990, Ch. 663, Sec. 2.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 2 - Mortgage of Real Property › Section 2954.10.

2954.10. An obligee which accelerates the maturity date of the principal and accrued interest, pursuant to contract, on any loan secured by a mortgage or deed of trust on real property or an estate for years therein, upon the conveyance of any right, title, or interest in that property, may not claim, exact, or collect any charge, fee, or penalty for any prepayment resulting from that acceleration.
The provisions of this section shall not apply to a loan other than a loan secured by residential real property or any interest therein containing four units or less, in which the obligor has expressly waived, in writing, the right to repay in whole or part without penalty, or has expressly agreed, in writing, to the payment of a penalty for prepayment upon acceleration. For any loan executed on or after January 1, 1984, this waiver or agreement shall be separately signed or initialed by the obligor and its enforcement shall be supported by evidence of a course of conduct by the obligee of individual weight to the consideration in that transaction for the waiver or agreement.
(Amended by Stats. 1989, Ch. 698, Sec. 11.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 2 - Mortgage of Real Property › Section 2955.1.

2955.1. (a) Any lender originating a loan secured by the borrower’s separate interest in a condominium project, as defined in Section 4125 or 6542, which requires earthquake insurance or imposes a fee or any other condition in lieu thereof pursuant to an underwriting requirement imposed by an institutional third-party purchaser shall disclose all of the following to the potential borrower:
(1) That the lender or the institutional third party in question requires earthquake insurance or imposes a fee or any other condition in lieu thereof pursuant to an underwriting requirement imposed by an institutional third-party purchaser.
(2) That not all lenders or institutional third parties require earthquake insurance or impose a fee or any other condition in lieu thereof pursuant to an underwriting requirement imposed by an institutional third-party purchaser.
(3) Earthquake insurance may be required on the entire condominium project.
(4) That lenders or institutional third parties may also require that a condominium project maintain, or demonstrate an ability to maintain, financial reserves in the amount of the earthquake insurance deductible.
(b) For the purposes of this section, “institutional third party” means the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the Government National Mortgage Association, and other substantially similar institutions, whether public or private.
(c) The disclosure required by this section shall be made in writing by the lender as soon as reasonably practicable.
(Amended (as amended by Stats. 2012, Ch. 181, Sec. 41) by Stats. 2013, Ch. 605, Sec. 18. (SB 752) Effective January 1, 2014.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 2 - Mortgage of Real Property › Section 2955.5.

2955.5. (a) No lender shall require a borrower, as a condition of receiving or maintaining a loan secured by real property, to provide hazard insurance coverage against risks to the improvements on that real property in an amount exceeding the replacement value of the improvements on the property.
(b) A lender shall disclose to a borrower, in writing, the contents of subdivision (a), as soon as practicable, but before execution of any note or security documents.
(c) Any person harmed by a violation of this section shall be entitled to obtain injunctive relief and may recover damages and reasonable attorney’s fees and costs.
(d) A violation of this section does not affect the validity of the loan, note secured by a deed of trust, mortgage, or deed of trust.
(e) For purposes of this section:
(1) “Hazard insurance coverage” means insurance against losses caused by perils which are commonly covered in policies described as a “Homeowner’s Policy,” “General Property Form,” “Guaranteed Replacement Cost Insurance,” “Special Building Form,” “Standard Fire,” “Standard Fire with Extended Coverage,” “Standard Fire with Special Form Endorsement,” or comparable insurance coverage to protect the real property against loss or damage from fire and other perils covered within the scope of a standard extended coverage endorsement.
(2) “Improvements” means buildings or structures attached to the real property.
(Amended by Stats. 1999, Ch. 412, Sec. 1. Effective January 1, 2000. Operative July 1, 2000, by Sec. 2 of Ch. 412.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 3 - Disclosures on Purchase Money Liens on Residential Property › Section 2956.

2956. In a transaction for the purchase of a dwelling for not more than four families in which there is an arranger of credit, which purchase includes an extension of credit by the vendor, a written disclosure with respect to that credit transaction shall be made, as required by this article:
(a) To the purchaser, by the arranger of credit and the vendor (with respect to information within the knowledge of the vendor).
(b) To the vendor, by the arranger of credit and the purchaser (with respect to information within the knowledge of the purchaser).
If there is more than one arranger of credit and one of those arrangers has obtained the offer by the purchaser to purchase the property, that arranger shall make the disclosure, unless the parties designate another person in writing.
(Added by Stats. 1982, Ch. 968, Sec. 1. Operative July 1, 1983, by Sec. 2 of Ch. 968.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 3 - Disclosures on Purchase Money Liens on Residential Property › Section 2958.

2958. A disclosure is not required under this article, to a purchaser when that purchaser is entitled to receive, a disclosure pursuant to the Federal Truth-In-Lending Act (15 U.S. Code 1604, as amended), the Real Estate Settlement Procedures Act (12 U.S. Code 2601, as amended), or Section 10240 of the Business and Professions Code; or to a vendor if the vendor is entitled to receive, a disclosure pursuant to Sections 10232.4 and 10232.5 of the Business and Professions Code, or disclosure pursuant to a qualification under Section 25110 of the Corporations Code or disclosure pursuant to regulations of the Department of Corporations granting an exemption from Section 25110 of the Corporations Code.
(Added by Stats. 1982, Ch. 968, Sec. 1. Operative July 1, 1983, by Sec. 2 of Ch. 968.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 3 - Disclosures on Purchase Money Liens on Residential Property › Section 2959.

2959. The disclosures required by this article shall be made as soon as practicable, but before execution of any note or security documents. If any disclosure is made after the execution of credit documents by the purchaser, such documents shall be contingent on the purchaser’s approval of the disclosures prior to execution of the security documents. The disclosure statement shall be receipted for by the purchaser and the vendor. The disclosure shall be signed by the arranger of credit and a copy shall be delivered respectively to the purchaser and the vendor and the arranger shall retain a true copy of the executed statements for three years.
The provisions of this section do not apply to the disclosures required by Section 2966.
(Added by Stats. 1982, Ch. 968, Sec. 1. Operative July 1, 1983, by Sec. 2 of Ch. 968.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 3 - Disclosures on Purchase Money Liens on Residential Property › Section 2960.

2960. If information disclosed in accordance with this article is subsequently rendered inaccurate as a result of any act, occurrence, or agreement between the parties to the transaction subsequent to the delivery of the required disclosures, the inaccuracy resulting therefrom shall not constitute a violation of this article. If, at the time disclosure is to be made, an item of information required to be disclosed is unknown or not available to the vendor, purchaser, or arranger of credit, and the arranger of credit has made a reasonable effort to ascertain it, the disclosure may employ an approximation of the information, provided the approximation is clearly identified as such, is reasonable, is based on the best information available to the arranger, and is not used for the purpose of circumventing or evading the provisions of this article.
(Added by Stats. 1982, Ch. 968, Sec. 1. Operative July 1, 1983, by Sec. 2 of Ch. 968.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 3 - Disclosures on Purchase Money Liens on Residential Property › Section 2961.

2961. Every disclosure required by this article and every act which is to be performed in making that disclosure shall be made in good faith. For the purposes of this article, “good faith” means honesty in fact in the conduct of the transaction.
(Added by Stats. 1982, Ch. 968, Sec. 1. Operative July 1, 1983, by Sec. 2 of Ch. 968.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 3 - Disclosures on Purchase Money Liens on Residential Property › Section 2962.

2962. Any disclosure made pursuant to this article may be amended in writing by the person making the disclosure, provided that any amendment shall be subject to the provisions of Section 2959.
(Added by Stats. 1982, Ch. 968, Sec. 1. Operative July 1, 1983, by Sec. 2 of Ch. 968.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 3 - Disclosures on Purchase Money Liens on Residential Property › Section 2964.

2964. The specification of items for disclosure in this article does not limit or abridge any obligation for disclosure created by any other provision of law or which may exist in order to avoid fraud, misrepresentation, or deceit in the transaction.
(Added by Stats. 1982, Ch. 968, Sec. 1. Operative July 1, 1983, by Sec. 2 of Ch. 968.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 3 - Disclosures on Purchase Money Liens on Residential Property › Section 2965.

2965. The validity of any credit document or of any security document subject to the provisions of this article shall not be invalidated solely because of the failure of any person to comply with this article. However, any person who willfully violates any provision of this article shall be liable in the amount of actual damages suffered by the vendor or purchaser as the proximate result of the violation.
No person may be held liable in any action under this article if it is shown by a preponderance of the evidence that the violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adopted to avoid any such error.
(Added by Stats. 1982, Ch. 968, Sec. 1. Operative July 1, 1983, by Sec. 2 of Ch. 968.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 3 - Disclosures on Purchase Money Liens on Residential Property › Section 2967.

2967. Any action arising under this article may be brought within two years from the date on which the liability arises, except that where any material disclosure under this article has been materially and willfully misrepresented, the action may be brought within two years of discovery of the misrepresentation.
(Added by Stats. 1982, Ch. 968, Sec. 1. Operative July 1, 1983, by Sec. 2 of Ch. 968.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2 - Mortgage › ARTICLE 4 - State of Emergency › Section 2968.

2968. (a) For purposes of this article, the following definitions apply:
(1) “Mortgage servicer” has the same meaning as defined in subdivision (a) of Section 2920.5.
(2) “Property” means residential real property that is improved by four or fewer residential dwelling units, affixed mobilehomes, and manufactured homes.
(3) “State of emergency” and “local emergency” have the same meanings as defined in subdivisions (b) and (c), respectively, of Section 8558 of the Government Code.
(b) A transferor mortgage servicer servicing a mortgage secured by property within the geographic limits of a proclaimed state of emergency or local emergency shall deliver to a transferee mortgage servicer any material written records between the borrower and the mortgage servicer relating to the borrower’s election to use insurance proceeds to repair or replace property damaged by a disaster for which the state of emergency or local emergency was proclaimed.
(c) A transferee mortgage servicer pursuant to subdivision (b) shall not dishonor a previous written agreement to repair property made prior to the transfer between the transferor mortgage servicer and the borrower and approved by the owner of the promissory note.
(d) This article shall not be interpreted to prohibit a mortgage servicer from delivering to a transferee mortgage servicer any material written records relating to a borrower’s election to use insurance proceeds to repair or replace damaged property that was not caused by a disaster for which a state of emergency or local emergency was proclaimed.
(Added by Stats. 2023, Ch. 873, Sec. 1. (SB 455) Effective January 1, 2024.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2a - Home Equity Loan Disclosure Act › Section 2970.

2970. For purposes of this chapter “home equity loan” means any open end consumer credit plan in which a consensual security interest is created or retained against the consumer’s dwelling.
(Added by Stats. 1988, Ch. 1315, Sec. 1.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2a - Home Equity Loan Disclosure Act › Section 2971.

2971. (a) At the time that a customer makes an initial application to a creditor for a home equity loan in person, or within three business days if the customer applies by mail or telephone, the creditor shall provide the applicant with a disclosure in either of the following forms:
(1) The statement: “This home equity loan that you are applying for will be secured by your home and your failure to repay the loan for any reason could cause you to lose your home!”
(2) A statement to the effect that a home equity loan is secured by a lien against the home of the consumer and in the event of any default the consumer risks the loss of the home.
(b) The disclosure required in subdivision (a) shall be made by either of the following means:
(1) A separate and specific document attached to or accompanying the application.
(2) A clear and conspicuous statement on the application.
(c) If a creditor is required by federal statute or regulation to make a substantially similar disclosure to that required by subdivision (a), and the creditor complies with that federal statute or regulation, the creditor shall be deemed to have complied with the requirements of this chapter.
(Added by Stats. 1988, Ch. 1315, Sec. 1.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2b - Automobile Sales Finance Act › Section 2981.5.

2981.5. A contract for the bailment or leasing of a motor vehicle, with or without accessories, which establishes the maximum for which a bailee or lessee could be held liable at the end of the lease or bailment period, or upon an earlier termination, by reference to the value of the vehicle at such time, is not a contract by which the bailee or lessee will become or for no other or for a nominal consideration has the option of becoming the owner of the vehicle, for the purposes of paragraph (2) of subdivision (a) of Section 2981 or any other provision of this chapter.
(Added by Stats. 1973, Ch. 696.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2b - Automobile Sales Finance Act › Section 2981.7.

2981.7. All contracts entered into between a buyer and a seller on or after January 1, 1983, shall provide for the calculation of the finance charge contemplated by item (A) of paragraph (1) of subdivision (j) of Section 2982 on the simple-interest basis, if the date on which the final installment is due, according to the original terms of the contract, is more than 62 months after the date of the contract.
(Amended by Stats. 1983, Ch. 142, Sec. 3.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2b - Automobile Sales Finance Act › Section 2981.8.

2981.8. No contract shall provide for a finance charge which is determined in part by the precomputed basis and in part by the simple-interest basis except for any finance charge permitted by subdivisions (a) and (c) of Section 2982.8.
(Amended by Stats. 1980, Ch. 1380, Sec. 20. Effective October 1, 1980.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2b - Automobile Sales Finance Act › Section 2981.9.

2981.9. Every conditional sale contract subject to this chapter shall be in writing and, if printed, shall be printed in type no smaller than 6-point, and shall contain in a single document all of the agreements of the buyer and seller with respect to the total cost and the terms of payment for the motor vehicle, including any promissory notes or any other evidences of indebtedness. The conditional sale contract or a purchase order shall be signed by the buyer or his or her authorized representative and by the seller or its authorized representative. An exact copy of the contract or purchase order shall be furnished to the buyer by the seller at the time the buyer and the seller have signed it. No motor vehicle shall be delivered pursuant to a contract subject to this chapter until the seller delivers to the buyer a fully executed copy of the conditional sale contract or purchase order and any vehicle purchase proposal and any credit statement which the seller has required or requested the buyer to sign and which he or she has signed during the contract negotiations. The seller shall not obtain the signature of the buyer to a contract when it contains blank spaces to be filled in after it has been signed.
(Added by Stats. 1981, Ch. 1075, Sec. 13. Operative October 1, 1982, or sooner, by Sec. 25 of Ch. 1075, as amended by Stats. 1982, Ch. 129, Sec. 12.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2b - Automobile Sales Finance Act › Section 2982.1.

2982.1. It shall be unlawful for any seller to induce or attempt to induce any person to enter into a contract subject to this chapter by offering a rebate, discount, commission, or other consideration, contingent upon the happening of a future event, on the condition that the buyer either sells, or gives information or assistance for the purpose of leading to a sale by the seller of, the same or related goods.
(Added by Stats. 1968, Ch. 452.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2b - Automobile Sales Finance Act › Section 2982.2.

2982.2. (a) Prior to the execution of a conditional sale contract, the seller shall provide to a buyer, and obtain the buyer’s signature on, a written disclosure that sets forth the following information:
(1) (A) A description and the price of each item sold if the contract includes a charge for the item.
(B) Subparagraph (A) applies to each item in the following categories:
(i) A service contract.
(ii) An insurance product.
(iii) A debt cancellation agreement or guaranteed asset protection waiver agreement.
(iv) A theft deterrent device.
(v) A surface protection product.
(vi) A vehicle contract cancellation option agreement.
(2) The sum of all of the charges disclosed under subdivision (a), labeled “total.”
(3) The amount that would be calculated under the contract as the regular installment payment if charges for the items disclosed pursuant to subdivision (a) are not included in the contract. The amount disclosed pursuant to this subdivision shall be labeled “Installment Payment EXCLUDING Listed Items.”
(4) The amount that would be calculated under the contract as the regular installment payment if charges for the items disclosed under subdivision (a) are included in the contract. The amount disclosed pursuant to this subdivision shall be labeled “Installment Payment INCLUDING Listed Items.”
(b) The disclosures required under this section shall be in at least 10-point type and shall be contained in a document that is separate from the conditional sale contract and a purchase order.
(c) This section does not apply to the sale of a motorcycle, as defined in Section 400 of the Vehicle Code, or an off-highway vehicle subject to identification under Section 38010 of the Vehicle Code.
(Amended by Stats. 2022, Ch. 283, Sec. 3. (AB 2311) Effective January 1, 2023.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2b - Automobile Sales Finance Act › Section 2982.3.

2982.3. (a) The holder of a conditional sale contract may, upon agreement with the buyer, extend the scheduled due date or defer the scheduled payment of all or of any part of any installment or installments payable thereunder. No charge shall be made for any such extension or deferment unless the agreement for such extension or deferment is in writing and signed by the parties thereto. However, the seller or holder may, as an adjunct to or to assist in efforts to collect one or more delinquent installments on the contract, advise one or more obligors on the contract, either in writing or orally, that the due date for one or more installments under the contract shall be extended, with no charge being made for such extension other than any applicable late charge provided for in the contract.
(b) Where the contract includes a finance charge determined on the precomputed basis, the holder may charge and contract for the payment of an extension or deferral agreement charge by the buyer and collect and receive the same, but such charge may not exceed an amount equal to 1 percent per month simple interest on the amount of the installment or installments, or part thereof, extended or deferred for the period of extension or deferral. Such period shall not exceed the period from the date when such extended or deferred installment or installments, or part thereof, would have been payable in the absence of such extension or deferral to the date when such installment or installments, or part thereof, are made payable under the agreement of extension or deferment; except that a minimum charge of one dollar ($1) for the period of extension or deferral may be made in any case where the extension or deferral agreement charge, when computed at such rate, amounts to less than one dollar ($1).
(c) Where the contract includes a finance charge determined on the simple-interest basis, the holder may charge and contract for the payment of an extension or deferral agreement charge by the buyer and collect and receive the same, but the charge for the extension or deferral agreement may not exceed the lesser of twenty-five dollars ($25) or 10 percent of the then outstanding principal balance of the contract. Such charge shall be in addition to any finance charges which accrue because such extended or deferred payments are received at a time other than as originally scheduled.
(Amended by Stats. 1987, Ch. 448, Sec. 2.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2b - Automobile Sales Finance Act › Section 2982.7.

2982.7. (a) Any payment made by a buyer to a seller pending execution of a conditional sale contract shall be refunded to the buyer in the event the conditional sale contract is not executed.
(b) In the event of breach by the seller of a conditional sale contract or purchase order where the buyer leaves his motor vehicle with the seller as downpayment and such motor vehicle is not returned by the seller to the buyer for whatever reason, the buyer may recover from the seller either the fair market value of the motor vehicle left as a downpayment or its value as stated in the contract or purchase order, whichever is greater. The recovery shall be tendered to the buyer within five business days after the breach.
(c) The remedies of the buyer provided for in subdivision (b) are nonexclusive and cumulative and shall not preclude the buyer from pursuing any other remedy which he may have under any other provision of law.
(Amended by Stats. 1976, Ch. 1285.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2b - Automobile Sales Finance Act › Section 2982.9.

2982.9. In the event a buyer obligates himself to purchase, or receive possession of, a motor vehicle pursuant to a contract or purchase order, and the seller knows that the buyer intends to obtain financing from a third party without the assistance of the seller, and the buyer is unable to obtain such financing, the contract or purchase order shall be deemed rescinded and all consideration thereupon shall be returned by the respective parties without demand.
(Added by Stats. 1976, Ch. 1285.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2b - Automobile Sales Finance Act › Section 2982.10.

2982.10. (a) In consideration of the assignment of a conditional sale contract, the seller shall not receive or accept from the assignee any payment or credit based upon any amount collected or received, or to be collected or received, under the contract as a finance charge except to the extent the payment or credit does not exceed the amount that would be calculated in accordance with Regulation Z, whether or not Regulation Z applies to the contract, as the contract’s finance charge using, for the purposes of the calculation, an annual percentage rate equal to 2.5 percent for a contract having an original scheduled term of 60 monthly payments or less or 2 percent for a contract having an original scheduled term of more than 60 monthly payments.
(b) Subdivision (a) does not apply in the following circumstances:
(1) An assignment that is with full recourse or under other terms requiring the seller to bear the entire risk of financial performance of the buyer.
(2) An assignment that is more than six months following the date of the conditional sale contract.
(3) Isolated instances resulting from bona fide errors that would otherwise constitute a violation of subdivision (a) if the seller maintains reasonable procedures to guard against any errors and promptly, upon notice of the error, remits to the assignee any consideration received in excess of that permitted by subdivision (a).
(4) The assignment of a conditional sale contract involving the sale of a motorcycle, as defined in Section 400 of the Vehicle Code.
(5) The assignment of a conditional sale contract involving the sale of an off-highway motor vehicle that is subject to identification under Section 38010 of the Vehicle Code.
(Added by Stats. 2005, Ch. 128, Sec. 5. Effective January 1, 2006. Operative July 1, 2006, by Sec. 12 of Ch. 128.)
2023 California Code › Civil Code - CIV › DIVISION 3 - OBLIGATIONS › PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS › TITLE 14 - LIEN › CHAPTER 2b - Automobile Sales Finance Act › Section 2982.11.

2982.11. (a) Prior to the execution of a conditional sale contract that includes a charge for an electric vehicle charging station, the seller shall provide the buyer with, and obtain the buyer’s signature on, a written disclosure that includes a description and price of each of the following:
(1) The electric vehicle charging station device.
(2) Any materials and wiring.
(3) Any installation services included in the total charge.
(b) The disclosures required under this section shall be in at least 12-point type and shall be contained in a document that is separate from the conditional sale contract or purchase order.
(c) This section shall become operative July 1, 2013.
(Added by Stats. 2012, Ch. 675, Sec. 3. (AB 2502) Effective September 27, 2012. Section operative July 1, 2013, by its own provisions.)