reglab/statecodes huggingface dataset:
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 1 - Supplementary Loan Report and Documentation Requirements › Section 107.103 - Documents Required for Total Real Estate Loans in Excess of $1,000,000

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Except with the consent of the commissioner, no association
					 shall make or purchase a single loan in excess of $1,000,000, or make or
					 purchase any real estate loan which in addition to the existing loans held by
					 the association that are due from the borrower will exceed a total of
					 $1,000,000 unless the association obtains from the borrower either:
(a) A statement of financial condition as of
				  a date within fifteen months of the date of the loan, and a statement of income
				  and expenses for the last fiscal year or other audit period which have been
				  examined by an independent public accountant in accordance with generally
				  accepted auditing standards, and a report prepared by such accountant
				  expressing an opinion concerning the financial statements, or
(b) A statement of financial condition and a
				  statement of income and expenses, for the same period as described in (a)
				  above, prepared under penalty of perjury, which includes the following
				  information relating to any assets in the form of real property, trust deeds or
				  mortgages, or nonlisted securities:
(1) The
				  date of the acquisition of the asset;
(2) The cost of the asset at date of
				  acquisition (cost shall include actual cash payment, cost basis of any real or
				  personal property exchanged or received and the amount of any indebtedness
				  incurred or assumed in connection with the acquisition).
Each association making a single loan in excess of
					 $1,000,000 shall obtain from the borrower a statement signed by the borrower
					 under penalty of perjury, stating as follows:
"The undersigned borrower hereby represents to __________
					 Savings and Loan Association that the total of all loans my by said association
					 to the undersigned borrower, including the loan hereby applied for, and to all
					 other persons and entities which are required to be included in computing said
					 total, pursuant to the requirements of Section
					 118.5 of the regulations, is as
					 follows:
(1) This loan:
				  $__________
(2) Other loans applied
				  for or made: (If none, state: no exceptions; if any, state name of borrowers,
				  loan number, and amount, as to each loan application)
Amount $__________"
Documents required by this sections shall be maintained in
					 the loan files of the association.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 1 - Supplementary Loan Report and Documentation Requirements › Section 107.104 - Computation of Total of Loans to One Borrower

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
For the purpose of Section
					 7174 of the law, in computing the
					 total of loans to any one borrower, any loan or loans to any one or more of the
					 following persons or entities shall be included:
(a) Any person or entity that is, or that
				  upon the making of a loan will become, obligor on a loan on the security of
				  real estate;
(b) Nominees of such
				  obligor;
(c) All persons, trusts,
				  partnerships, syndicates, and corporations of which such obligor is a
				  beneficiary, partner, member, or record or beneficial stockholder owning 10
				  percent or more of the capital stock; or a nominee for any of these
				  persons;
(d) If such obligor is a
				  trust, partnership, syndicate, or corporation: all trusts, partnerships,
				  syndicates and corporations of which any beneficiary, partner, member, or
				  record or beneficial stockholder owning 10 percent or more of the capital
				  stock,is also a beneficiary, partner, member, or record or beneficial
				  stockholder owning 10 percent or more of the capital stock of the
				  obligor;
(e) Members of the
				  immediate family of any borrower.
1. Change
					 without regulatory effect renumbering former Section
					 118.5 to Section
					 107.104 (Register 87, No. 14). For
					 prior history, see Register 82, No. 49.
Note: Authority cited: Section
						5255,
						Financial Code.Reference: Section
						7174,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 2 - Sale of Loans or Participating Interests Therein › Section 107.200 - Purpose and Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This subchapter contains standards for approval of the sale
					 of loans, or participating interests therein, pursuant to Section
					 6712 of the Savings and Loan
					 Association Law.
1. Change
					 without regulatory effect renumbering former Section
					 170 to Section
					 107.200 (Register 87, No. 14). For
					 prior history, See Register 64, No.15.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						6712,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 2 - Sale of Loans or Participating Interests Therein › Section 107.201 - Terms Defined

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The term "with recourse" means, in connection with the sale
					 of a loan or a participation interest in a loan, an agreement or arrangement
					 under which the purchaser is to be entitled to receive from the seller a sum of
					 money or thing of value, whether tangible or intangible (including any
					 substitution), upon default in payment of any loan involved or any part thereof
					 or to withhold or to have withheld from the seller a sum of money or any thing
					 of value by way of security against default. The recourse liability resulting
					 from a sale with recourse shall be the total book value of any loan sold with
					 recourse less (a) the amount of any insurance or guarantee against loss in the
					 event of default provided by a third party and (b) the amount of any loss
					 resulting from a recourse obligation entered on the books and records of the
					 association.
1. Change
					 without regulatory effect renumbering former Section
					 171 to Section
					 107.201 (Register 87, No. 14). For
					 prior history, see Register 82, No. 24.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						6712,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 2 - Sale of Loans or Participating Interests Therein › Section 107.203 - Nonconforming Sales

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Any sale of loans or participating interests in loans which
					 does not conform to the conditions stated above may be made only with the prior
					 written approval of the commissioner.
1. Change
					 without regulatory effect renumbering former Section
					 173 to Section
					 107.203 (Register 87, No. 14). For
					 prior history, see Register 82, No. 11.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						6712,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 2 - Sale of Loans or Participating Interests Therein › Section 107.204 - Termination and Revocation

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In the event it is determined by the commissioner that an
					 association has sold loans or participating interests in loans, without
					 complying with the conditions stated above in addition to any other action
					 taken, the commissioner may terminate blanket authority as to such association
					 by giving notice, in writing, of such termination to said association. After
					 receipt of notice of termination the association shall not sell any loans or
					 participating interests in loans except with the prior written approval of the
					 commissioner. The commissioner also reserves the right to revoke this authority
					 as to any given association by giving written notice to that association
					 whenever this action is necessary in the interests of the association, its
					 savings accountholders, the savings and loan industry, or the general
					 public.
1. Change
					 without regulatory effect renumbering former Section
					 174 to Section
					 107.204 (Register 87, No. 14). For
					 prior history, see Register 82, No. 11.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Sections
						5019,
						5021 and
						5150 Financial
						Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 3 - Wrap-Around Loans › Section 107.300 - Purpose and Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This subchapter contains the requirements and procedures to
					 be followed by an association in making loans secured by a wrap-around deed of
					 trust, and is adopted pursuant to Section
					 5255 of the law to implement and
					 interpret Section
					 7102 of the law.
1. Change
					 without regulatory effect renumbering former section
					 176 to Section
					 107.300 (Register 87, No. 14). For
					 prior history, see Register 76, No. 31.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Sections
						7102,
						8707 and
						8708,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 3 - Wrap-Around Loans › Section 107.301 - Terms Defined

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The
				  definitions set forth in Section
				  7100 and in Article 2, Chapter 1,
				  Part 1 of the law, are incorporated herein by reference.
(b) "Wrap-around loan" means an additional
				  loan whereby an association as a second lender "refinances" a loan for a sum
				  greater than the existing balance on a preexisting loan without paying off or
				  disturbing the existence of the first trust deed or mortgage.
1. Change
					 without regulatory effect renumbering former Section
					 176.1 to Section
					 107.301 (Register 87, No. 14). For
					 prior history, see Register 76, No. 31.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Sections
						7102,
						8707 and
						8708,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 3 - Wrap-Around Loans › Section 107.302 - Wrap-Around Loans

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
For the purpose of Section
					 7102 of the law, a wrap-around
					 loan made by an association to a borrower on the security of a trust deed or
					 mortgage on real property shall, notwithstanding the fact that such real
					 property is subject to a preexisting loan, be deemed to be a loan secured by a
					 first mortgage or first trust deed upon real property, if each of the following
					 conditions is met:
(a) There is no
				  more than one preexisting loan on the real property;
(b) The total amount of the obligation of the
				  borrower to the association under the wrap-around loan is not less than the sum
				  of (1) the amount disbursed by the association on account of the wrap-around
				  loan and (2) the outstanding balance of the obligation secured by the
				  preexisting loan;
(c) The total
				  amount of the obligation of the borrower to the association under the
				  wrap-around loan does not exceed applicable limitations of the law;
(d) The instrument evidencing the wrap-around
				  loan is recorded, and the borrower is insured under a policy of title insurance
				  in an amount not less than the total amount of the obligation of the borrower
				  to the association under the wrap-around loan;
(e) The association either:
(1) Pursuant to Civil Code Section
				  2924b, files
				  for record in the office of the recorder of the county in which the real
				  property is located a duly acknowledged request for a copy of any notice of
				  default or of sale under the preexisting loan, or
(2) Otherwise arranges with the recorder of
				  any county in which the real property is located to be advised in case of the
				  filing for record of any notice of default or of sale with respect to any
				  obligations secured by the preexisting loan;
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 4 - Loans on Manufactured Homes [Repealed] › Section 107.400 - Terms Defined. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 233 to Section
					 107.400 (Register 87, No. 14). For
					 prior history, see Register 83, No. 8.
2. Change without regulatory
					 effect repealing section filed 11-20-87; operative 11-20-87 (Register 87, No.
					 48).
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Sections
						5050-
						5076 and
						7187,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 4 - Loans on Manufactured Homes [Repealed] › Section 107.401 - General Investment Authority. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 233.1 to Section
					 107.401 (Register 87, No. 14). For
					 prior history, see Register 83, No. 8.
2. Change without regulatory
					 effect repealing section filed 11-20-87; operative 11-20-87 (Register 87, No.
					 48).
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						7187,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 4 - Loans on Manufactured Homes [Repealed] › Section 107.402 - Sound Investment Practices. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 233.2 to Section
					 107.402 (Register 87, No. 14). For
					 prior history, see Register 83, No. 8.
2. Change without regulatory
					 effect repealing section filed 11-20-87; operative 11-20-87 (Register 87, No.
					 48).
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						7187,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 4 - Loans on Manufactured Homes [Repealed] › Section 107.403 - Inventory Financing. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 233.3 to Section
					 107.403 (Register 87, No. 14). For
					 prior history, see Register 83, No. 8.
2. Change without regulatory
					 effect repealing section filed 11-20-87; operative 11-20-87 (Register 87, No.
					 48).
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						7187,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 4 - Loans on Manufactured Homes [Repealed] › Section 107.404 - Retail Financing. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 233.4 to Section
					 107.404 (Register 87, No. 14). For
					 prior history, see Register 83, No. 8.
2. Change without regulatory
					 effect repealing section filed 11-20-87; operative 11-20-87 (Register 87, No.
					 48).
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						7187,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 4 - Loans on Manufactured Homes [Repealed] › Section 107.405 - Purchase and Sale of Participation Interests in Manufactured Home Chattel Paper and Sale of Manufactured Home Chattel Paper. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 233.5 to Section
					 107.405 (Register 87, No. 14). For
					 prior history, see Register 83, No. 8.
2. Change without regulatory
					 effect repealing section filed 11-20-87; operative 11-20-87 (Register 87, No.
					 48).
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						7187,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 4 - Loans on Manufactured Homes [Repealed] › Section 107.406 - Loans to Rehabilitate Manufactured Dwellings. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 233.6 to Section
					 107.406 (Register 87, No. 14). For
					 prior history, see Register 83, No. 8.
2. Change without regulatory
					 effect repealing section filed 11-20-87; operative 11-20-87 (Register 87, No.
					 48).
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						7184,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 4 - Loans on Manufactured Homes [Repealed] › Section 107.407 - Loss Valuation Allowances. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 233.7 to Section
					 107.407 (Register 87, No. 14). For
					 prior history, see Register 83, No. 8.
2. Change without regulatory
					 effect repealing section filed 11-20-87; operative 11-20-87 (Register 87, No.
					 48).
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						7255,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 5 - Loans-Variable Interest Rate Provisions › Section 107.500 - General

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This article contains regulations which set forth
					 provisions to make variable interest rate loans.
1. Change
					 without regulatory effect renumbering former Section
					 240 to Section
					 107.500 (Register 87, No. 14). For
					 prior history, see Register 79, No. 21.
2. Change without regulatory
					 effect (Register 87, No. 35).
Note: Authority cited: Section
						8053,
						Financial Code; and Section
						1916.5, Civil
						Code. Reference: Sections
						1916.5 and
						1916.6, Civil
						Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 5 - Loans-Variable Interest Rate Provisions › Section 107.501 - Standards Adopted; Effects of Changes in Standards

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
(1) The
				  Standard for savings and loan associations, upon which variations in the
				  interest rate on mortgage contracts, deeds of trust, real estate sales
				  contracts or any note or negotiable instrument (hereinafter referred to as
				  "note") issued under Civil Code Section
				  1916.5 may be
				  based, shall be the last (Next page is 231)published weighted average cost of
				  savings, borrowings and Federal Home Loan Bank advances to California members
				  of the Federal Home Loan Bank of San Francisco as computed from statistics by
				  the Federal Home Loan Bank of San Francisco.
(2) The Standard for savings and loan
				  associations, upon which variations in the interest rate on any note issued
				  under Civil Code Section
				  1916.6 may be
				  based, shall be on any specific date the arithmetic mean of the weighted
				  average yields of competitive offers for the sale of conventional fixed rate
				  first mortgage or trust deed loans on the single-family residential property
				  accepted by the Federal Home Loan Mortgage Corporation ("FHLMC"), under its
				  immediate delivery program, at all loan auctions held by it during the calendar
				  month preceding that specific date, provided that if during any calendar month
				  to be used shall be the next preceding calendar month during which one or more
				  auctions were held by FHLMC and at which offers were accepted, and provided
				  further that if FHLMC ceases to conduct its auctions for the purchase of these
				  loans, or if no offers are accepted for a period of three months, then the
				  Standard shall be an equivalent Standard designated by the
				  commissioner.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 5 - Loans-Variable Interest Rate Provisions › Section 107.502 - Change in Monthly Payments

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An association, in exercising its rights pursuant to a
					 variable interest rate clause to increase the interest rate, may at the option
					 of the borrower (a) increase the amount of monthly payment of an amortized
					 loan, or (b) extend the maturity date, or (c) a combination of both (a) and
					 (b), provided the loan will be paid in full in regular monthly installments by
					 the end of the maximum amortization period allowed at the time the instrument
					 was executed or for such additional period as may be required to amortize the
					 loan without increasing the existing monthly payment, but not to exceed a
					 maximum term of 40 years. An association may provide in a note issued under
					 either Civil Code Section
					 1916.5 or
					 Section 1916.6 that, upon a decrease in
					 the rate pursuant to a variable interest rate clause, the association may at
					 its option (a) decrease the amount of monthly payment of an amortized loan, or
					 (b) reduce the maturity date to the degree the maturity was previously
					 extended, or (c) a combination of both (a) and (b).
1. Change
					 without regulatory effect renumbering former Section
					 240.3 to Section
					 107.502 (Register 87, No. 14). For
					 prior history, see Register 79, No. 21.
2. Change without regulatory
					 effect (Register 87, No. 35).
Note: Authority cited: Section
						8053,
						Financial Code; and Section
						1916.5, Civil
						Code. Reference: Sections
						1916.5 and
						1916.6, Civil
						Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 5 - Loans-Variable Interest Rate Provisions › Section 107.503 - Modification Agreements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
If, on or after November 23, 1970, an association executes
					 a modification agreement with a borrower respecting a mortgage contract, deed
					 of trust, real estate sales contract, or modifies any note or negotiable
					 instrument issued in connection therewith which was executed before November
					 23, 1970, and the modification agreement or modified note includes a variable
					 interest rate, it shall comply with Civil Code Section
					 1916.5 or
					 1916.6 and with
					 these regulations.
1. Change
					 without regulatory effect renumbering former Section
					 240.4 to Section
					 107.503 (Register 87, No. 14). For
					 prior history, see Register 79, No. 21.
2. Change without regulatory
					 effect of NOTE (Register 87, No. 35).
Note: Authority cited: Section
						8053,
						Financial Code; and Section
						1916.5, Civil
						Code. Reference: Sections
						1916.5 and
						1916.6, Civil
						Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 5 - Loans-Variable Interest Rate Provisions › Section 107.504 - Notice to Borrowers

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
If an association changes the interest rate on any
					 instrument evidencing a loan covered by Civil Code Section
					 1916.5 or
					 1916.6 and
					 these regulations, it shall at least 30 days prior to the effective date of the
					 change notify the borrower in writing of the change, the effect, if any, on the
					 amount of the installment payments, and the effect, if any, on the number of
					 installment payments required to pay the remaining balance of the loan. If the
					 change increases the interest rate the association shall also inform the
					 borrower of his right to prepay all or part of the loan within 90 days of the
					 notice, without a prepayment charge. The notice required under this section
					 shall be deemed given when it is deposited in the United States mail, postage
					 prepaid, addressed to the person or persons personally liable on the loan, as
					 those persons' names and addresses appear on the association's records at the
					 time of giving the notice.
1. Change
					 without regulatory effect renumbering former Section
					 240.5 to Section
					 107.504 (Register 87, No. 14). For
					 prior history, see Register 79, No. 21.
2. Change without regulatory
					 effect of NOTE (Register 87, No. 35).
Note: Authority cited: Section
						8053,
						Financial Code; and Section
						1916.5, Civil
						Code. Reference: Sections
						1916.5 and
						1916.6, Civil
						Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 5 - Loans-Variable Interest Rate Provisions › Section 107.505 - Disclosure

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Each association that offers any loans subject to the
					 provisions of this subchapter shall disclose in a Variable Interest Rate Loans
					 Pamphlet that is made available to prospective borrowers the following
					 information relating to each type of variable interest rate offered:
(a) Disclosure of the fact that the interest
				  rate is subject to increase and the conditions under which the rate may
				  increase, including:
(1) identification of
				  the Standard to which an increase in rate is tied; and
(2) any limitation on an
				  increase;
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 6 - Insurance in Connection with Sales, Loans and Advances of Credit › Section 107.600 - Purpose and Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This article contains regulations regarding insurance and
					 advancing premiums for insurance in connection with loans and advances of
					 credit.
1. Change
					 without regulatory effect renumbering former Section
					 241 to Section
					 107.600 (Register 87, No. 14). For
					 prior history, see Register 77, No. 32.
2. Amendment filed 2-18-88;
					 operative 3-19-88 (Register 88, No. 10).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						771,
						Insurance Code; and Section
						7650,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 6 - Insurance in Connection with Sales, Loans and Advances of Credit › Section 107.601 - Reasonable Cause: Right to Approve or Disapprove of the Insurer Selected to Underwrite Insurance

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  General Provisions:
(1) Any lender engaged in
				  the business of financing the purchase of real property or of lending money on
				  the security of real property and any trustee, director, officer, agent or
				  other employee, or affiliate, of any such lender shall have the right to
				  disapprove, for reasonable cause, the insurer selected to underwrite the
				  insurance required by the contract of sale or deed of trust or other loan
				  agreement and shall have the right to furnish or renew such insurance if the
				  borrower or purchaser shall have failed to furnish the insurance or renewal
				  thereof within such reasonable time or form as may be specified in the sale or
				  loan agreement.
(2) Notwithstanding
				  any other provisions of these regulations, the California FAIR Plan Association
				  shall not be rejected as an insurer.
(3) The corporate structure of an insurer
				  shall not be a basis for disapproval of such insurer.
(4) These regulations shall not affect the
				  respective rights of a borrower and its lender to contract as to the insurance
				  coverage or the right of a lender to require an insurance policy and coverage
				  in accordance with such agreement between it and the borrower.
(5) These regulations do not apply to
				  insurance covering personal property as the subject of security for the
				  loan.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 6 - Insurance in Connection with Sales, Loans and Advances of Credit › Section 107.602 - Advance of Credit for Insurance

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An association may advance credit to a borrower for payment
					 of insurance premiums in connection with an unsecured loan if the proceeds of
					 the insurance are payable to the association and the amount of the coverage
					 does not exceed the unpaid balance of the loan.
1. Change
					 without regulatory effect renumbering former Section
					 241.2 to Section
					 107.602 (Register 87, No. 14). For
					 prior history, see Register 73, No. 46.
2. Amendment filed 2-18-88;
					 operative 3-19-88 (Register 88, No. 10).
Note: Authority cited: Section
						8053,
						Financial Code. Reference: Section
						7650,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 6 - Insurance in Connection with Sales, Loans and Advances of Credit › Section 107.603 - Advance of Credit for Life or Disability Insurance in Connection with Loans Made

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An
				  association may accept the assignment by a borrower of a policy of life
				  insurance on the life of the borrower, or disability insurance on the borrower,
				  as additional security for a loan made and may advance the insurance premiums
				  on such assigned life or disability insurance and add the amounts thereof to
				  the outstanding loan balance subject to the following conditions:
(1) The insurer of the borrower's life or
				  disability policy agrees in writing with the association and insured that in
				  the event of a foreclosure sale or acceptance of a deed in lieu of foreclosure,
				  the insurer will immediately refund to the association the amount of unearned
				  premium.
(2) The borrower shall
				  repay to the association all advances of life or disability insurance premiums
				  in monthly payments of at least one-twelfth of the amount advanced plus
				  interest.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 7 - Modification Agreements › Section 107.700 - Terms Defined

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  "Modification agreement" means the written agreement executed by an association
				  and borrower which modifies the amount, terms, or provisions of an existing
				  promissory note and the deed of trust securing such note.
(b) "Loan" or "advance" means an amortized
				  loan. A loan which has been modified by an additional advance thereon or any
				  change in the terms shall be deemed to be a new loan for the purposes of
				  Sections 5074 and
				  7150 of the law. The term for the
				  purposes of Section
				  7150 shall begin on the date the
				  advance was made if money was advanced or the date the terms were changed if no
				  money was advanced.
1. Change
					 without regulatory effect renumbering former Section
					 175 to Section
					 107.700 (Register 87, No. 14). For
					 prior history, see Register 82, No. 21.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Sections
						5074,
						6701 and
						7150,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 7 - Modification Agreements › Section 107.701 - Modification Agreements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Notwithstanding any other provisions of the law or
					 regulations, an association may, without prior written consent of the
					 commissioner, execute a modification agreement when any of the following
					 conditions exist:
(a) A statutory
				  change has taken place subsequent to the inception of the loan providing for a
				  longer loan term or a larger loan to appraised value ratio.
(b) An additional advance is made subsequent
				  to the inception of the loan to either the existing borrower or a new purchaser
				  who has assumed the loan and which does not increase the unpaid balance to
				  above the existing statutory limit.
(c) Due to the financial status of the
				  borrower, it is advisable to reduce the monthly payments to prevent delinquency
				  or default and the term of the loan is extended not to exceed the existing
				  statutory limit.
1. Change
					 without regulatory effect renumbering former Section
					 175.1 to Section
					 107.701 (Register 87, No. 14). For
					 prior history, see Register 82, No. 21.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						6701,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 7 - Modification Agreements › Section 107.702 - Amortization Procedure

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Where an additional advance is made as provided in Section
					 107.702(b), the
					 prior existing balance of the loan plus the amount of the advance may be
					 combined and payments amortized for a term not greater than provided in Section
					 7150.
1. Change
					 without regulatory effect renumbering former Section
					 175.2 to Section
					 107.702 (Register 87, No. 14). For
					 prior history, see Register 82, No. 21.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Sections
						5074,
						6701 and
						7150,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 8 - Loans on Low-Rent Housing [Repealed] › Section 107.800 - Purpose and Scope. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 234 to Section
					 107.800 (Register 87, No. 14). For
					 prior history, see Register 82, No. 21.
2. Change without regulatory
					 effect repealing Section
					 107.800 (Register 88, No.
					 6).
Note: Authority cited: Sec.
						5255, Financial Code. Reference:
						Section
						7153.6,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 8 - Loans on Low-Rent Housing [Repealed] › Section 107.801 - Terms Defined. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 234.1 to Section
					 107.801 (Register 87, No. 14). For
					 prior history, see Register 71, No. 32.
2. Change without regulatory
					 effect repealing Section
					 107.801 (Register 88, No.
					 6).
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						7153.6,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 8 - Loans on Low-Rent Housing [Repealed] › Section 107.802 - Blanket Authority-Conditions. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 234.2 to Section
					 107.802 (Register 87, No. 14). For
					 prior history, see Register 71, No. 32.
2. Change without regulatory
					 effect repealing Section
					 107.802 (Register 88, No.
					 6).
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						7153.6,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 7 - Operations-Loans › Article 8 - Loans on Low-Rent Housing [Repealed] › Section 107.803 - Waiver of Regulations. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Change
					 without regulatory effect renumbering former Section
					 234.3 to Section
					 107.803 (Register 87, No. 14). For
					 prior history, see Register 71, No. 3.
2. Change without regulatory
					 effect repealing Section
					 107.802 (Register 88, No.
					 6).
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						7153.6,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 8 - Operations-Investments and Borrowings › Article 1 - Investments-Service Corporations and Business Development Credit Corporations › Section 108.100 - Approval to Invest

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
An association must submit an application for commissioner
					 approval before investing in, or buying capital stock, obligations or other
					 securities of a common subsidiary, wholly owned, or independent service
					 corporation. The procedure for securing approval is as follows:
(a) Application. A written application
				  submitted in duplicate, in letter form, signed by an officer of each
				  association shall be filed with the commissioner. The application shall
				  include:
(1) In duplicate, the articles of
				  incorporation and bylaws which comply with Section
				  103.601;
(2) The names of all participation
				  associations;
(3) A statement that
				  the service corporation is a common, wholly owned or independent service
				  corporation;
(4) The amount of
				  investment by each association; and
(5) Such other information as the
				  Commissioner may required.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 8 - Operations-Investments and Borrowings › Article 2 - Real Estate Owned › Section 108.200 - Purpose and Scope

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This subchapter contains rules and regulations authorized
					 by Section
					 5255 of the law respecting
					 investments in real property by an association under Section
					 6705, loans under Sections
					 6705.1,
					 6705.2,
					 6705.3,
					 6705.4 and
					 6705.6 and the holding period of
					 Section 6705 property under Section
					 6706 of the law.
1. Change
					 without regulatory effect renumbering former Section
					 243 to Section
					 108.200 (Register 87, No. 14). For
					 prior history, see Register 76, No. 20.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Sections
						6705 -
						6705.6 and
						6706,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 8 - Operations-Investments and Borrowings › Article 2 - Real Estate Owned › Section 108.201 - Terms Defined

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The
				  definitions in Article 2 of Chapter 1, Part 1, Division 2, Financial Code, are
				  incorporated herein by reference.
(b) "Invest in real property" in Section
				  6705 means the acquisition of the
				  fee or a leasehold in real property.
(c) "Original loans" as defined in California
				  Financial Code Section
				  8705
				  includes all loans other than:
(1) Loans made
				  by an association under Sections
				  6705.1 through
				  6705.6, inclusive, and
(2) Loans made for the purpose of
				  facilitating the sale of real property owned by such
				  association.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 8 - Operations-Investments and Borrowings › Article 2 - Real Estate Owned › Section 108.202 - Holding Period

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				  Blanket Authority. Pursuant to the provisions of Section
				  6706 of the law, the commissioner
				  hereby approves an extension of the five-year holding period specified therein
				  for an additional period not to exceed ten years. This extension shall not
				  affect orders previously issued under the provisions of Section
				  7155.2 of the law.
(b) Commencement. Generally, the holding
				  period for Section
				  6705 property, set out in Section
				  6706, commences on the date the
				  property is acquired or is reclassified from Section
				  6702 or
				  6707 property, or such other date
				  as the commissioner prescribes. If real property acquired under Section
				  6707 in settlement of loans is
				  classified as Section
				  6705 property under Section
				  108.205 hereof, it shall become
				  Section 6705 property on the date of
				  issuance of the approval of the commissioner under Section
				  108.205(2)
				  hereof. In the event of the merger of an association into another association,
				  the holding period of the Section
				  6705 property of the disappearing
				  association is not affected and continues from the date the property was
				  acquired by the disappearing association.
1. Change
					 without regulatory effect renumbering former Section
					 243.2 to Section
					 108.202 (Register 87, No. 14). For
					 prior history, see Register 81, No. 34.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Section
						6706,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 8 - Operations-Investments and Borrowings › Article 2 - Real Estate Owned › Section 108.203 - Sale of Section 6705 Property

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Upon the sale of Section
					 6705 property, if the association
					 makes a loan to finance the sale, and the loan secured by such property
					 otherwise qualifies as an original loan, the Section
					 6705 classification shall
					 terminate and the loan shall become part of the original loan portfolio of the
					 association. If the loan does not qualify as an original loan it must qualify
					 under Sections
					 6705.1,
					 6705.2,
					 6705.4, or
					 6705.6.
1. Change
					 without regulatory effect renumbering former Section
					 243.3 to Section
					 108.203 (Register 87, No. 14). For
					 prior history, see Register 76, No. 20.
Note: Authority cited: Section
						5255,
						Financial Code. Reference: Sections
						6705-
						6705.6 and
						6706,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 8 - Operations-Investments and Borrowings › Article 2 - Real Estate Owned › Section 108.204 - Real Property Acquired in Exchange for Scheduled Items

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Real property acquired in exchange for scheduled items
					 shall be classified as Section
					 6705 property. The term "Scheduled
					 Items" as used herein means those assets defined in Section
					 561.15 of the Rules and
					 Regulations for Insurance of Accounts of the Federal Home Loan Bank Board.
					 Loans made to finance the sale of Section
					 6705 property shall be classified
					 as "Loans on Real Estate Owned for Development--Section
					 6705," subject to the limitations
					 of Section
					 6705.5. If real property was
					 acquired from a borrower in a transaction designed to avoid foreclosure, with
					 no consideration or only a token consideration being paid for the acquisition,
					 such property shall be classified under Section
					 6707.
1. Change
					 without regulatory effect renumbering former Section
					 243.4 to Section
					 108.204 (Register 87, No. 14). For
					 prior history, see Register 76, No. 20.
Note: Authority cited: Section
						5255,
						Financial Code. Reference; Sections
						6705-
						6705.6 and
						6706,
						Financial Code.
California Code of Regulations › Title 10 - Investment › Chapter 2 - Savings and Loan Commissioner › Subchapter 8 - Operations-Investments and Borrowings › Article 2 - Real Estate Owned › Section 108.205 - Improvements on Property Acquired in Settlement of Loans

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The improvements made by the association
				  on real property acquired under Section
				  6707 in settlement of loans may be
				  classified as Section
				  6705 property subject to the
				  following conditions:
(1) The expenditures
				  for the improvement must be greater than the amount carried on the books of the
				  association pursuant to Section
				  108 hereof for the real property
				  acquired by foreclosure or by deed in lieu of foreclosure. The improvements
				  must be of a type that changes the characteristics of the property, and as such
				  excludes costs of rehabilitation of existing improvements and the costs of
				  completion of partially completed improvements.
(2) Associations wishing to classify such
				  improvements as Section
				  6705 property must obtain the
				  prior written approval of the Commissioner.
(3) Improvements classified as Section
				  6705 property may not be
				  reclassified again as Section
				  6707 property and are subject to
				  all the limitations relating to such property, including the five-year holding
				  period and percent of assets or net worth limitations.