2012 California Codes
CIV - Civil Code
DIVISION 3 - OBLIGATIONS [1427 - 3272.9]
PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS
TITLE 4 - LOAN
CHAPTER 7 - Shared Appreciation Loans for Seniors
ARTICLE 6 - Notices and Disclosures
Section 1917.713
Each lender making a shared appreciation loan for seniors shall additionally furnish to the prospective borrower, prior to consummation of the loan, a statement containing the following information:
IMPORTANT INFORMATION ABOUT YOUR SHARED APPRECIATION LOAN FOR SENIORS
You are being offered a shared appreciation loan. Before you decide to accept this loan, read this statement, which is designed to provide important information you should consider.
1. Prevailing interest rate: __%.
2. Stated interest rate on this loan: __%.
3. Projected contingent interest: __%.
4. Initial amount of this loan: $__.
5. Amount of the monthly annuity payments you will receive: $__.
6. Projected term of this loan: __ years.
7. Projected total loan obligation you will have to pay, assuming the loan continues to the end of the “borrower’s” life expectancy: $__.
(Added by Stats. 1984, Ch. 1701, Sec. 1.)
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