California Civil Code

§ 1917.713

CIV § 1917.713Div. 3 · Title 4 · Part 4 · Ch. 7 · Art. 6

Statute text

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: $__.

Legislative history

Added by Stats. 1984, Ch. 1701, Sec. 1.