California Civil Code

§ 1920

CIV § 1920 Effective Jan 1, 1998Div. 3 · Title 4 · Part 4 · Ch. 7.5

Statute text

Any mortgage instrument that is made pursuant to the provisions of this chapter shall meet the following requirements:

(a)Standards for the adjustment of interest rates or monthly payments shall consider factors which can reasonably be deemed to affect the ability of borrowers to meet their mortgage obligations.

(b)No change in interest provided for in any provision for a variable interest rate contained in a security document, or evidence of debt issued in connection therewith, shall be valid unless the provision is set forth in the security document, and in any evidence of debt issued in connection therewith, and the document or documents contain the following provisions:

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Legislative history

Amended by Stats. 1997, Ch. 232, Sec. 24. Effective January 1, 1998.