California Financial Code

§ 7507

FIN § 7507Div. 2 · Ch. 6 · Art. 6

Statute text

(a)An association may make loans or advances of credit, or invest in interests therein, on the security of real property, which loans, advances of credit, or investments are not otherwise authorized under the law because of the following reasons:

(1)The loan-to-value ratio, stated maturity, or loan amount is in excess of the maximum allowable limits.

(2)Lack of any required borrower certification or required private mortgage insurance.

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Legislative history

Amended by Stats. 1990, Ch. 1118, Sec. 45.