California Health and Safety Code

§ 35805

HSC § 35805 Effective Sep 26, 2013Div. 24 · Part 6 · Ch. 2

Statute text

As used in this part:

(a)“Agency” means the Business, Consumer Services and Housing Agency.

(b)“Fair market value” means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. The use of this definition of fair market value by a financial institution in an appraisal made at any time on or after July 1, 1986, does not violate the provisions of this part.

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Legislative history

Amended by Stats. 2013, Ch. 352, Sec. 370. (AB 1317) Effective September 26, 2013. Operative July 1, 2013, by Sec. 543 of Ch. 352.