California Insurance Code

§ 1192.2

INS § 1192.2Div. 1 · Part 2 · Ch. 2 · Art. 4

Statute text

An insurer may lend on the security of a first lien on an unencumbered leasehold on real property if:

(a)The real property subject to the leasehold is primarily improved by a single family residence, the term of the loan does not exceed 30 years, and the amount of the loan plus the amount of the liens of any public bond, assessment or tax assessed upon the property loaned upon does not exceed 75 percent of the sound market value of the leasehold for loan purposes as determined by appraisal; or

(b)The real property subject to the leasehold is not primarily improved by a single family residence, the term of the loan does not exceed 30 years, and the amount of the loan plus the amount of the liens of any public bond, assessment or tax assessed upon the property loaned upon does not exceed 6623 percent of the sound market value of the leasehold for loan purposes as determined by appraisal; or

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Legislative history

Repealed and added by Stats. 1963, Ch. 321.