Sections
22 entriesSection 10240Requires a broker negotiating a qualifying real-property-secured loan to deliver the required statement within three business days after a completed application or…Section 10240.1Limits this article, except for the expressly excluded referenced disclosure provision, to loans secured by a dwelling. Dwelling security is therefore the…Section 10240.2Defines a “dwelling,” for purposes of the article, as a qualifying unit owned by a signatory to the mortgage or deed of…Section 10240.3Requires the commissioner to apply specified 2006 nontraditional-mortgage-risk guidance and 2007 subprime-lending guidance to real-estate brokers performing the referenced lending activities. Requires…Section 10241Requires the prescribed mortgage-loan statement to separately disclose estimated borrower costs, broker compensation, existing liens, borrower-directed payments, loan proceeds, interest rate and…Section 10241.1Prohibits requiring credit life or disability insurance as a condition of a covered loan, while allowing a licensee, with consent, to provide…Section 10241.2Requires a broker who elects to make a covered loan using wholly or partly broker-controlled funds to inform the borrower of that…Section 10241.3Requires a broker, or someone acting on the broker’s behalf, to give both the borrower and lender a copy of an appraisal…Section 10241.4Requires a written undertaking and prescribed notices before a borrower becomes obligated on a dwelling-secured balloon-payment loan when an extension or refinancing…Section 10242Limits covered-loan costs to 5 percent of principal or $390, whichever is greater, but no more than $700 or actual costs. Broker-charge…Section 10242.5Limits a late charge on a real-property-secured loan installment to 10 percent of the principal-and-interest portion due, while allowing a $5 minimum…Section 10242.6Allows prepayment at any time on a loan secured by a single-family owner-occupied dwelling, but limits prepayment charges to the first seven…Section 10243Sets borrower liability when a loan fails because the borrower materially failed to disclose recorded liens or correct vested title: specified costs…Section 10244Requires real-property lien loans under three years, except seller carryback notes, to use substantially equal installments, final payment at maturity, and none…Section 10244.1Limits every installment on a real-property lien loan secured by an owner-occupied dwelling and lasting six years or less to no more…Section 10245Exempts qualifying larger bona fide real-property-secured loans from this article except for the specifically retained provisions: a first-trust-deed loan with principal of…Section 10246Allows a borrower who paid specified excess or prohibited charges to recover three times the improper amount plus costs and reasonable attorney’s…Section 10247Extends the article’s limits on maximum costs, expenses, charges, and interest, together with its penalties, to transactions using a third party as…Section 10248Limits any person who, for direct or indirect compensation, sells, offers to sell, buys for resale, offers to buy for resale, negotiates,…Section 10248.1Prohibits a real estate licensee from charging, receiving, or negotiating for a borrower to pay service charges or fees other than those…Section 10248.2Prohibits borrowers from waiving rights or remedies under the article but allows bona fide settlements, releases, or compromises. A violating licensee must…Section 10248.3Limits this article to otherwise covered loans made or negotiated by real estate brokers acting within either of the two specifically referenced…