Sections
18 entriesSection 1695Establishes legislative findings, policy, and purposes rather than a direct operative rule, declaring that foreclosure homeowners face fraud and unfair dealing and…Section 1695.1Defines an equity purchaser, equity seller, residence in foreclosure, business day, contract, and property owner for the chapter. An equity purchaser generally…Section 1695.2Requires every equity-purchase contract to be in at least 10-point bold type, use the language principally used in negotiations, be fully completed,…Section 1695.3Requires every equity-purchase contract for a residence in foreclosure to contain the parties’ entire agreement, purchaser contact information, property address, total consideration,…Section 1695.4Allows an equity seller to cancel a contract with an equity purchaser until midnight of the fifth business day after signing a…Section 1695.5Requires an equity-purchase contract to place a conspicuous cancellation statement near the seller’s signature, accurately state when rescission ends, attach duplicate detachable…Section 1695.6Prohibits an equity purchaser, until the seller’s cancellation period fully expires, from obtaining or recording conveyance documents, transferring or encumbering the property,…Section 1695.7Allows an equity seller to recover actual damages, attorney’s fees, costs, and possible equitable or exemplary relief for specified violations by an…Section 1695.8Establishes criminal penalties for an equity purchaser who violates the specified foreclosure-purchase restrictions or commits fraud or deceit against an equity seller:…Section 1695.9Establishes that the chapter’s provisions are cumulative rather than exclusive. Its requirements, rights, remedies, and penalties operate in addition to any other…Section 1695.10Bars any waiver of the foreclosure-equity-purchase chapter by declaring such a waiver void and unenforceable as contrary to public policy. Contracting parties…Section 1695.11Establishes severability for the chapter, preserving the remaining provisions and their application to other persons or circumstances if any provision or application…Section 1695.12Establishes a rebuttable presumption that a foreclosure-residence transaction structured as an apparent absolute conveyance with a repurchase option is actually a loan…Section 1695.13Prohibits any person from initiating, entering, negotiating, or completing a transaction involving residential real property in foreclosure when the transaction’s terms take…Section 1695.14Allows an owner to rescind an unconscionable foreclosure-residence transaction within two years after recordation by giving and recording written notice. A nonprotected…Section 1695.15Establishes an equity purchaser’s liability for all damages caused by statements or acts of the purchaser’s representative connected with acquiring a residence…Section 1695.16Bars contract terms that limit an equity purchaser’s statutory representative-liability, making such terms void and allowing the equity seller to void the…Section 1695.17Requires an equity purchaser’s representative to give the seller written proof of a current California real-estate sales license and surety bond equal…