California Codes, Civil Code - CIV, Division 3 — Obligations, Part 4 — Obligations Arising from Particular Transactions, Title 14 — Lien, Chapter 2 — Mortgage, Article 3 — Disclosures on Purchase Money Liens on Residential Property, Section 2956
In a transaction for the purchase of a dwelling for not more than four families in which there is an arranger of credit, which purchase includes an extension of credit by the vendor, a written disclosure with respect to that credit transaction shall be made, as required by this article:
(a) To the purchaser, by the arranger of credit and the vendor (with respect to information within the knowledge of the vendor).
(b) To the vendor, by the arranger of credit and the purchaser (with respect to information within the knowledge of the purchaser).
If there is more than one arranger of credit and one of those arrangers has obtained the offer by the purchaser to purchase the property, that arranger shall make the disclosure, unless the parties designate another person in writing.
Notes
Requires written credit disclosures when a dwelling for no more than four families is purchased with vendor credit and an arranger of credit participates. The arranger and vendor disclose to the purchaser, while the arranger and purchaser disclose to the vendor; with multiple arrangers, the one obtaining the purchase offer discloses unless the parties designate another person in writing.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 2956 | https://laws.lexinter.net/codes/california/civil-code/division-3/part-4/title-14/chapter-2/article-3/section-2956