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 2959
The disclosures required by this article shall be made as soon as practicable, but before execution of any note or security documents. If any disclosure is made after the execution of credit documents by the purchaser, such documents shall be contingent on the purchaser’s approval of the disclosures prior to execution of the security documents. The disclosure statement shall be receipted for by the purchaser and the vendor. The disclosure shall be signed by the arranger of credit and a copy shall be delivered respectively to the purchaser and the vendor and the arranger shall retain a true copy of the executed statements for three years.
The provisions of this section do not apply to the disclosures required by Section 2966.
Notes
Requires article disclosures before any note or security document is executed; later disclosure makes signed credit documents contingent on purchaser approval before security documents are executed. The purchaser and vendor must receipt the disclosure, the arranger must sign and deliver copies, and the arranger must retain an executed copy for three years; specified disclosures are exempt.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 2959 | https://laws.lexinter.net/codes/california/civil-code/division-3/part-4/title-14/chapter-2/article-3/section-2959