California Codes, Civil Code - CIV, Division 3 — Obligations, Part 4 — Obligations Arising from Particular Transactions, Title 4 — Loan, Chapter 3 — Loan of Money, Section 1916.9
(a) Every lender who offers a renegotiable rate mortgage loan pursuant to Section 1916.8 to a borrower who occupies or intends to occupy the property which is security for the loan shall also offer to such borrower a fixed rate mortgage loan in the same amount with a term of at least 29 years.
(b) Nothing in this section shall require that the terms of such alternative loans, including the rates of interest thereon, must be the same as those terms offered with regard to the fixed-payment adjustable-rate loan or the renegotiable rate mortgage loan also offered.
(c) This section does not apply to any lender who makes less than 10 loans per year.
Notes
Requires a lender offering a renegotiable-rate mortgage to an owner-occupant or intended owner-occupant also to offer a fixed-rate mortgage in the same amount for at least 29 years. Allows the alternative loan terms and rates to differ, and exempts lenders that make fewer than 10 loans per year.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 1916.9 | https://laws.lexinter.net/codes/california/civil-code/division-3/part-4/title-4/chapter-3/section-1916-9