Cal. Code Regs. tit. 10 § 1460

Current through Register 2024 Notice Reg. No. 20, May 17, 2024

Section 1460 - Real Estate Secured Loans: Sale to Institutional Investors

Loans made by a finance company under Financial Code sections 22340 and 22600 shall meet all of the following requirements:

(a) The finance company shall approve the loan but may utilize criteria established by an institutional investor.

(b) The finance company shall be the lender or creditor on the promissory note and the beneficiary on the deed of trust securing the loan.

(c) The finance company shall provide funding for the loan from sources exclusive of any funding advances received from an institutional investor committed to purchasing the note.

Cal. Code Regs. Tit. 10, § 1460

1. Repealer filed 5-15-84; effective thirtieth day thereafter (Register 84, No. 20).
2. New section and heading filed 6-28-91; operative 7-29-91 (Register 91, No. 41).
3. Change without regulatory effect amending first paragraph and NOTE filed 6-14-95 pursuant to section 100, title 1, California Code of Regulations (Register 95, No. 24).
4. Amendment of section heading and section filed 8-4-98; operative 9-3-98 (Register 98, No. 32).

Note: Authority cited: Section 22150, Financial Code. Reference: Sections 22340 and 22600, Financial Code.

1. Repealer filed 5-15-84; effective thirtieth day thereafter (Register 84, No. 20).
2. New section and heading filed 6-28-91; operative 7-29-91 (Register 91, No. 41).
3. Change without regulatory effect amending first paragraph and Note filed 6-14-95 pursuant to section 100, title 1, California Code of Regulations (Register 95, No. 24).
4. Amendment of section heading and section filed 8-4-98; operative 9-3-98 (Register 98, No. 32).