Section 91479 - Opinion of Legal Counsel(a) At the time the loan is closed or at the initial loan closing if the loan is in stages, the borrower shall furnish to the Office the opinion of legal counsel with respect to the following: (1) The borrower's legal interest in the property.(2) The borrower's authority to finance, construct and maintain the project, to issue any proposed obligation and to pledge or mortgage the assets and project property offered to secure the loan for which insurance is sought.Cal. Code Regs. Tit. 22, § 91479
1. Amendment filed 12-18-81; effective thirtieth day thereafter (Register 81, No. 51). Note: Authority cited: Sections 436.3 and 446.2, Health and Safety Code; and Section 11152, Government Code. Reference: Sections 436.3 and 436.8, Health and Safety Code.
1. Amendment filed 12-18-81; effective thirtieth day thereafter (Register 81, No. 51).