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Civil Code 1695

Civil Code 1695

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Published by BlaqRubi
Home Equity Contracts. Unlawful Detainer
Home Equity Contracts. Unlawful Detainer

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Categories:Types, Research, Law
Published by: BlaqRubi on Aug 05, 2010
Copyright:Attribution Non-commercial

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10/25/2012

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 YOU SHOULD URGENTLY REVIEW THE TEMPORARY RELIEF AVAILABLEUNDER STATE OF CALIFORNIA LAW BELOW!
THIS DOCUMENT IS CURRENT THROUGH 2009-2010 EXTRAORDINARYSESSIONS 1-5, ****** AND 7, AND URGENCY LEGISLATION THROUGH CH 8 OF THE 2010REGULAR SESSION ****** AND CH 8 OF THE 2009-2010 8TH EXTRAORDINARY SESSION ***
 
CIVIL CODEDivision 3. ObligationsPart 2. ContractsTitle 5. Extinction of ContractsChapter 2.5. Home Equity Sales Contracts
 
GO TO CALIFORNIA CODES ARCHIVE DIRECTORY
 
Cal Civ Code § 1695 (2009)
 
§ 1695. Legislative findings and declarations; Intent and purposes of chapter (a)
 
The Legislature finds and declares that homeowners whose residencesare in foreclosure have been subjected to fraud, deception, and unfair dealing
 
by home equity purchasers
.The recent rapid escalation of homevalues, particularly in the urban areas, has resulted in a significant increase inhome equities which are usually the greatest financial asset held by thehomeowners of this state. During the time period between the commencement of foreclosure proceedings and the scheduled foreclosure sale date, homeownersin financial distress, especially the poor, elderly, and financially unsophisticated,are vulnerable to the importunities of equity purchasers who induce homeownersto sell their homes for a small fraction of their fair market values through the useof schemes which often involve oral and written misrepresentations, deceit,intimidation, and other unreasonable commercial practices.
(b)
The Legislature declares that it is the express policy of the state to preserveand guard the precious asset of home equity, and the social as well as theeconomic value of homeownership.
 
(c)
The Legislature further finds that equity purchasers have a significant impactupon the economy and well-being of this state and its local communities, andtherefore the provisions of this chapter are necessary to promote the publicwelfare.
(d)
The intent and purposes of this chapter are the following: 
(1)
To provide each homeowner with information necessary to make an informedand intelligent decision regarding the sale of his or her home to an equitypurchaser; to require that the sales agreement be expressed in writing; tosafeguard the public against deceit and financial hardship; to insure, foster, andencourage fair dealing in the sale and purchase of homes in foreclosure; toprohibit representations that tend to mislead; to prohibit or restrict unfair contractterms; to afford homeowners a reasonable and meaningful opportunity to rescindsales to equity purchasers; and to preserve and protect home equities for thehomeowners of this state. 
(2)
This chapter shall be liberally construed to effectuate this intent and toachieve these purposes.
History:
 Added Stats 1979 ch 1029 § 1. 
Collateral References:
 Cal. Points & Authorities (Matthew Bender(R)) ch 121 "Interest" § 121.33.4 Witkin Summary (10th ed) Security Transactions in Real Property §§ 222,223, 224, 225. Cal. Legal Forms, (Matthew Bender) §§ 23.11[3], 23.115, 23.137, 23.151,23.211[1], 23.307[1], 23.308[1], 25D.28, 30D.10[1].
Hierarchy Notes:
LexisNexis 50 State Surveys, Legislation & Regulations

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