California Business and Professions Code 10241.3 – In any loan transaction in which a fee is charged to a borrower for …
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In any loan transaction in which a fee is charged to a borrower for an appraisal of the real property that will serve as security for the loan, a copy of the appraisal report shall be given by or on behalf of the broker to both the borrower and the lender at or before the closing of the loan transaction.
(Added by Stats. 1984, Ch. 828, Sec. 1.)
Terms Used In California Business and Professions Code 10241.3
- Appraisal: A determination of property value.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.