(a) The Controller shall reduce the amount of the obligation secured by the lien or security agreement against the real property or manufactured home by the amount of any payments received for that purpose and by notification of any amounts paid by the Franchise Tax Board pursuant to § 20564 of the Revenue and Taxation Code or by any amounts authorized pursuant to subdivision (f) of § 20621 of the Revenue and Taxation Code. Any payment received for that purpose shall be applied in the following order:

(1) To any interest due on the loan.

Terms Used In California Government Code 16184

  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Subdivision: means a subdivision of the section in which the term occurs unless some other section is expressly mentioned. See California Government Code 10

(2) To the principal property tax amount.

(3) The remaining balance, if any, to administrative fees.

(b) The Controller shall also increase the amount of the obligation secured by the lien or security agreement by the amount of any subsequent payments made pursuant to Section 16180 with respect to the real property or manufactured home and to reflect the accumulation of interest. All such increases and decreases shall be entered in the record described in Section 16181.

(Amended by Stats. 2018, Ch. 896, Sec. 5. (SB 1130) Effective January 1, 2019.)

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