California Health and Safety Code 35805 – As used in this part:(a) “Agency” means the Business, Consumer …
As used in this part:
(a) “Agency” means the Business, Consumer Services and Housing Agency.
Terms Used In California Health and Safety Code 35805
- Agency: means the Business, Consumer Services and Housing Agency. See California Health and Safety Code 35805
- Appraisal: A determination of property value.
- Financial institution: includes any bank, savings and loan association, or other institution in this state, including a public agency, that regularly makes, arranges, or purchases loans for the purchase, construction, rehabilitation, improvement, or refinancing of housing accommodations. See California Health and Safety Code 35805
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Secretary: means the Secretary of Business, Consumer Services and Housing. See California Health and Safety Code 35805
- State: means the State of California, unless applied to the different parts of the United States. See California Health and Safety Code 23
(b) “Fair market value” means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. The use of this definition of fair market value by a financial institution in an appraisal made at any time on or after July 1, 1986, does not violate the provisions of this part.
(c) “Financial institution” includes any bank, savings and loan association, or other institution in this state, including a public agency, that regularly makes, arranges, or purchases loans for the purchase, construction, rehabilitation, improvement, or refinancing of housing accommodations.
(d) “Housing accommodation” includes any improved or unimproved real property, or portion thereof, that (1) is used or is intended to be used as a residence, and (2) is or will be occupied by the owner, and (3) contains not more than four dwelling units. “Housing accommodation” shall also include any residential dwelling containing not more than four dwelling units where the owner thereof, whether or not the owner will occupy the property, applies or has applied for a secured home improvement loan from a financial institution, the proceeds of which loan will be used to improve the security property.
(e) “Secretary” means the Secretary of Business, Consumer Services and Housing.
(Amended by Stats. 2013, Ch. 352, Sec. 370. (AB 1317) Effective September 26, 2013. Operative July 1, 2013, by Sec. 543 of Ch. 352.)