California Health and Safety Code 51401 – Notwithstanding any other provision of this division, as used in this …
Notwithstanding any other provision of this division, as used in this chapter:
(a) “Mortgage loan” means any residential mortgage loan or multifamily rental housing loan.
Terms Used In California Health and Safety Code 51401
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: means any residential mortgage loan or multifamily rental housing loan. See California Health and Safety Code 51401
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Multifamily rental housing: means any existing structure of more than four dwelling units or any work or undertaking of more than four units of new construction, improvement, or rehabilitation for the provision of housing. See California Health and Safety Code 51401
- Residence: means any existing structure of one to four dwelling units or any work or undertaking of one to four dwelling units of new construction, improvement, or rehabilitation for the provision of housing. See California Health and Safety Code 51401
(b) “Multifamily rental housing” means any existing structure of more than four dwelling units or any work or undertaking of more than four units of new construction, improvement, or rehabilitation for the provision of housing.
(c) “Multifamily rental housing loan” means a mortgage loan secured by a mortgage on multifamily rental housing.
(d) “Residence” means any existing structure of one to four dwelling units or any work or undertaking of one to four dwelling units of new construction, improvement, or rehabilitation for the provision of housing.
(e) “Residential mortgage loan” means a mortgage loan secured by a mortgage on a residence.
(f) “Taxable securities” means securities bearing interest that is otherwise taxable under the personal income tax provisions of federal tax law and which are issued to finance the purchase or making of mortgage loans pursuant to this chapter.
(Amended by Stats. 1988, Ch. 829, Sec. 1. Effective September 12, 1988.)