During the period specified in Section 800, the reservist may defer the payment of principal and interest on the specified obligations. No penalties shall be imposed on the nonpayment of principal or interest during this period. No interest shall be charged or accumulated on the principal or interest on which the payment was delayed. No foreclosure or repossession of property shall take place during the period of deferment unless otherwise ordered by a court or agreed to by the parties to the obligation.

(Amended by Stats. 2022, Ch. 620, Sec. 10. (SB 1311) Effective January 1, 2023.)

Terms Used In California Military and Veterans Code 804

  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • 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.
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