California Health and Safety Code 50198 – The requirement that public notice be given that mortgage credit …
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The requirement that public notice be given that mortgage credit certificates will be issued, prescribed by Section 25(e)(5) of Title 25 of the United States Code, may be satisfied by the issuer or its lenders advertising their issuance at least 90 days prior to the issuance of any mortgage credit certificate. If an issuer is required to file an application with the committee for a qualified mortgage bond allocation, it may commence advertising for the issuance of a mortgage credit certificate on the day it files its application with the committee.
(Added by Stats. 1985, Ch. 1399, Sec. 7.5. Effective October 1, 1985.)
Terms Used In California Health and Safety Code 50198
- Committee: means the California Debt Limit Allocation Committee established pursuant to Section 50199. See California Health and Safety Code 50172
- Issuer: means a state agency or local agency and includes a redevelopment agency, housing authority or other local entity, authorized by state law to issue qualified mortgage bonds, to which the committee has assigned an allocation under this chapter. See California Health and Safety Code 50172
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage credit certificate: means any certificate which does all of the following:
California Health and Safety Code 50172