Notwithstanding any other provision of law, after a list of lenders has been completed by an issuer, after the qualified mortgage bond allocation has been approved by the committee, and after the issuer has made the election to exchange all or part of the issuer’s authority to issue qualified mortgage bonds for authority to issue mortgage credit certificates, the issuer and its lenders shall have 90 days after the allocation is granted by the committee to establish, and file with the committee, a mortgage credit certificate program.

(Added by Stats. 1985, Ch. 1399, Sec. 7.5. Effective October 1, 1985.)

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Terms Used In California Health and Safety Code 50199

  • 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

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