§ 107.301. Terms Defined.

Latest version.

(a) The definitions set forth in Section 7100 and in Article 2, Chapter 1, Part 1 of the law, are incorporated herein by reference.
(b) “Wrap-around loan” means an additional loan whereby an association as a second lender “refinances” a loan for a sum greater than the existing balance on a preexisting loan without paying off or disturbing the existence of the first trust deed or mortgage.

HISTORY

1. Change without regulatory effect renumbering former Section 176.1 to Section 107.301 (Register 87, No. 14). For prior history, see Register 76, No. 31.

Note

Note: Authority cited: Section 5255, Financial Code. Reference: Sections 7102, 8707 and 8708, Financial Code.

                    
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