Section 18266.1 Of Article 5. Limitations And Regulations Of Loans And Purchased Obligations From California Financial Code >> Division 7. >> Chapter 3. >> Article 5.
18266.1
. An industrial loan company may make loans and acquire
obligations, the proceeds of which are used for home improvements
that are secured by real property having a market value of at least
100 percent of the principal amount owing on the loan being made by
the industrial loan company or obligation being acquired by the
industrial loan company and on prior encumbrances, except
nondelinquent tax liens, secured by the same real property. Home
improvements means additions, alterations, or modifications to
owner-occupied property consisting of one to four dwelling units and
appurtenant buildings thereto or to the real property containing
same.