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BankersOnline.com Forums State-Specific Compliance Issues California California Staute Appraisals- Commerical Loans
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#58069 - 01/30/03 06:42 PM California Staute Appraisals- Commerical Loans
Tina A Sweet Offline
Diamond Poster
Tina A Sweet
Joined: Aug 2001
Posts: 1,033
Marysville, Ca.
I went through and Audit in 2002 where I was instructed that California has a different time frame for appraisals on commerical loans. This information needs to be in our appraisal notice. Can someone help me find the thing? Thanks
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Tina A Sweet-Williams
AVP Special Assets
mailto:tsweet@goldcountrynb.com

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#58070 - 01/31/03 04:02 PM Re: California Staute Appraisals- Commerical Loans
CalifDreamin Offline
Diamond Poster
CalifDreamin
Joined: Mar 2002
Posts: 2,269
Far from Calif
Hi Tina! You can find this information in Calif. Business and Professions Code ยง11423 .

Timing of Notice: within 15 days of receiving the appraisal

An applicant has to request it in writing no later than 90 days after the creditor provides the notice of action take on the application or the application has been withdrawn.

Creditor has 15 days after receiving the request to send the appraisal. If you are a BCG member, check in SPM #8 and they have a sample notice for you.
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#58071 - 01/31/03 04:17 PM Re: California Staute Appraisals- Commerical Loans
Tina A Sweet Offline
Diamond Poster
Tina A Sweet
Joined: Aug 2001
Posts: 1,033
Marysville, Ca.
Thanks, your awesome!! How have you been?
_________________________
Tina A Sweet-Williams
AVP Special Assets
mailto:tsweet@goldcountrynb.com

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