BILL NUMBER: AB 2693 AMENDED
BILL TEXT
AMENDED IN SENATE JUNE 6, 2016
AMENDED IN ASSEMBLY MAY 10, 2016
AMENDED IN ASSEMBLY APRIL 28, 2016
AMENDED IN ASSEMBLY APRIL 11, 2016
AMENDED IN ASSEMBLY MARCH 17, 2016
INTRODUCED BY Assembly Member Dababneh
(Coauthors: Assembly Members Travis Allen, Hadley, and Linder)
FEBRUARY 19, 2016
An act to amend Section 53328.1 of the Government Code, and to
amend Section 5898.15 of, and to amend, renumber,
and add Section 5898.16 of, and to add Section 5898.17 to,
the Streets and Highways Code, relating to property improvements.
LEGISLATIVE COUNSEL'S DIGEST
AB 2693, as amended, Dababneh. Financing requirements: property
improvements.
(1) Existing law authorizes the legislative body of a public
agency, as defined, to determine that it would be convenient,
advantageous, and in the public interest to designate an area within
which authorized public agency officials and property owners may
enter into voluntary contractual assessments to finance certain
improvements, including the installation of distributed generation
renewable energy sources or energy or water efficiency improvements
that are permanently fixed to real property, as specified.
Existing law prohibits a public agency from permitting a property
owner to participate in any program established pursuant to these
provisions if the owner's participation would result in the total
amount of any annual property taxes and assessments exceeding 5% of
the property's market value, as determined at the time of approval of
the owner's contractual assessment.
This bill would also prohibit a public agency from permitting a
property owner who is a homeowner applicant to
participate in a program pursuant to these provisions unless the
property owner has been provided with a completed financing estimate
document or a substantially equivalent document and the property
owner is given the right to cancel the contractual assessment at any
time prior to midnight on the 3rd business day after the date of the
transaction to enter into the agreement without penalty or
obligation. The obligation, consistent with certain
requirements. The bill would provide that the failure of a
public agency to comply with these prohibitions renders the
contractual obligations of the property owner for the contractual
assessment void.
This bill would also prohibit a public agency from
permitting a property owner to participate in a program pursuant to
these provisions if the total mortgage-related debt and contractual
assessment-related debt on the underlying property would exceed the
fair market value of the property at the time of the owner's
contractual assessment, if the mortgage-related debt on the property
alone is equal to 90% or greater of the property's fair market value
at the time of the approval of the owner's contractual assessment, or
if the owner is unable to meet specified requirements.
This bill would provide that the failure of a public agency to
comply with these prohibitions renders the contractual obligations of
the property owner for the contractual assessment void.
This bill would limit these provisions to a property owner who
seeks to participate in a program pursuant to these provisions for a
residential property with 4 or fewer units.
(2) The Mello-Roos Community Facilities Act of 1982 specifies the
requirements for the establishment of a community facilities
district, including, among other things, a petition, a hearing, the
establishment of the boundaries of the community facilities district,
and an election on the question. Existing law authorizes a community
facilities district formed pursuant to an alternative procedure
under which the district initially consists solely of territory
proposed for annexation to the community facilities district in the
future and territory is annexed and subjected to special taxes only
upon unanimous approval of the owners, to finance and refinance the
acquisition, installation, and improvement of energy efficiency,
water conservation, and renewable energy improvements.
This bill would require a legislative body to comply with the
requirements described above prior to the annexation of a parcel or
parcels to a community facilities district formed pursuant to the
alternative procedure.
Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. (a) The
Legislature finds and declares all of the following:
(1) The Property Assessed Clean Energy program has been promoted
in California widely as an innovative and alternative form of
financing for environmental improvements for the benefit of the
public and California's environment.
(2) The promotion of the Property Assessed Clean Energy financing
is now a popular and widespread form of alternative financing for
consumers seeking solar energy, water conservation, energy
efficiency, and earthquake retrofitting improvements to the benefit
of all Californians.
(3) The consumer obligation to repay voluntary contractual
assessments created by the Property Assessed Clean Energy program is
sometimes misunderstood and may affect the consumer's ability to
refinance their loan or sell their property.
(4) Making residential real estate secured loans to consumers
through Property Assessed Clean Energy financing for home
improvements has grown rapidly, raising questions as to whether the
Property Assessed Clean Energy program is adequately supported by
government regulation.
(5) The passage of this act is essential to promote standardized
disclosures and protections for consumers to ensure that the Property
Assessed Clean Energy program can continue to be widely used to
offset the adverse impacts of years of climate change.
(b) This act shall be known, and may be cited, as the PACE
Preservation and Consumer Protections Act.
SECTION 1. SEC. 2. Section 53328.1
of the Government Code is amended to read:
53328.1. (a) As an alternate and independent procedure for
forming a community facilities district, the legislative body may
form a community facilities district that initially consists solely
of territory proposed for annexation to the community facilities
district in the future, with the condition that a parcel or parcels
within that territory may be annexed to the community facilities
district and subjected to the special tax only with the unanimous
approval of the owner or owners of the parcel or parcels at the time
that the parcel or parcels are annexed. In that case, the legislative
body shall follow the procedures set forth in this article for the
formation of a community facilities district, with the following
exceptions:
(1) The legislative body shall not be obligated to specify the
rate or rates of special tax in the resolution of intention or the
resolution of formation, provided that both of the following are met:
(A) The resolution of intention and the resolution of formation
include a statement that the rate shall be established in an amount
required to finance or refinance the authorized improvements and to
pay the district's administrative expenses.
(B) The maximum rate of special tax applicable to a parcel or
parcels shall be specified in the unanimous approval described in
this section relating to the parcel or parcels.
(2) The legislative body shall not be obligated to specify in the
resolution of intention the conditions under which the obligation to
pay the specified special tax may be prepaid and permanently
satisfied. Instead, a prepayment provision may be included in the
unanimous approval of the owner or owners of each parcel or parcels
at the time that the parcel or parcels are annexed to the community
facilities district.
(3) In lieu of approval pursuant to an election held in accordance
with the procedures set forth in Sections 53326, 53327, 53327.5, and
53328, the appropriations limit for the community facilities
district, the applicable rate of the special tax and the method of
apportionment and manner of collection of that tax, and the
authorization to incur bonded indebtedness for the community
facilities district shall be specified and be approved by the
unanimous approval of the owner or owners of each parcel or parcels
at the time that the parcel or parcels are annexed to the community
facilities district. No additional hearings or procedures are
required, and the unanimous approval shall be deemed to constitute a
unanimous vote in favor of the appropriations limit for the community
facilities district, the authorization to levy the special tax on
the parcel or parcels, and the authorization to incur bonded
indebtedness for the community facilities district.
(4) Notwithstanding Section 53324, this paragraph establishes the
applicable protest provisions in the event a local agency forms a
community facilities district pursuant to the procedures set forth in
this section. If 50 percent or more of the registered voters, or six
registered voters, whichever is more, residing within the territory
proposed to be annexed to the community facilities district in the
future, or if the owners of one-half or more of the area of land
proposed to be annexed in the future and not exempt from the special
tax, file written protests against establishment of the community
facilities district, and protests are not withdrawn so as to reduce
the protests to less than a majority, no further proceedings to form
the community facilities district shall be undertaken for a period of
one year from the date of decision of the legislative body on the
issues discussed at the hearing. If the majority protests of the
registered voters or of the landowners are only against the
furnishing of a specified type or types of facilities or services
within the district, or against levying a specified special tax,
those types of facilities or services or the specified special tax
shall be eliminated from the resolution of formation.
(5) The legislative body shall not record a notice of special tax
lien against any parcel or parcels in the community facilities
district until the owner or owners of the parcel or parcels have
given their unanimous approval of the parcel's or parcels' annexation
to the community facilities district, at which time the notice of
special tax lien shall be recorded against the parcel or parcels as
set forth in Section 53328.3.
(b) Notwithstanding the provisions of Section 53340, after
adoption of the resolution of formation for a community facilities
district described in subdivision (a), the legislative body may, by
ordinance, provide for the levy of the special taxes on parcels that
will annex to the community facilities district at the rate or rates
to be approved unanimously by the owner or owners of each parcel or
parcels to be annexed to the community facilities district and for
apportionment and collection of the special taxes in the manner
specified in the resolution of formation. No further ordinance shall
be required even though no parcels may then have annexed to the
community facilities district.
(c) The local agency may bring an action to determine the validity
of any special taxes levied pursuant to this chapter and authorized
pursuant to the procedures set forth in this section pursuant to
Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the
Code of Civil Procedure. Notwithstanding Section 53359, if an action
is brought by an interested person pursuant to Section 863 of the
Code of Civil Procedure to determine the validity of any special
taxes levied against a parcel pursuant to this chapter and authorized
pursuant to the procedures set forth in this section, the action
shall be brought pursuant to Chapter 9 (commencing with Section 860)
of Title 10 of Part 2 of the Code of Civil Procedure, but shall,
notwithstanding the time limits specified in Section 860 of the Code
of Civil Procedure, be commenced within 15 days after the date on
which the notice of special tax lien is recorded against the parcel.
Any appeal from a judgment in any action or proceeding described in
this subdivision shall be commenced within 30 days after entry of
judgment.
(d) A community facilities district formed pursuant to this
section may only finance facilities pursuant to subdivision (l) of
Section 53313.5.
(e) The legislative body shall comply with the requirements
specified in Sections 5898.15 and 5898.16 and
5898.17 of the Streets and Highways Code prior to the
annexation of a parcel or parcels to a community facilities district
formed pursuant to this section.
(f) In connection with formation of a community facilities
district and annexation of a parcel or parcels to the community
facilities district pursuant to this section, and the conduct of an
election on the proposition to authorize bonded indebtedness pursuant
to the alternate procedures set forth in Section 53355.5, the local
agency may, without additional hearings or procedures, designate a
parcel or parcels as an improvement area within the community
facilities district. After the designation of a parcel or parcels as
an improvement area, all proceedings for approval of the
appropriations limit, the rate and method of apportionment and manner
of collection of special tax and the authorization to incur bonded
indebtedness for the parcel or parcels shall apply only to the
improvement area.
(g) In connection with a community facilities district formed
under this section, as an alternate and independent procedure for
making the changes described in Section 53330.7, the changes may be
made with the unanimous approval of the owner or owners of the parcel
or parcels that will be affected by the change and with the written
consent of the local agency. No additional hearings or procedures are
required, and the unanimous approval shall be deemed to constitute a
unanimous vote in favor of the proposed changes. If the proceeds of
a special tax are being used to retire any debt incurred pursuant to
this chapter and the unanimous approval relates to the reduction of
the special tax rate, the unanimous approval shall recite that the
reduction or termination of the special tax will not interfere with
the timely retirement of that debt.
SEC. 2. Section 5898.15 of the Streets and
Highways Code is amended to read:
5898.15. (a) A public agency shall not permit a property owner to
participate in any program established pursuant to this chapter if
any of the following apply:
(1) The owner's participation would result in the total amount of
the annual property taxes and assessments exceeding 5 percent of the
property's fair market value, as determined at the time of approval
of the owner's contractual assessment.
(2) The total mortgage-related debt and contractual
assessment-related debt on the underlying property would exceed the
fair market value of the property, as determined at the time of the
owner's contractual assessment.
(3) The total mortgage-related debt on the property alone is equal
to 90 percent or greater of the property's fair market value, as
determined at the time of approval of the owner's contractual
assessment.
(4) The property owner is unable to meet all of the following
criteria:
(A) The property owner shall certify that the property taxes for
the property are current and that there is no more than one late
payment during the previous three years or the period of time during
which the owner has owned the property, whichever is less.
(B) The property owner shall certify that he or she is not
currently in default on any debt secured by the property and that
there is no more than one late payment during the 12-month period
preceding the time of the owner's contractual assessment and that
late payment, if any, was submitted no later than 30 days after the
due date.
(C) If the property owner is a homeowner applicant, the property
owner has not had any active bankruptcies within the last seven
years. This criterion can be met if a property owner's bankruptcy was
discharged between two and seven years before the application date
and the property owner has not had any mortgage or nonmortgage
payments past due for more than 60 days in the most recent 24 months.
(D) The property owner does not have an involuntary lien recorded
against the property in excess of one thousand dollars ($1,000).
(b) If a property owner is a homeowner applicant, a public agency
shall not permit the property owner to participate in any program
established pursuant to this chapter unless both of the following
requirements are met:
(1) The property owner has been provided with a completed
financing estimate document set forth in Section 5898.16, or a
substantially equivalent document that displays the same information
in a substantially similar format.
(2) The property owner is given the right to cancel the
contractual assessment at any time prior to midnight on the third
business day after the date of the transaction to enter into the
agreement without penalty or obligation. The property owner is deemed
to have given notice of cancellation at the moment that the property
owner sends the notice by mail or email or at the moment that the
property owner otherwise delivers the notice, as applicable.
(c) Failure to comply with the requirements of either subdivision
(a) or (b) renders the contractual obligations of a property owner
for a contractual assessment entered into pursuant to this chapter
void.
(d) Except as provided in subdivisions (a) and (b), nothing in
this chapter shall be construed to void or otherwise release a
property owner from the contractual obligations incurred by a
contractual assessment on a property.
SEC. 3. Section 5898.15 of the Streets
and Highways Code is amended to read:
5898.15. (a) A public agency shall not permit a property owner to
participate in any program established pursuant to this chapter if
the owner's participation would result in the total amount of any
annual property taxes and assessments exceeding 5 percent of the
property's market value, as determined at the time of approval of the
owner's contractual assessment.
(b) Nothing in this chapter shall be construed to void or
otherwise release a property owner from the contractual obligations
incurred by a contractual assessment on a property, particularly in
the event that the total amount of annual property taxes and
assessments exceeds 5 percent of a property's market value after the
property owner has entered into a contractual assessment pursuant to
this chapter.
(c) This section applies to a property owner who seeks to
participate in a program established pursuant to this chapter for
types of property not subject to the requirements of Sections 5898.16
and 5898.17.
SEC. 3. SEC. 4. Section 5898.16 of
the Streets and Highways Code is amended and renumbered to read:
5898.17. 5898.18. All references to
financing in this chapter shall be deemed to also refer to
refinancing, except that with respect to refinancing, the legislative
body shall conclude that providing the refinancing will result in an
increased adoption of the improvements authorized to be financed by
this chapter. This section does not constitute a change in, but is
declaratory and a clarification of existing law.
SEC. 5. Section 5898.16 is added to the
Streets and Highways Code , to read:
5898.16. (a) A public agency shall not permit a property owner to
participate in any program established pursuant to this chapter if
any of the following apply:
(1) The property owner's participation would result in the total
amount of the annual property taxes and assessments exceeding 5
percent of the property's fair market value, as determined at the
time of approval of the property owner's contractual assessment.
(2) The total mortgage-related debt and contractual
assessment-related debt on the underlying property would exceed the
fair market value of the property, as determined at the time of the
property owner's contractual assessment.
(3) The total mortgage-related debt on the property alone is equal
to 90 percent or greater of the property's fair market value, as
determined at the time of approval of the property owner's
contractual assessment.
(4) The property owner is unable to meet all of the following
criteria:
(A) The property owner shall certify that the property taxes for
the property are current and that there is no more than one late
payment during the previous three years or the period of time during
which the property owner has owned the property, whichever is less.
(B) The property owner shall certify that he or she is not
currently in default on any debt secured by the property and that
there is no more than one late payment during the 12-month period
preceding the time of the property owner's contractual assessment and
that late payment, if any, was submitted no later than 30 days after
the due date.
(C) The property owner has not had any active bankruptcies within
the last seven years. This criterion can be met if a property owner's
bankruptcy was discharged between two and seven years before the
application date and the property owner has not had any mortgage or
nonmortgage payments past due for more than 60 days in the most
recent 24 months.
(D) The property owner does not have an involuntary lien recorded
against the property in excess of one thousand dollars ($1,000).
(b) A public agency shall not permit the property owner to
participate in any program established pursuant to this chapter
unless both of the following requirements are met:
(1) The property owner has been provided with a completed
financing estimate document set forth in Section 5898.17, or a
substantially equivalent document that displays the same information
in a substantially similar format.
(2) The property owner is given the right to cancel the
contractual assessment at any time prior to midnight on the third
business day after the date of the transaction to enter into the
agreement without penalty or obligation, consistent with the
following:
(A) The property owner shall receive two copies of the right to
cancel document set forth below or a substantially similar document
that displays the same information in a substantially similar format.
Right to Cancel
Property Owner: ____________________________
(Owner Full Name), (Phone),
________
(Email)
Property Address: ____________________
(Property Address)
Your Right to Cancel:
You are entering into a contractual assessment
with __________ for financing that will result
(Provider)
in a lien on the property at _________
(Property
________. You may cancel this transaction,
Address)
without cost, within three business days from
the date on which you signed the contractual
assessment.
If you cancel the transaction:
46 You will not be charged a
cancellation fee; and
46 You will be refunded any money you
have given, excluding application and processing
fees as applicable.
To cancel this transaction, you may submit this
form to __________ in writing at:
(Provider)
Provider: __________
Attn: Right to Cancel Notification
Address: __________
Deadline to Cancel:
If you want to cancel this transaction, you must
submit this form on or before (Insert date).
If you cancel by mail or email, you must send
the notice no later than midnight of the third
business day following the date on which you
signed the contractual assessment. If you send
or deliver your written notice to cancel some
other way, it must be delivered to the above
address no later than the time indicated above.
(B) The property owner is deemed to have given notice of
cancellation at the moment that the property owner sends the notice
by mail or email or at the moment that the property owner otherwise
delivers the notice, as applicable.
(c) Failure to comply with the requirements of subdivision (b)
renders the contractual obligations of a property owner for a
contractual assessment entered into pursuant to this chapter void.
(d) Except as provided in subdivision (b), nothing in this chapter
shall be construed to void or otherwise release a property owner
from the contractual obligations incurred by a contractual assessment
on a property.
(e) This section only applies to a property owner who seeks to
participate in a program established pursuant to this chapter for a
residential property with four or fewer units.
SEC. 4. SEC. 6. Section
5898.16 5898.17 is added to the Streets and
Highways Code, to read:
5898.16. 5898.17. (a)
The disclosure set forth below
below, or a substantially equivalent document that displays the same
information in a substantially similar format, shall be
completed and delivered to a homeowner as soon as
practicable before, and in no event later than when, a homeowner
becomes obligated on an agreement to property owner at
least three business days before the property owner consummates
a voluntary contractual assessment described in this chapter or
a special tax described in Section 53328.1 of the Government Code.
The disclosure shall be provided to the property owner as a pr
inted copy, if requested by the property owner. A sample
of the disclosure set forth below shall be maintained on a public
Internet Web site available to property owners.
(b) This section only applies to disclosure to a property owner
who seeks to participate in a program established pursuant to this
chapter for a residential property with four or fewer units.
Financing Estimate and Disclosure
Notice to Homeowners: The financing arrangement
described below will result in an assessment
Notice to Property Owner: You have the right to
request that a hard copy of this document be
provided to you before and after reviewing and
signing. The financing arrangement described below
will result in an assessment against your property
which will
be collected
which will be collected along with your property
taxes. The
assessment may
taxes. The lien against your property may
jeopardize your ability to sell or refinance your
property unless you repay the underlying debt.
You
may request a subordination of the lien in order
to address complications in your ability to
refinance or sell your property.
There may be cheaper alternative financing
arrangements available from conventional lenders.
arrangements available. You should read and review
the terms
carefully,
the terms carefully, and if necessary, consult
and if necessary, consult with a tax professional
or attorney.
or attorney.
Customer Service Toll-Free telephone number and
email:
In the event you have a consumer complaint,
questions about your financing obligations related
to the contractual assessment or your contractual
rights under the terms of this contract, you can
contact either this toll-free telephone number or
email address provided below and receive a
response within 24 hours or one business day.
Toll-Free telephone number: ___________
Customer service email address: ___________
Products and Costs
Product costs
(including
labor/installation
) $________
Description
1.
2.
3.
Financing Costs
Application fees $________
and costs $________
Prepaid Interest $________
Other Costs $________
Total Amount
Financed
Annual Percentage Rate (APR) ______%
Simple Interest Rate ______%
Total Annual Principal, $______
Interest, and
Administrative Fees
Note: If your property taxes are paid
through an impound account, your lender may
apportion the amount and add it to your monthly
payment.
See ""Other important considerations,'' below
Total Amount you
will have paid
over the life of
the loan $________
Other Costs
Appraisal Fees
Bond related
costs
Annual Administrat
ive fees $________
Estimated closing $________
costs $________
Credit Reporting $________
Fees $________
Recording Fees $________
Total Financing
Costs and Closing
Costs $________
Estimated Cash
(out of pocket)
to close $________
Other Terms
Prepayment fee ( ) Yes ______
Assumable by new ( ) No ( ) Yes
owner ( ) No ______
Additional Information About Th i e s
e Financing
Comparisons (Use this information to compare to
other financing options)
------------------
$________ Principal you will
have paid off.
$________ Amount of interest
you have paid.
In 10 years $________ Amount of financing
and other costs
you will have paid.
$________ Total you will have
paid.
------------------
Annual Percentage ______%
Rate
+
--------------------------------
+
Total Interest Paid (as a
percentage of all the payments ______%
you have made)
Estimated market value of home without the
improvement:__________
Estimated market value of home with the
improvement:__________
The estimated market value of your home is derived
using one of the following: 1) an automated
valuation model, which is a computerized property
valuation system that is used to derive a real
property value; 2) a broker's price opinion
conducted by a real estate broker licensed
pursuant to Part 1 (commencing with Section 10000)
of Division 4 of the Business and Professions
Code; or, 3) an appraisal conducted by a state
licensed real estate appraiser licensed pursuant
to Part 3 (commencing with Section 11300) of
Division 4 of the Business and Professions Code.
Other Important Considerations
Assumption by New ( ) Yes - Allowed
Buyer on original terms
( ) No - Not
Allowed on
original terms
I understand that if I refinance my home, my
mortgage company may require me to pay off the
full remaining balance of this obligation, unless
I request that the lien be subordinated to an
existing mortgage. If I sell my home, the buyer or
their mortgage company may require me to pay off
the full remaining balance of this obligation.
If I
sell my home, the buyer or their mortgage company
may require me to pay off the full remaining
balance of this obligation.
_______________
(Borrower
initials)
Monthly Mortgage Payments
Your payments will be added to your property
tax bill. Whether you pay your property taxes
through your mortgage payment, using an impound
account, or if you pay them directly to the tax
collector, you will need to save an estimated
$_______ for your first tax installment. A I
f ter
you
your first payment, if you pay your taxes through
an impound
account you
an impound account, your monthly mortgage payment
should be adjusted by your lender to cover your
should notify your lender, so that your monthly
mortgage payment can be adjusted by your lender to
cover your increased property tax bill.
_______________
(Borrower
initials)
Tax Benefits: Consult your tax advisor regarding
tax credits, credits and deductions, tax
deductibility, and other tax benefits available.
Making an appropriate application for the benefit
is your responsibility.
_______________
(Borrower
initials)
Three Day Right to Cancel
You, the homeowner, may cancel the contract at any
You, the property owner, may cancel the contract
at any time prior to midnight on the third
business day
business day after the date of the transaction to
enter into
enter into the agreement without any penalty or
obligation.
obligation. To cancel this transaction, you may
mail or
mail or deliver a signed and dated copy of the
contract
contract with notice of cancellation to:
___________ (name of business) at
___________ (address)
You may also cancel the contract by sending
notification of cancellation by email to the
following email address: _________________(email
address of business).
_______________
(Borrower initials)
Senior Lien Resulting from This TransactionThis
contractual assessment will result in a senior
lien on your property. A lien occurs when an
assessment, obligation, or claim (debt) is secured
by the value of your property, such as a mortgage.
Once the debt associated with the lien is paid in
full, the lien can be released. If you fail to pay
the debt, a lien permits the foreclosure (sale) of
your property in order to pay the amount owed. If
the property is sold or refinanced, the debt must
generally be paid from the proceeds. If you have
more than one lien on your property, the priority
of liens will determine which debts must be paid
first from the sale proceeds. The lien attached to
your property in connection with assessment has
""senior'' lien status, which means that it has
priority and must be satisfied before any other
private liens, including a mortgage. The existence
of this senior lien may jeopardize your ability to
refinance or sell your property unless the debt is
paid in full or the holder of the lien agrees to
subordinate (allow another lien to take a higher
priority). The foreclosure of a property subject
to a senior lien will terminate all other liens on
the property with a lower priority. A senior lien
may be in conflict with the terms of your mortgage
contract with your lender. It is your
responsibility to ensure that you are authorized
to enter into this transaction.
_______________
(Borrower initials)
Confirmation of Receipt
This confirms the receipt of the information in
this form. You do not have to accept this
financing just because you acknowledge that you
have received or signed this form, and it is NOT a
contract.
__________________________ __________________
(Property Owner Signature - ________
Date) (Property Owner
Signature - Date)