California · Military and Veterans Code - MVC

MVC §987.655: For a mobilehome which is to be sited in a mobilehome park as defined in Section 18214 of the Health and Safety Code, the department shall charge a rate of interest higher than that which is charged t

What this law says, in plain English

The department must charge a higher interest rate for mobilehomes being placed in mobilehome parks, as defined in the Health and Safety Code.

Read the full statutory text

For a mobilehome which is to be sited in a mobilehome park as defined in Section 18214 of the Health and Safety Code, the department shall charge a rate of interest higher than that which is charged to purchasers of conventional housing or of a mobilehome sited on a lot owned by the purchaser. The interest rate shall be set by the department to balance lending risk while maintaining a rate at or below the market rate for a mobilehome in a park.

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