A California borrower wants to pay off their deed of trust but the beneficiary refuses to provide a payoff demand statement. Under California Civil Code §2943, what are the beneficiary's obligations?
Correct Answer
D) The beneficiary must provide a payoff demand statement within 21 days of receiving a written request
Under California Civil Code §2943, the beneficiary must provide a payoff demand statement within 21 days of receiving a written request from the borrower or an authorized agent. Failure to comply may result in liability for damages.
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Related Topics & Key Terms
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Usury is the practice of charging an interest rate that exceeds the maximum rate permitted by state law. Usury laws protect borrowers from excessive interest charges on loans.
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