Cal. Code Regs. tit. 21 § 1491

Current through Register 2024 Notice Reg. No. 49, December 6, 2024

Section 1491 - Monitoring and Noncompliance

(a)Monitoring. All Surplus Residential Properties sold below Fair Market Value at Time of Purchase will be monitored at least annually for the duration of the Use and Resale Restrictions to ensure compliance with the provisions therein. The Department may delegate its duty to monitor in the Use and Resale Restrictions.

(b)Noncompliance. If a buyer of Surplus Residential Property does not comply with Use and Resale Restrictions described in §§ 1481.1, 1483.1, 1484.1, and 1485.1, then the buyer shall pay:

(1) The difference between the price paid by the buyer for the Surplus Residential Property and the Fair Market Value of the property at the time of the Department's determination of noncompliance; and

(2) 6% interest on the amount in (1) for the period of time the Surplus Residential Property has been held by the buyer; and

(3) The interest described in (2) shall be compounded annually.

(c)Use and Resale Restrictions. The Use and Resale Restrictions described in §§ 1481.1, 1483.1, 1484.1, and 1485.1 will contain provisions to enforce (a) and (b).

Cal. Code Regs. Tit. 21, § 1491

1. New section filed 7-26-2016; operative 7-26-2016 pursuant to Government Code section 11343.4(b)(3) (Register 2016, No. 31).
2. Repealer and new section filed 12-13-2021 as an emergency; operative 12-13-2021 (Register 2021, No. 51). Pursuant to Government Code Section 54237.10, this is a statutorily deemed emergency and the emergency language remains in effect until 12-14-2023. A Certificate of Compliance must be transmitted to OAL by 12-13-2023 or emergency language will be repealed by operation of law on the following day.
3. Pursuant to Government Code section 54239.5(e)(3), as added by Senate Bill 959 (Stats. 2022, Ch. 668), a Certificate of Compliance must be transmitted to OAL by 9-30-2024 or language of the emergency order of 12-13-2021 (Register 2021, No. 51) will be repealed by operation of law on the following day (Register 2023, No. 27).

Note: Authority cited: Section 54237, Government Code. Reference: Sections 54236, 54237 and 54238, Government Code.

1. New section filed 7-26-2016; operative 7/26/2016 pursuant to Government Code section 11343.4(b)(3) (Register 2016, No. 31).
2. Repealer and new section filed 12-13-2021 as an emergency; operative 12/13/2021 (Register 2021, No. 51). Pursuant to Government Code Section 54237.10, this is a statutorily deemed emergency and the emergency language remains in effect until 12-14-2023. A Certificate of Compliance must be transmitted to OAL by 12-13-2023 or emergency language will be repealed by operation of law on the following day.