Cal. Code Regs. tit. 2 § 561.2

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 561.2 - Definitions

"Annuitant" means a person who receives an allowance from the System.

"Board" means the Board of Administration of the System as set forth in Section 20021 of the Government Code.

"Correspondent" means a lending institution which meets the System's minimum standards for appointment for mortgage loan correspondents, which may be changed from time to time, and such lending institution has entered into a correspondent's agreement with the System which is still valid at the time of origination of the loan.

"Home" means a single-family dwelling, two-family dwelling, three-family dwelling, four-family dwelling, single-family cooperative apartment, and single-family condominium within the state which the borrower intends to make his or her permanent and principal residence. "Home" does not include duplexes or other multi-unit equity interests or living units forming a part of any commercial activity.

"Loan" means a loan secured by a first note and deed of trust on a home to a borrower pursuant to the provisions of these regulations.

"Member" means a person within the provisions of section 20200(b) of the Government Code.

"Officers" means members of the Board of Administration of the California Public Employees' Retirement System, and its designees.

"Principal residence" means the home that the borrower intends to occupy as permanent and principal residence for the term of the loan. It does not include a purchase for speculative, temporary, interim, or second home purposes.

"System" means the Public Employees' Retirement System, as set forth in section 20058 of the Government Code.

Cal. Code Regs. Tit. 2, § 561.2

1. Amendment adding new definition of "Officers" and amendment of NOTE filed 6-20-2002; operative 7-20-2002 (Register 2002, No. 25).
2. Amendment of definitions of "Correspondent," "Currently employed member" and "Home" filed 11-18-2004; operative 12-18-2004 (Register 2004, No. 47).
3. Amendment filed 12-21-2010; operative 1-20-2011 (Register 2010, No. 52).

Note: Authority cited: Sections 20120, 20121, 20200 and 20201, Government Code. Reference: Sections 20002, 20021, 20200 and 20201, Government Code.

1. Amendment adding new definition of "Officers" and amendment of Note filed 6-20-2002; operative 7-20-2002 (Register 2002, No. 25).
2. Amendment of definitions of "Correspondent," "Currently employed member" and "Home" filed 11-18-2004; operative 12-18-2004 (Register 2004, No. 47).
3. Amendment filed 12-21-2010; operative 1-20-2011 (Register 2010, No. 52).