Government Affairs Legal Affairs Grassroots Federal PAC Guide Issue Briefs Current Legislation

CBA Letters as of 5/9/2008 AB 69 (Lieu ) Mortgage lending: reporting.    This measure requires banks and credit unions, among others, to file a monthly report detailing loans they service to the Department of Financial Institutions (DFI). The bill also allows the DFI to request "any other information."    Attachments AB 69 (Lieu) Coalition Opposition Letter   AB 529 (Torrico ) Mortgages: adjustable interest rates: notification.    If the interest rate on a loan is initially fixed and then becomes adjustable and is secured by a property improved by four or fewer residential units, this bill requires the lender providing the loan to inform the borrower of rate reset information.     Attachments AB 529 (Torrico) Coalition Opposition   AB 1830 (Lieu ) High-cost, subprime, and nontraditional loans.    This bill seeks to prohibit certain loan origination practices including prepayment penalties, yield spread premiums, stated income loans, and negative amortization loans.     Attachments AB 1830 (Lieu) Coalition Oppose Unless Amended Letter AB 1830 (Lieu) Coalition Oppose Unless Amended Letter II AB 1830 (Lieu) Coalition Oppose Unless Amended Letter III   AB 1839 (Calderon, Charles ) Sales and use taxes: worthless accounts.    This bill eliminates provisions that exist under current law that give lenders a deduction or refund of the sales or use tax relating to worthless or charged off accounts.     Attachments AB 1839 (Calderon) Coalition Opposition Letter AB 1839 (Calderon) Coalition Opposition Letter II   AB 1848 (Ma ) Income tax: returns: withholding    This bill requires a recipient of income to provide to the person paying the income their social security number or taxpayer identification number. It also requires backup withholding at a rate of 7 percent when payments are subject to such a holding.    Attachments AB 1848 (Ma) Coalition Opposition Letter AB 1848 (Ma) Opposition Letter   AB 1918 (Niello ) Income taxes: principal residence.    This measure seeks full state tax conformity to the federal Mortgage Forgiveness Debt Relief Act of 2007 which seeks to relieve the tax liability imposed on borrowers who are successful at negotiating a short sale.     Attachments AB 1918 (Niello) Support Letter   AB 1956 (Calderon, Charles ) State Board of Equalization: sales and use taxes: tangible personal property: digital property report.    This measure seeks to implement a tax on certain electronic transmissions of information.    Attachments AB 1956 (Calderon) Opposition Letter   AB 2116 (Portantino ) Automobile sales contracts: conditional contracts.    This bill is sponsored by CBA to clarify the ambiguity as a result of the Juarez v. Arcadia Financial, Inc. appellate court decision and provide certainty for borrowers and lenders regarding reinstatement of a motor vehicle conditional sales contract after repossession for non-payment.    Attachments AB 2116 (Portantino) Support Letter   AB 2123 (Lieu ) California Financial Literacy Initiative.    This bill establishes the California Financial Literacy Initiative and attempts to improve financial literacy by offering instructional materials to citizens of California.    Attachments AB 2123 (Lieu) Support Letter   AB 2126 (Horton ) Identity theft.    This bill adds forgery and insurance fraud to the list of offenses where a defendants computer may be subject to forfeiture.     Attachments AB 2126 (Horton) Support Letter AB 2126 (Horton) Support Letter II   AB 2161 (Swanson ) Commissioner of Corporations: consumer complaints.    This bill requires California Finance Lenders and Residential Mortgage Lenders to establish a consumer grievance resolution system.    Attachments AB 2161 (Swanson) Coalition Opposition Letter AB 2161 (Swanson) Coalition Opposition Letter II   AB 2187 (Caballero ) Mortgages: foreclosure.    This measure amends two Civil Codes Sections and proposes a new Civil Code Section relating to foreclosure.    Attachments AB 2187 (Caballero) Coalition Opposition Letter   AB 2359 (Jones ) Loans.    This bill seeks to redefine covered loans.    Attachments AB 2359 (Jones) Opposition Letter AB 2359 (Jones) Assembly Floor Alert   AB 2383 (Ruskin ) Social security numbers.    This bill establishes new SSN security procedures for retail business and seeks to limit the use of an individuals SSN in business practices.     Attachments AB 2383 (Ruskin) Opposition Letter   AB 2460 (Davis ) Redevelopment agencies: affordable housing.    This measure changes the name of Californias Covered Loan Law to Consumer Loans and adds Section 4973.2 to the Financial Code.    Attachments AB 2460 (Davis) Coalition Opposition Letter   AB 2461 (Davis ) State Board of Equalization: property taxation: study.    This bill requires the State Board of Equalization to conduct a study of nonresidential commercial property and the amount of revenue that would have been generated had it been reassessed at its fair market value.    Attachments AB 2461 (Davis) Coalition Opposition Letter   AB 2488 (Houston ) Income and corporation taxes: deductions: depreciation.    This bill allows a taxpayer to take a deduction for depreciation of specified expenditures that reduce greenhouse gas emissions.     Attachments AB 2488 (Houston) Support Letter   AB 2586 (Torrico ) Residential tenancies.    This measure amends and adds numerous provisions to the laws governing landlords and tenants.    Attachments AB 2586 (Torrico) Coalition Opposition Letter   AB 2642 (Niello ) Unclaimed property.    This measure extends the dormancy period on unclaimed property from three years to seven before it is required to escheat to the state.    Attachments AB 2642 (Niello) Support Letter   AB 2716 (Ma ) Employment: paid sick leave.    This measure mandates employers provide payment of sick leave to all employees.    Attachments AB 2716 (Ma) Coalition Opposition Letter   AB 2740 (Brownley ) Home loans: servicing.    This measure amends the laws governing Residential Mortgage Lenders and loan servicing operations.    Attachments AB 2740 (Brownley) Coalition Opposition Letter AB 2740 (Brownley) Coalition Opposition Letter II AB 2740 (Brownley) Opposition Letter   AB 2876 (Lieber ) Postsecondary education: Student Loan Integrity Act.    This bill establishes the Student Loan Integrity Act.    Attachments AB 2876 (Lieber) Opposition Letter   AB 2880 (Wolk ) Mortgage lending.    This bill creates various duties and responsibilities for licensed California Finance Lenders and California Residential Mortgage Lending Act licensed lenders and brokers.    Attachments AB 2880 (Wolk) Coalition Opposition Letter   AB 2918 (Lieber ) Employment: usage of consumer credit reports.    This bill limits the use of a potential employees consumer credit report.    Attachments AB 2918 (Lieber) Oppose Unless Amended Letter   AB 3063 (Committee on Labor and Employment ) Employment: criminal history.    This bill seeks to prohibit an employer from asking a prospective job applicant for information pertaining to a criminal conviction that has been expunged, or from using this information in a hiring decision.    Attachments AB 3063 (Committee on Labor and Employment) Oppose Unless Amended Letter   SB 926 (Perata ) Residential mortgage loans: foreclosure procedures.    Would set forth specified findings and declarations and intent provisions with regard to the above, and would provide that its provisions are severable. This bill contains other related provisions and other existing laws.    Attachments SB 926 (Perata) Coalition Opposition SB 926 (Perata) Coalition Opposition Letter II SB 926 (Perata) Coalition Opposition Letter III   SB 1053 (Machado ) Real estate: brokers and salespersons.    This bill authorizes the Real Estate Commissioner to inspect and examine or audit the business documents and records of a real estate broker or salesperson at any time, without prior notice.     Attachments SB 1053 (Machado) Coalition Support Letter   SB 1054 (Machado ) Real estate: brokers and salespersons.    This bill authorizes the Real Estate Commissioner to censure, suspend, or bar a person from a position of employment, management, or control if it is determined that the action is in the public interest and that the person has committed or caused a violation of the Real Estate Law.    Attachments SB 1054 (Machado) Coalition Support Letter SB 1054 (Machado) Coalition Support Letter II SB 1054 (Machado) Coalition Support Letter III   SB 1055 (Machado ) Taxation: cancellation of indebtedness: mortgage debt forgiveness.    This measure brings Californias personal income tax laws, as they relate to mortgage debt forgiveness, into conformity with federal tax law.    Attachments SB 1055 (Machado) Support Letter SB 1055 (Machado) Senate Floor Alert   SB 1137 (Perata ) Residential mortgage loans: foreclosure procedures.    This is a reintroduction of a previous measure which failed passage, SB 926 (Perata), and it contains several provisions that create substantial compliance challenges and that lead to significant new legal exposure for lenders as they work with borrowers to prevent unnecessary foreclosures.    Attachments SB 1137 (Perata) Coalition Opposition Letter   SB 1319 (Machado ) Unclaimed property: escheat.    This measure imposes significant new burdens on property holders and increases the exposure and amount of civil penalties assessed against property holders.    Attachments SB 1319 (Machado) Coalition Opposition Letter SB 1319 (Machado) Coalition Opposition Letter II   SB 1355 (Corbett ) Postsecondary education: private student loans.    This bill mandates public or private postsecondary educational institutions to distinguish private student loans from federally insured student loans in various communications with student borrowers.     Attachments SB 1355 (Corbett) Oppose Unless Amended Letter   SB 1396 (Cox ) Local government: recording fees.    This measure amends current law to provide additional funding to city and county real estate fraud prevention programs.    Attachments SB 1396 (Cox) Support Letter SB 1396 (Cox) Support Letter II   SB 1421 (Harman ) Trust administration: income and principal.    This bill is sponsored by CBA and promoted by our Trust and Investment Services Committee in an effort to bring clarity to the Probate Code.     Attachments SB 1421 (Harman) Support Letter   SB 1633 (Kuehl ) Dental services: credit.    This bill prohibits dental service providers from engaging in certain practices relating to a customers credit.    Attachments SB 1633 (Kuehl) Oppose Unless Amended Letter   SJR 21 (Machado ) Mortgage loans: conforming loan limit.    Would respectfully memorialize the President and Congress of the United States to enact legislation that would increase the federal conforming loan limit, as specified.     Attachments SJR 21 (Machado) Support Letter