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

Mortgage Lending Legislation as of 5/11/2008 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."    Assigned Kevin Gould Position Oppose Priority 1   AB 512 (Lieber ) Contracts: translation.    This bill requires a person in a trade or business who negotiates contracts or agreements primarily in any language other than English to deliver to the other party prior to execution of the contract or agreement, a translation of the contract or agreement in the applicable foreign language.    Assigned Kevin Gould Position Oppose Unless Amended     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.     Assigned Kevin Gould Position Oppose Priority 1   AB 1574 (Houston ) Real property: transfer fees.    This measure requires a seller of residential property to provide an additional disclosure statement that includes the amount of a transfer fee required on a property transfer or the description of how such a fee would be calculated as well as the entities looking to benefit from the transfer fee and the purpose for which the fee would be used.     Assigned Kevin Gould Position Neutral as Amended Priority 2   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.     Assigned Kevin Gould Position Oppose Unless Amended Priority 1   AB 1837 (Garcia ) Consumer loans: subprime and nontraditional loans.    This measure defines subprime and nontraditional loans and seeks to limit the use of prepayment penalties and yield spread premiums.    Assigned Kevin Gould Position Oppose Priority 2   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.     Assigned Kevin Gould Position Support Priority 2   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.    Assigned Kevin Gould Position Neutral as Amended     AB 2187 (Caballero ) Mortgages: foreclosure.    This measure amends two Civil Codes Sections and proposes a new Civil Code Section relating to foreclosure.    Assigned Kevin Gould Position Oppose Unless Amended Priority 1   AB 2359 (Jones ) Loans.    This bill seeks to redefine covered loans.    Assigned Kevin Gould Position Oppose Priority 1   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.    Assigned Kevin Gould Position Oppose Priority 1   AB 2586 (Torrico ) Residential tenancies.    This measure amends and adds numerous provisions to the laws governing landlords and tenants.    Assigned Kevin Gould Position Oppose Priority 1   AB 2740 (Brownley ) Home loans: servicing.    This measure amends the laws governing Residential Mortgage Lenders and loan servicing operations.    Assigned Kevin Gould Position Oppose Priority 2   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.    Assigned Kevin Gould Position Neutral as Amended     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.     Assigned Kevin Gould Position Support Priority 3   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.    Assigned Kevin Gould Position Support Priority 3   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.    Assigned Kevin Gould Position Support Priority 2   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.    Assigned Kevin Gould Position Neutral as Amended     SB 1375 (Corbett ) Mortgages: default.    This measure amends current law related to title and court records searches.    Assigned Kevin Gould Position Support Priority 3   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.    Assigned Kevin Gould Position Support Priority 3   SB 1511 (Ducheny ) Common interest developments: mortgages: successors in interest.    This measure seeks to require three separate notices to an HOA during the foreclosure process.     Assigned Kevin Gould Position Oppose Priority 2   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.     Assigned Kevin Gould Position Support Priority 3