Mike Feuer
- Democratic
Author
Existing law defines and regulates reverse mortgage loans and provides a disclosure notice that a lender must provide an applicant, which informs the applicant that a reverse mortgage is a complex financial arrangement and advises the applicant of the wisdom of seeking financial counseling before entering the agreement. Existing law prohibits a lender from referring a borrower to anyone for the purchase of an annuity. Existing law requires a lender to refer a prospective borrower to a housing counseling agency for counseling, as specified, prior to accepting a final and complete application for a reverse mortgage or assessing any fees. This bill would enact the Reverse Mortgage Elder Protection Act of 2009. The bill would prohibit a lender or any other person who participates in the origination of the mortgage from participating in, being associated with, or employing any party that participates in or is associated with any other financial or insurance activity, as provided, except as specified. This bill would also prohibit a lender or any other person who participates in the origination of the mortgage from referring a prospective borrower to anyone for the purchase of other financial or insurance products, except as specified. The bill would require the lender to provide the prospective borrower with a list of not fewer than 10 nonprofit counseling agencies in the state that have been approved by the United States Department of Housing and Urban Development for counseling, as provided. The bill would require a lender to provide a borrower with a checklist specifying issues the borrower should discuss with a reverse mortgage counselor or, if the borrower seeks counseling prior to requesting a reverse mortgage loan application, the bill would require a mortgage counselor to provide the checklist. The bill would require that the checklist be signed by the counselor, if the counseling is done in person, and the prospective borrower, with a copy provided to the borrower. The bill would prohibit approval of the loan application until the signed checklist is provided to the lender.
Chaptered by Secretary of State - Chapter 236, Statutes of 2009.
Approved by the Governor.
Enrolled and to the Governor at 7 p.m.
Senate amendments concurred in. To enrollment. (Ayes 72. Noes 2. Page 2975.)
Assembly Rule 77 suspended. (Page 2970.)
In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 4 pursuant to Assembly Rule 77.
Read third time, passed, and to Assembly. (Ayes 28. Noes 7. Page 2064.)
Read second time. To third reading.
Read third time, amended. To second reading.
Read second time. To third reading.
Withdrawn from committee. Ordered placed on second reading file.
From committee: Do pass, and re-refer to Com. on JUD. Re-referred. (Ayes 9. Noes 2.) (June 17).
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B., F. & I.
Read third time, passed, and to Senate. (Ayes 68. Noes 2. Page 1459.)
In Senate. Read first time. To Com. on RLS. for assignment.
Read second time. To third reading.
Read second time and amended. Ordered returned to second reading.
From committee: Amend, and do pass as amended. (Ayes 9. Noes 0.) (May 4).
Read second time and amended.
From committee: Amend, do pass as amended, and re-refer to Com. on B. & F. (Ayes 7. Noes 2.) (April 21).
From committee chair, with author's amendments: Amend, and re-refer to Com. on JUD. Read second time and amended.
In committee: Hearing postponed by committee.
From committee chair, with author's amendments: Amend, and re-refer to Com. on JUD. Read second time and amended.
In committee: Hearing postponed by committee.
From printer. May be heard in committee March 21.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB329 | HTML |
| 02/18/09 - Introduced | |
| 04/13/09 - Amended Assembly | |
| 04/16/09 - Amended Assembly | |
| 04/29/09 - Amended Assembly | |
| 05/07/09 - Amended Assembly | |
| 05/27/09 - Amended Senate | |
| 07/23/09 - Amended Senate | |
| 09/09/09 - Enrolled | |
| 10/11/09 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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