Mike Davis
- Democratic
Author
Existing law requires applicants for adjustable rate loans to be provided a specified disclosure notice. Existing law requires written notice to be provided at least 90 days prior to the date of the final payment on a balloon payment loan, as defined, that is secured by a deed of trust or mortgage on real property containing one to 4 residential units. This bill would prohibit balloon payments from being included in the terms of an adjustable rate loan, as defined, for real property containing one to 4 residential units secured by a mortgage or deed of trust on real property.
Died pursuant to Art. IV, Sec. 10(c) of the Constitution.
From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
In committee: Set first hearing. Failed passage. Reconsideration granted.
From printer. May be heard in committee March 17.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB406 | HTML |
| 02/14/11 - Introduced |
| Document | Format |
|---|---|
| No related documents. |
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