Ellen Corbett
- Democratic
Author
Existing law provides that no deficiency judgment shall lie following a judicial foreclosure with respect to, among other things, a deed of trust or mortgage given to the vendor to secure payment of the balance of the purchase price of real property, or under a deed of trust or mortgage on a dwelling to secure repayment of a purchase money loan which was in fact used to pay all or part of the purchase price of that dwelling. This bill would additionally provide that no deficiency judgment shall lie in any event on any loan, refinance, or other credit transaction that is used to refinance a purchase money loan, as defined, or subsequent refinances of a purchase money loan, except to the extent that the lender or creditor advances new principal which is not applied to any obligation owed or to be owed under the purchase money loan, or to fees, costs, or related expenses of the refinance. The bill would provide, for purposes of these provisions, that any payment of principal for a refinanced purchase money loan would be deemed to be applied first to the principal balance of the purchase money loan, and then to the remaining principal balance, as specified. The bill's provisions would apply to a loan, refinance, or other credit transaction used to refinance a purchase money loan which is executed on or after January 1, 2013.
Chaptered by Secretary of State. Chapter 64, Statutes of 2012.
Approved by the Governor.
Enrolled and presented to the Governor at 4 p.m.
In Senate. Ordered to engrossing and enrolling.
Read third time. Passed. (Ayes 79. Noes 0. Page 5421.) Ordered to the Senate.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 10. Noes 0.) (June 19).
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 39. Noes 0. Page 3638.) Ordered to the Assembly.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 5. Noes 0. Page 3389.) (May 1).
Set for hearing May 1.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on JUD.
From printer. May be acted upon on or after March 15.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB1069 | HTML |
| 02/13/12 - Introduced | |
| 03/15/12 - Amended Senate | |
| 06/26/12 - Enrolled | |
| 07/09/12 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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