Jose Medina
- Democratic
Author
Existing state and federal law regulate the activities of financial institutions. Existing state law regulates reverse mortgage loans and requires a lender to refer a prospective borrower to a housing counseling agency, as specified, and prohibits a lender from accepting a final and complete application for a reverse mortgage loan or assessing any fees without receiving certification, as specified, that the borrower has received loan counseling. Existing law prohibits a lender from taking a reverse mortgage application before having provided an applicant a specified disclosure notice and written checklist. This bill would prohibit a lender from taking a reverse mortgage application or assessing any fees until 7 days from the date of loan counseling, as specified. The bill would make specified changes to the disclosure notice. The bill would delete the requirement that the lender provide a written checklist and would, instead, prohibit a lender from taking a reverse mortgage application unless the applicant has received from the lender a specified reverse mortgage worksheet guide. The bill would require that the reverse mortgage worksheet guide contain certain issues that the borrower is advised to consider and discuss with the counselor. The bill would require the counselor and the prospective borrower to sign the reverse mortgage worksheet guide, as specified.
Chaptered by Secretary of State - Chapter 854, Statutes of 2014.
Approved by the Governor.
Enrolled and presented to the Governor at 3 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 77. Noes 1. Page 6098.).
Read third time. Passed. Ordered to the Assembly. (Ayes 35. Noes 0. Page 4466.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 15 pursuant to Assembly Rule 77.
Read second time. Ordered to third reading.
Read third time and amended. Ordered to second reading.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 6. Noes 0.) (June 17).
Read second time and amended. Re-referred to Com. on JUD.
From committee: Do pass as amended and re-refer to Com. on JUD. (Ayes 7. Noes 0.) (June 4).
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 73. Noes 1. Page 4595.)
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 11. Noes 1.) (April 21).
From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
From printer. May be heard in committee March 16.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB1700 | HTML |
| 02/13/14 - Introduced | |
| 04/09/14 - Amended Assembly | |
| 06/10/14 - Amended Senate | |
| 08/07/14 - Amended Senate | |
| 08/20/14 - Enrolled | |
| 09/30/14 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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