Mike Morrell
- Republican
Author
Existing state law regulates reverse mortgages and defines a reverse mortgage to mean a nonrecourse loan secured by real property if the loan provides cash advances to a borrower based on the equity or the value in a borrower's owner-occupied principal residence, the loan requires no payment of principal or interest until the entire loan becomes due and payable, and the loan is made by a specified licensed or chartered lender. Existing law prohibits a mortgage servicer, upon notification that a borrower has died by a person claiming to be a successor in interest, from recording a notice of default until the mortgage servicer gives an opportunity for the claimant to show that he or she is a successor in interest, as specified. Existing law requires a mortgage servicer, within 10 days of a claimant being deemed a successor in interest, to provide the successor in interest with information about the loan, as specified. Existing law also requires a mortgage servicer to allow a successor in interest to assume the deceased borrower's loan or to apply for foreclosure prevention alternatives on an assumable loan, as specified. Existing law provides other protections for these successors in interest and deems a mortgage servicer, mortgagee, or beneficiary of the deed of trust, or an agent thereof, to be in compliance with the above-described provisions if they comply with specified federal laws. Existing law makes these provisions inoperative on January 1, 2020. This bill would make those provisions inapplicable to reverse mortgages, as defined, and would delete certain obsolete references.
Approved by the Governor.
Chaptered by Secretary of State. Chapter 136, Statutes of 2018.
Enrolled and presented to the Governor at 3:30 p.m.
In Senate. Ordered to engrossing and enrolling.
Read third time. Passed. (Ayes 77. Noes 0. Page 6066.) Ordered to the Senate.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 10. Noes 0.) (June 26).
From committee: Do pass and re-refer to Com. on JUD. with recommendation: To consent calendar. (Ayes 11. Noes 0.) (June 18). Re-referred to Com. on JUD.
Read third time. Passed. (Ayes 38. Noes 0. Page 5011.) Ordered to the Assembly.
In Assembly. Read first time. Held at Desk.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 7. Noes 0. Page 4915.) (May 1).
Set for hearing May 1.
From committee: Do pass and re-refer to Com. on JUD. with recommendation: To consent calendar. (Ayes 7. Noes 0. Page 4532.) (April 4). Re-referred to Com. on JUD.
Set for hearing April 4.
Withdrawn from committee.
Referred to Coms. on I., B. & F.I. and JUD.
From printer. May be acted upon on or after March 18.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB1183 | HTML |
| 02/15/18 - Introduced | |
| 07/05/18 - Enrolled | |
| 07/18/18 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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