Hannah-Beth Jackson
- Democratic
Author
Existing law requires a supervised financial organization that negotiates primarily in Spanish, Chinese, Tagalog, Vietnamese, or Korean, whether orally or in writing, in the course of entering into a contract or agreement for a loan or extension of credit secured by residential real property, to deliver to the other party to that contract or agreement before execution of the contract or agreement, a specific form, created by the Department of Business Oversight, in each of these languages for use by a supervised financial organization to summarize the terms of a mortgage loan. Existing law authorizes the department, in creating the form, to use a specific federal disclosure form from the United States Department of Housing and Urban Development as guidance. This bill would also require a supervised financial organization that negotiates the modification of any of the terms of a loan or extension of credit secured by residential real property primarily in one of the above languages and that offers a borrower a final loan modification in writing, to deliver to that borrower, at the time the final loan modification offer is made, a specified form summarizing the modified loan terms in the same language as the negotiation. The bill would additionally require delivery of an applicable form or forms for transactions subject to certain federal regulations, and in this regard would authorize the Department of Business Oversight, in making available each of its forms in each of the languages set forth above, to use as guidance 2 additional forms from the Consumer Financial Protection Bureau and 3 additional forms from the Federal National Mortgage Association. The bill would specify that these provisions become operative 90 days following the issuance of the forms by the Department of Business Oversight, but in no instance before January 1, 2019. Under existing law, the California Residential Mortgage Lending Act, if a licensee that is required to make an audit fails to do so, the Commissioner of Business Oversight is authorized to have the audit made by an independent certified public accountant at the licensee's expense. Existing law authorizes the commissioner to summarily revoke the license of a licensee who fails to file a certified financial statement prepared by an independent certified public accountant, as specified. This bill would specify that, if, after a revocation order is made, a request for hearing is filed in writing and a hearing is not held within a specified period of time, the order would be deemed rescinded as of its effective date. The bill would prohibit a licensee, during the revocation period, from conducting business, except as specified. The bill would provide that the revocation of a license does not affect the powers of the commissioner pursuant to the act.
Chaptered by Secretary of State. Chapter 356, Statutes of 2018.
Approved by the Governor.
Enrolled and presented to the Governor at 3:30 p.m.
In Senate. Ordered to engrossing and enrolling.
Read third time. Passed. (Ayes 76. Noes 0. Page 6312.) Ordered to the Senate.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 17. Noes 0.) (August 8).
From committee: Do pass and re-refer to Com. on APPR. (Ayes 10. Noes 0.) (June 26). Re-referred to Com. on APPR.
From committee: Do pass and re-refer to Com. on P. & C.P. with recommendation: To consent calendar. (Ayes 11. Noes 0.) (June 18). Re-referred to Com. on P. & C.P.
Referred to Coms. on B. & F. and P. & C.P.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 39. Noes 0. Page 4219.) Ordered to the Assembly.
Read second time. Ordered to third reading.
From committee: Be ordered to second reading pursuant to Senate Rule 28.8.
Set for hearing May 14.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 7. Noes 0. Page 4815.) (April 24).
Set for hearing April 24.
From committee: Do pass and re-refer to Com. on JUD. (Ayes 7. Noes 0. Page 4745.) (April 18). Re-referred to Com. on JUD.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.
Set for hearing April 18.
April 4 set for first hearing canceled at the request of author.
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 |
|---|---|
| SB1201 | HTML |
| 02/15/18 - Introduced | |
| 04/09/18 - Amended Senate | |
| 04/30/18 - Amended Senate | |
| 08/20/18 - Enrolled | |
| 09/11/18 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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