Pilar Schiavo
- Democratic
- Assemblymember
- District 40
Author
Existing law imposes various requirements to be satisfied before exercising a power of sale under a mortgage or deed of trust, including recording a notice of default, providing a mortgagor or trustor a copy of the recorded notice of default, providing notice of the time and place scheduled for the public auction sale of the real property and other notices related to the sale, determining the fees and expenses that may be paid from the sale, determining who may conduct the sale and act in the sale as an auctioneer for the trustee, determining the time and place where the auction sale may occur, and specifying how bids may be made and accepted at the auction sale. This bill would require a notice be provided by and to specified parties that a third party, such as a family member, HUD-certified housing counselor, or attorney, may record a request to receive copies of any notice of default and notice of sale at specified times in the loan and foreclosure process and that receiving a copy of these documents may allow the third party to assist the borrower in avoiding foreclosure, as specified. This bill would prohibit a foreclosure sale until the expiration of 45 days if the trustee receives, at least 5 business days before the scheduled date of sale, from the mortgagor or trustor a listing agreement for the sale of the property subject to the power of sale, as specified. If a scheduled date of sale has been postponed pursuant to that provision and the trustee receives, at least 5 business days before the scheduled date of sale, from the mortgagor or trustor a copy of a purchase agreement for the sale of the property, the bill would require the trustee to postpone the scheduled date of sale to a date that is at least 45 days after the date on which the purchase agreement was received by the trustee, as specified. This bill would require the mortgagee, beneficiary, or authorized agent to provide to the trustee the fair market value of the property, as defined, at least 10 days prior to the initially scheduled date of sale, and would prohibit the trustee from selling the property at the initial trustee's sale for less than 67% of the amount of that fair market value of the property. If the property remains unsold after the initial trustee's sale, the bill would require the trustee to postpone the sale for at least 7 days, and would authorize the property to be sold thereafter to the highest bidder, as specified.
Approved by the Governor.
Chaptered by Secretary of State - Chapter 311, Statutes of 2024.
Enrolled and presented to the Governor at 4 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 77. Noes 0.).
Assembly Rule 77 suspended.
Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after August 28 pursuant to Assembly Rule 77.
Read second time. Ordered to third reading.
Read third time and amended. Ordered to second reading.
From Consent Calendar.
Ordered to third reading.
Read second time. Ordered to Consent Calendar.
From committee: Do pass. To Consent Calendar. (Ayes 11. Noes 0.) (July 2).
Read second time and amended. Re-referred to Com. on JUD.
From committee: Amend, and do pass as amended and re-refer to Com. on JUD. (Ayes 6. Noes 0.) (June 19).
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.I.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 71. Noes 0.)
Read second time. Ordered to Consent Calendar.
From committee: Do pass. To Consent Calendar. (Ayes 15. Noes 0.) (May 8).
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 11. Noes 0.) (April 23). Re-referred to Com. on APPR.
Read second time and amended.
From committee: Amend, and do pass as amended and re-refer to Com. on JUD. (Ayes 9. Noes 0.) (April 15).
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 15.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB2424 | HTML |
| 02/13/24 - Introduced | |
| 03/21/24 - Amended Assembly | |
| 04/17/24 - Amended Assembly | |
| 06/10/24 - Amended Senate | |
| 06/24/24 - Amended Senate | |
| 08/12/24 - Amended Senate | |
| 08/29/24 - Enrolled | |
| 09/20/24 - Chaptered |
| Document | Format |
|---|---|
| 04/12/24- Assembly Banking and Finance | |
| 04/19/24- Assembly Judiciary | |
| 05/06/24- Assembly Appropriations | |
| 06/17/24- Senate Banking and Financial Institutions | |
| 06/28/24- Senate Judiciary | |
| 08/07/24- Sen. Floor Analyses | |
| 08/13/24- Sen. Floor Analyses | |
| 08/27/24- ASSEMBLY FLOOR ANALYSIS |
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