Evan Low
- Democratic
- Assemblymember
- District 26
Author
Existing law defines and regulates mortgages, including recording notices of default and applications for loan modification. The California Consumer Financial Protection Law requires the Department of Financial Protection and Innovation to regulate the offering and provision of consumer financial products or services under California consumer financial laws and to exercise nonexclusive oversight and enforcement authority under California consumer financial laws. This bill would require a conventional home mortgage loan originated on or after January 1, 2027, and secured by owner-occupied residential real property containing 4 or fewer dwelling units with multiple borrowers to include provisions to allow for any of the existing borrowers to purchase the property interest of another borrower on the loan by assuming the seller's portion of the mortgage under specified circumstances if the assuming borrower qualifies for the underlying loan, as determined by the lender.
Approved by the Governor.
Chaptered by Secretary of State - Chapter 431, 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.
From committee: Do pass. (Ayes 7. Noes 0.) (August 5).
From committee: Do pass and re-refer to Com. on APPR with recommendation: To Consent Calendar. (Ayes 11. Noes 0.) (June 25). Re-referred to Com. on APPR.
From committee: Do pass and re-refer to Com. on JUD. (Ayes 6. Noes 0.) (June 19). Re-referred to Com. on JUD.
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 68. Noes 0. Page 4919.)
Read second time. Ordered to Consent Calendar.
From committee: Do pass. To Consent Calendar. (Ayes 12. Noes 0.) (April 16).
From committee chair, with author's amendments: Amend, and re-refer to Com. on JUD. Read second time and amended.
From committee chair, with author's amendments: Amend, and re-refer to Com. on JUD. Read second time and amended.
From printer. May be heard in committee March 18.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB3100 | HTML |
| 02/16/24 - Introduced | |
| 03/21/24 - Amended Assembly | |
| 04/11/24 - Amended Assembly | |
| 06/06/24 - Amended Senate | |
| 08/29/24 - Enrolled | |
| 09/22/24 - Chaptered |
| Document | Format |
|---|---|
| 04/12/24- Assembly Judiciary | |
| 06/17/24- Senate Banking and Financial Institutions | |
| 06/23/24- Senate Judiciary | |
| 08/02/24- Senate Appropriations | |
| 08/07/24- Sen. Floor Analyses | |
| 08/27/24- ASSEMBLY FLOOR ANALYSIS |
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