Mike McGuire
- Democratic
- Senator
- District 2
Author
Existing law generally regulates mortgages and mortgage servicers, as defined, including the transfer of servicing a borrower's debt to a subsequent mortgage servicer. Existing law provides that a covenant made by an owner or grantee of land to do or refrain from doing some act on the owner's or grantee's land, which doing or refraining is expressed to be for the benefit of the covenantee, is a covenant that runs with the land granted to the covenantor if specified requirements are met. The California Emergency Services Act establishes the effect of a proclamation of a state of emergency, as defined, or a local emergency, as defined. This bill would require a transferor mortgage servicer servicing a mortgage secured by property, as defined, within the geographic limits of a proclaimed state of emergency or local emergency to deliver to a transferee mortgage servicer any material written records between the borrower and the mortgage servicer relating to the borrower's election to use insurance proceeds to repair or replace property damaged by a disaster for which the state of emergency or local emergency was proclaimed, as specified. The bill would prohibit the transferee mortgage servicer from dishonoring a previous written agreement to repair property made prior to the transfer between the transferor mortgage servicer and the borrower and approved by the owner of the promissory note.
Approved by the Governor.
Chaptered by Secretary of State. Chapter 873, Statutes of 2023.
Enrolled and presented to the Governor at 4 p.m.
Assembly amendments concurred in. (Ayes 40. Noes 0. Page 2477.) Ordered to engrossing and enrolling.
Ordered to special consent calendar.
In Senate. Concurrence in Assembly amendments pending.
Read third time. Passed. (Ayes 75. Noes 0. Page 2830.) Ordered to the Senate.
Ordered to third reading.
From consent calendar on motion of Assembly Member Bryan.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 10. Noes 0.) (July 5).
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 10. Noes 0.) (June 26).
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 40. Noes 0. Page 1408.) Ordered to the Assembly.
Read second time. Ordered to third reading.
Ordered to second reading.
Read third time and amended.
Ordered to third reading.
From consent calendar on motion of Senator McGuire.
Read second time. Ordered to consent calendar.
From committee: Do pass. Ordered to consent calendar. (Ayes 10. Noes 0. Page 1011.) (May 2).
Set for hearing May 2.
From committee: Do pass and re-refer to Com. on JUD. (Ayes 7. Noes 0. Page 830.) (April 19). Re-referred to Com. on JUD.
Set for hearing April 19.
From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
From printer. May be acted upon on or after March 16.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB455 | HTML |
| 02/13/23 - Introduced | |
| 03/20/23 - Amended Senate | |
| 05/25/23 - Amended Senate | |
| 06/28/23 - Amended Assembly | |
| 09/11/23 - Enrolled | |
| 10/13/23 - Chaptered |
| Document | Format |
|---|---|
| 04/17/23- Senate Banking and Financial Institutions | |
| 04/28/23- Senate Judiciary | |
| 05/26/23- Sen. Floor Analyses | |
| 06/23/23- Assembly Banking and Finance | |
| 06/30/23- Assembly Judiciary | |
| 08/09/23- ASSEMBLY FLOOR ANALYSIS | |
| 08/31/23- Sen. Floor Analyses |
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