AB1482 - California Tenant Protection Act of 2019 AB1482 - California Tenant Protection Act of 2019 became effective January 1, 2020 and expires on January 1, 2030. This Measure imposes limits on rent increases, requires specific notices to residential tenants, and controls the eviction process.
AB1864 - Financial institutions: regulation: Department of Financial Protection and Innovation
AB1864 became effective January 1, 2021 and was published by the Secretary of State on September 29, 2020. AB1864 renames the Department of Business Oversight (DBO) to the Department of Financial Protection and Innovation (DFPI). This Measure added the California Consumer Financial Protection Law (CCFPL), subject to regulation and enforcement by the DFPI.
The CCFPL closely tracks the Federal Consumer Financial Protection Act of 2010 (CFPA). As of January 1, 2021, the DFPI will gain the authority to regulate and enforce California law. This Measure also makes reference to commercial/business purpose financial products, defined in Financial Code Section 22800(d)(1) as being included within the regulatory and enforcement responsibilities of the CCFPL.
The stated goal of AB1864 is to remedy the “…financial victimization of economically vulnerable consumers.” This Measure includes the requirement of persons/entities engaging in defined financial services to register under the CCFPL. The registration provisions do not apply to licensees, charterees, and certain certificated or permitted persons/entities whose financial status is currently administered or regulated by the DFPI.
SB1079 - Residential 1 to 4 Properties Non-Judicial Foreclosures
SB1079 became effective January 1, 2021 and remains effective until January 1, 2026. The measure modifies non-judicial foreclosure procedure with the aim to benefit tenant occupants, new primary residence occupants, non-profits, government entities, agencies, and districts. It does not address tenant rent defaults, but merely adds preferential rights for tenant occupants and others identified in the non-judicial foreclosure procedure as “eligible bidders”. Through this Measure, new risks are created for lenders funding loans secured by 1 to 4 units whether by institutional or licensed lenders, or through private equity capital obtained from private investors/lenders by mortgage brokers or Wall Street securitization.
SB1148 - Mortgages and Deeds of Trust Non-Judicial Foreclosures
SB1148 was published by the Secretary of State, Chapter 41 on 9/30/2020 and alters the responsibilities of foreclosure trustees when publishing Notices of Trustees Sales in non-judicial foreclosures of 1-4 residential units. Historically, Notices of Default are not typically published. This Measure prohibits courts from charging a filing fee for a declaration by foreclosure trustees of non-monetary status. This declaration is sought when trustees are parties to foreclosures solely by virtue of their status to perform the procedural law authorized by the California Civil Code.
OCTOBER 19TH 2016
Jamie will be speaking at the Sacramento County Bar Association Luncheon.
Click here for info
SEPTEMBER 2015
What is a lender's loan policy of title insurance?
EFFECTIVE JAN 10th 2014
Loan servicing amendments to the final rules under the 2013
Real Estate Settlement Procedures act take effect Jan 10th 2014.
EFFECTIVE JAN 31st 2014
Under the Regulatory Reform Rules, a final rule prohibiting federal assistance to swap entities will be implemented.
EFFECTIVE JAN 1st 2012
New Business And Professional Code Section 10236.7, requires the broker to know the correct provision of the Business and Professions Code, or Coporations Code, pursuant to which the loan was qualified or exepmted from qualification under the California Corproate Secrurities Law.