Bill Text: CA AB2376 | 2017-2018 | Regular Session | Introduced

California Assembly Bill 2376 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: Civil actions: provisional remedies: injunctions.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2018-09-10 - Chaptered by Secretary of State - Chapter 319, Statutes of 2018. [AB2376 Detail]

Download: California-2017-AB2376-Introduced.html

CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill

No. 2376

Introduced by Assembly Member Mark Stone

February 14, 2018

An act relating to mortgage loan modification.

LEGISLATIVE COUNSEL'S DIGEST

AB 2376, as introduced, Mark Stone. Mortgage loan modification: services: fees.

Existing state and federal laws regulate financial institutions and mortgage lending. Existing state law prescribes various requirements that must be satisfied prior to exercising a power of sale under a mortgage or deed of trust. Existing law requires any person who negotiates or offers to negotiate a residential mortgage loan modification for a fee paid by the borrower to provide a specified statement to the borrower prior to entering into a fee agreement.

This bill would state the intent of the Legislature to enact legislation that would clarify the application of law that prohibits the charging of advance fees by any individual or business that helps or offers to help a borrower obtain a loan modification or other form of mortgage loan forbearance or forgiveness from the institution servicing the borrower’s residential mortgage loan.

Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO

The people of the State of California do enact as follows:

SECTION 1.

It is the intent of the Legislature to enact legislation that would clarify the application of existing law that prohibits the charging of advance fees by any individual or business that helps or offers to help a borrower obtain a loan modification or other form of mortgage loan forbearance or forgiveness from the institution servicing the borrower’s residential mortgage loan.