Bill Text: CA SB474 | 2015-2016 | Regular Session | Introduced

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

---

Bill Title: Auctions.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2015-09-28 - Chaptered by Secretary of State. Chapter 354, Statutes of 2015. [SB474 Detail]

Download: California-2015-SB474-Introduced.html

---

BILL NUMBER: SB 474	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Wieckowski

                        FEBRUARY 26, 2015

   An act relating to auctions.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 474, as introduced, Wieckowski. Auctions.
   Existing law regulates the activities of auctioneers and auction
companies and, on and after July 1, 2015, with respect to an auction
that includes the sale of real property, prohibits a person from
causing or allowing any person to bid at a sale for the sole purpose
of increasing the bid on any real property being sold by the
auctioneer. Existing law excepts from the application of these
provisions a credit bid made by a creditor with a security interest
in the property that is the subject of auction when the credit bid
can result in the transfer of title to property to the creditor.
   This bill would express the intent of the Legislature to enact
legislation that would define the term "credit bid" as that term
applies to auctions.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated 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 define the term "credit bid" as that term
applies to auctions.