Special Alert Update: Portions of California’s “Homeowner Bill of Rights” Signed Into Law

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As an update to a development we reported last week, on July 11, California Governor Jerry Brown signed into law two bills that form part of the state’s propsoed “Homeowner Bill of Rights.” Effective January 1, 2013, the two substantively identical bills will (i) codify a number of protections similar to those contained in the Multistate Servicer Settlement between 49 state attorneys general, the Federal Government, and the nation’s five largest mortgage servicers announced on February 9 (“the Settlement”), (ii) amend the mechanics of California’s foreclosure processes, and (iii) provide borrowers with new private rights of action. Several other parts of the Bill of Rights remain pending, as described in a fact sheet prepared by the California Attorney General.

 

Published In: Administrative Agency Updates, Consumer Protection Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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