Relating to methods to avoid foreclosure; declaring an emergency.
Catchline/Summary:
Requires creditor not later than 45 days before commencing action to foreclose mortgage or not later than 120 days before foreclosing trust deed to provide notice to borrower and to Department of Consumer and Business Services. Requires creditor not later than 45 days before commencing action to foreclose mortgage or not later than 120 days before foreclosing trust deed to provide notice to borrower and to Department of Consumer and Business Services. Prescribes contents of notice and method of delivery. Requires creditor to provide notice in English language and language that borrower primarily speaks or reads.
Requires department to contact creditor and borrower to obtain information related to loan subject to foreclosure and to evaluate whether certain measures may enable borrower to avoid foreclosure. Authorizes department to delay by 30 days date on which creditor may commence action to foreclose mortgage or trust deed.
Provides that court shall dismiss action to foreclose mortgage that creditor commences in advance of date specified in department's notice and that court may sanction creditor if warranted.
Authorizes borrower to commence action for damages and department to assess civil penalty in amount not more than $25,000 if creditor forecloses trust deed in advance of date specified in department's notice.
Sunsets on date of convening of next regular biennial legislative session.
Declares emergency, effective on passage.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
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