October 16, 2012 > Final components of California Homeowner Bill of Rights signed into law
Final components of California Homeowner Bill of Rights signed into law
Submitted By the Office of the state Attorney General
Attorney General Kamala D. Harris announced on September 25, 2012 that Governor Jerry Brown signed into law the final parts of the California Homeowner Bill of Rights.
The Governor signed the following:
Senate Bill 1474 by Senator Loni Hancock, D-Berkeley, which gives the Attorney General's office the ability to use a statewide grand jury to investigate and indict the perpetrators of financial crimes involving victims in multiple counties.
Assembly Bill 1950, by Assemblymember Mike Davis, D-Los Angeles, which extends the statute of limitations for prosecuting mortgage related crimes from one year to three years, giving the Department of Justice and local District Attorneys the time needed to investigate and prosecute complex mortgage fraud crimes.
Assembly Bill 2610 by Assemblymember Nancy Skinner, D-Berkeley, which requires purchasers of foreclosed homes to give tenants at least 90 days before starting eviction proceedings. If the tenant has a fixed-term lease, the new owner must honor the lease unless the owner demonstrates that certain exceptions intended to prevent fraudulent leases apply.
Previously signed into law were three other components of the Homeowner Bill of Rights. Assembly Bill 2314, by Assemblymember Wilmer Carter (D-Rialto), provides additional tools to local governments and receivers to fight blight caused by multiple vacant homes in neighborhoods.
Two additional bills, which came out of a two-house conference committee, provide protections for borrowers and struggling homeowners, including a restriction on dual-track foreclosures, where a lender forecloses on a borrower despite being in discussions over a loan modification to save the home. The bills also guarantee struggling homeowners a single point of contact at their lender with knowledge of their loan and direct access to decision makers.
All aspects of the California Homeowner Bill of Rights will take effect on January 1, 2013.
For more information, visit http://oag.ca.gov