Includes all politicians who were in office at any point during the 2011-2012 Legislature.

SB 1471 - An Act to Amend Section 2932.5 Of, to Amend and Repeal Section 2924 Of, and to Add Sections 2920.5, 2923.7, 2924.17, and 2924.18 To, the Civil Code, Relating to Mortgages.

Mortgages and deeds of trust: foreclosure. 2011-2012 Legislature. View bill details
Author(s):
Summary:
(1)Existing law prescribes foreclosure procedures, including, among other things, procedures for recording a notice of default, recording a notice of sale, and conducting a foreclosure sale.

This bill would define a mortgage servicer, and would, commencing July 1, 2013, require a mortgage servicer to establish a single point of contact when a borrower on a residential mortgage or deed… More
(1)Existing law prescribes foreclosure procedures, including, among other things, procedures for recording a notice of default, recording a notice of sale, and conducting a foreclosure sale.

This bill would define a mortgage servicer, and would, commencing July 1, 2013, require a mortgage servicer to establish a single point of contact when a borrower on a residential mortgage or deed of trust is 60 or more days delinquent, has had a notice of default recorded, or is seeking a loan modification or other loss mitigation, as specified. The bill would impose various obligations on the single point of contact in connection with loan modification or other loss mitigation options.

(2)Existing law imposes various requirements that must be satisfied prior to exercising a power of sale under a mortgage or deed of trust, including, among other things, recording a notice of default.

This bill would prohibit an entity from recording a notice of default or otherwise initiating foreclosure procedures unless the entity is the actual holder of the beneficial interest under the deed of trust, and would prohibit an entity acting as agent from doing so without specific direction from the actual owner of the beneficial interest under the deed of trust. The bill would authorize a borrower to seek an injunction of a pending trustee’s sale, if a notice of sale has been recorded and the borrower reasonably believes that the mortgagee, trustee, beneficiary, or authorized agent failed to comply with specified requirements. The bill would authorize the greater of actual damages or $10,000 in statutory damages if there is a failure to comply with specified requirements by the mortgagee, trustee, beneficiary, or authorized agent and the property is sold at a foreclosure sale. The bill would authorize the greater of treble damages or $50,000 in statutory damages if the failure to comply is found to be intentional or reckless or resulted from willful misconduct, as specified.

(3)Existing law authorizes the recording by the county recorder of various documents.

This bill would provide that a document that contains factual assertions that are not accurate, are incomplete, or are unsupported by competent, reliable evidence, or a document that has not been reviewed by its signer to substantiate the factual assertions contained in the document is a robosigned document. The bill would provide that any entity that records a robosigned document, or files a robosigned document in a court relative to a foreclosure proceeding is liable for a civil penalty of $10,000 for each robosigned document. The bill would authorize specified governmental entities to enforce the civil penalty, and would authorize the Department of Real Estate, the Department of Corporations, and the Department of Financial Institutions to enforce the civil penalty provisions against their respective licensees.(4)Existing law provides that where the power to sell real property is given to a mortgagee or other encumbrancer, in an instrument intended to secure the payment of money, the power is part of the security and vests with any person who by assignment becomes entitled to payment of the money.This bill would expand these provisions to include a power to sell real property given to a trustee or a beneficiary of a deed of trust in an instrument intended to secure the payment of money.(5)The bill would repeal duplicate provisions of law. Hide
 
Status:
The bill has been introduced. 
There have been no votes on this bill.

An Act to Amend Section 2932.5 Of, to Amend and Repeal Section 2924 Of, and to Add Sections 2920.5, 2923.7, 2924.17, and 2924.18 To, the Civil Code, Relating to Mortgages.

SB 1471 — 2011-2012 Legislature

Summary
(1)Existing law prescribes foreclosure procedures, including, among other things, procedures for recording a notice of default, recording a notice of sale, and conducting a foreclosure sale.

This bill would define a mortgage servicer, and would, commencing July 1, 2013, require a mortgage servicer to establish a single point of contact when a borrower on a residential mortgage or deed of trust is 60 or more days delinquent, has had a notice of default recorded, or is seeking a loan modification or other loss mitigation, as specified. The bill would impose various obligations on the single point of contact in connection with loan modification or other loss mitigation options.

(2)Existing law imposes various requirements that must be satisfied prior to exercising a power of sale under a mortgage or deed of trust, including, among other things, recording a notice of default.

This bill would prohibit an entity from recording a notice of default or otherwise initiating foreclosure procedures unless the entity is the actual holder of the beneficial interest under the deed of trust, and would prohibit an entity acting as agent from doing so without… More
(1)Existing law prescribes foreclosure procedures, including, among other things, procedures for recording a notice of default, recording a notice of sale, and conducting a foreclosure sale.

This bill would define a mortgage servicer, and would, commencing July 1, 2013, require a mortgage servicer to establish a single point of contact when a borrower on a residential mortgage or deed of trust is 60 or more days delinquent, has had a notice of default recorded, or is seeking a loan modification or other loss mitigation, as specified. The bill would impose various obligations on the single point of contact in connection with loan modification or other loss mitigation options.

(2)Existing law imposes various requirements that must be satisfied prior to exercising a power of sale under a mortgage or deed of trust, including, among other things, recording a notice of default.

This bill would prohibit an entity from recording a notice of default or otherwise initiating foreclosure procedures unless the entity is the actual holder of the beneficial interest under the deed of trust, and would prohibit an entity acting as agent from doing so without specific direction from the actual owner of the beneficial interest under the deed of trust. The bill would authorize a borrower to seek an injunction of a pending trustee’s sale, if a notice of sale has been recorded and the borrower reasonably believes that the mortgagee, trustee, beneficiary, or authorized agent failed to comply with specified requirements. The bill would authorize the greater of actual damages or $10,000 in statutory damages if there is a failure to comply with specified requirements by the mortgagee, trustee, beneficiary, or authorized agent and the property is sold at a foreclosure sale. The bill would authorize the greater of treble damages or $50,000 in statutory damages if the failure to comply is found to be intentional or reckless or resulted from willful misconduct, as specified.

(3)Existing law authorizes the recording by the county recorder of various documents.

This bill would provide that a document that contains factual assertions that are not accurate, are incomplete, or are unsupported by competent, reliable evidence, or a document that has not been reviewed by its signer to substantiate the factual assertions contained in the document is a robosigned document. The bill would provide that any entity that records a robosigned document, or files a robosigned document in a court relative to a foreclosure proceeding is liable for a civil penalty of $10,000 for each robosigned document. The bill would authorize specified governmental entities to enforce the civil penalty, and would authorize the Department of Real Estate, the Department of Corporations, and the Department of Financial Institutions to enforce the civil penalty provisions against their respective licensees.(4)Existing law provides that where the power to sell real property is given to a mortgagee or other encumbrancer, in an instrument intended to secure the payment of money, the power is part of the security and vests with any person who by assignment becomes entitled to payment of the money.This bill would expand these provisions to include a power to sell real property given to a trustee or a beneficiary of a deed of trust in an instrument intended to secure the payment of money.(5)The bill would repeal duplicate provisions of law. Hide
Learn More
At LegInfo.ca.gov
Title
An Act to Amend Section 2932.5 Of, to Amend and Repeal Section 2924 Of, and to Add Sections 2920.5, 2923.7, 2924.17, and 2924.18 To, the Civil Code, Relating to Mortgages.
Author(s)
Mark DeSaulnier, Fran Pavley
Co-Authors
Subjects
  • Mortgages and deeds of trust: foreclosure
Major Actions
Introduced2/24/2012
Referred to Committee
Bill History

There have been no votes on this bill.

ActionDateDescription
Introduced2/24/2012
2/24/2012Introduced. To Com. on RLS. for assignment. To print.
2/25/2012From printer. May be acted upon on or after March 26.
2/27/2012Read first time.
3/22/2012Referred to Com. on RLS.
3/29/2012From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.
4/09/2012Re-referred to Coms. on B. & F.I. and JUD.
4/10/2012From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.I.
4/11/2012Set for hearing April 18.
4/17/2012Set, first hearing. Hearing canceled at the request of author.

Total contributions given to Senators from interest groups that…

9 Organizations Supported and 12 Opposed; See Which Ones

Organizations that took a position on
An Act to Amend Section 2932.5 Of, to Amend and Repeal Section 2924 Of, and to Add Sections 2920.5, 2923.7, 2924.17, and 2924.18 To, the Civil Code, Relating to Mortgages.

9 organizations supported this bill

American Federation of State, County and Municipal Employees
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California Professional Firefighters
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California State Attorney General
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Center for Responsible Lending
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Consumers Union
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Lutheran Office of Public Policy - California
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
PICO California
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
San Francisco Office Of The Assessor-recorder
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Service Employees International Union
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.

12 organizations opposed this bill

California and Nevada Credit Union Leagues
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California Association of Realtors
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California Bankers Association
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California Chamber of Commerce
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California Financial Services Association
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California Independent Bankers
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California Land Title Association
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California Mortgage Association
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California Mortgage Bankers Association
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Civil Justice Association of California
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Securities Industry and Financial Markets Association
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
United Trustees Association
Senate Committee on Banking and Financial Institutions (2012, April 16). Senate Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.

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View citations of support and opposition

Includes reported contributions to campaigns of Senators in office during the 2011-2012 California State Legislature, from interest groups invested in the vote according to MapLight, January 1, 2009 – December 31, 2012.
Contributions data source: FollowTheMoney.org

Contributions by Legislator

Namesort iconPartyDistrict$ From Interest Groups
That Supported
$ From Interest Groups
That Opposed
Elaine AlquistDCA-13$9,450$3,000
Joel AndersonRCA-36$37,525$40,500
Tom BerryhillRCA-14$33,400$44,600
Sam BlakesleeRCA-15$0$0
Ron CalderonDCA-30$35,250$38,080
Anthony CannellaRCA-12$27,050$25,900
Ellen CorbettDCA-10$35,204$7,200
Lou CorreaDCA-34$65,552$32,550
Kevin De LeonDCA-22$94,781$43,850
Mark DeSaulnierDCA-7$70,104$25,600
Bob DuttonRCA-31$29,800$16,650
Bill EmmersonRCA-37$37,850$33,000
Noreen EvansDCA-2$61,119$27,700
Jean FullerRCA-18$14,000$22,300
Ted GainesRCA-1$8,625$83,900
Loni HancockDCA-9$78,005$14,700
Tom HarmanRCA-35$22,600$23,200
Ed HernandezDCA-24$80,276$56,950
Bob HuffRCA-29$61,550$68,302
Christine KehoeDCA-39$21,300$6,500
Doug La MalfaRCA-4$5,000$15,800
Mark LenoDCA-3$64,449$19,295
Ted LieuDCA-28$161,392$26,375
Carol LiuDCA-21$39,845$30,550
Alan LowenthalDCA-27$0$-300
Gloria Negrete McLeodDCA-32$30,350$35,775
Alex PadillaDCA-20$42,100$31,180
Fran PavleyDCA-23$131,050$100
Curren PriceDCA-26$41,700$48,716
Michael RubioDCA-16$48,092$51,092
Sharon RunnerRCA-17$9,305$12,300
Joe SimitianDCA-11$16,500$3,400
Darrell SteinbergDCA-6$131,500$44,450
Tony StricklandRCA-19$20,500$24,300
Juan VargasDCA-40$82,650$57,579
Mimi WaltersRCA-33$1,000$74,300
Lois WolkDCA-5$39,150$16,500
Rod WrightDCA-25$59,800$53,427
Mark WylandRCA-38$21,400$31,750
Leland YeeDCA-8$50,600$20,500

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NamePartyDistrict$ From Interest Groups
That Supported
$ From Interest Groups
That Opposed
Elaine AlquistDCA-13$9,450$3,000
Joel AndersonRCA-36$37,525$40,500
Tom BerryhillRCA-14$33,400$44,600
Sam BlakesleeRCA-15$0$0
Ron CalderonDCA-30$35,250$38,080
Anthony CannellaRCA-12$27,050$25,900
Ellen CorbettDCA-10$35,204$7,200
Lou CorreaDCA-34$65,552$32,550
Kevin De LeonDCA-22$94,781$43,850
Mark DeSaulnierDCA-7$70,104$25,600
Bob DuttonRCA-31$29,800$16,650
Bill EmmersonRCA-37$37,850$33,000
Noreen EvansDCA-2$61,119$27,700
Jean FullerRCA-18$14,000$22,300
Ted GainesRCA-1$8,625$83,900
Loni HancockDCA-9$78,005$14,700
Tom HarmanRCA-35$22,600$23,200
Ed HernandezDCA-24$80,276$56,950
Bob HuffRCA-29$61,550$68,302
Christine KehoeDCA-39$21,300$6,500
Doug La MalfaRCA-4$5,000$15,800
Mark LenoDCA-3$64,449$19,295
Ted LieuDCA-28$161,392$26,375
Carol LiuDCA-21$39,845$30,550
Alan LowenthalDCA-27$0$-300
Gloria Negrete McLeodDCA-32$30,350$35,775
Alex PadillaDCA-20$42,100$31,180
Fran PavleyDCA-23$131,050$100
Curren PriceDCA-26$41,700$48,716
Michael RubioDCA-16$48,092$51,092
Sharon RunnerRCA-17$9,305$12,300
Joe SimitianDCA-11$16,500$3,400
Darrell SteinbergDCA-6$131,500$44,450
Tony StricklandRCA-19$20,500$24,300
Juan VargasDCA-40$82,650$57,579
Mimi WaltersRCA-33$1,000$74,300
Lois WolkDCA-5$39,150$16,500
Rod WrightDCA-25$59,800$53,427
Mark WylandRCA-38$21,400$31,750
Leland YeeDCA-8$50,600$20,500

Interest Groups that supported this bill

$ Donated
Police & fire fighters unions and associations$1,108,000
State & local government employee unions$707,723
Public official (elected or appointed)$4,100
Consumer groups$0
Commercial service unions$0

Interest Groups that opposed this bill

$ Donated
Real estate$368,945
Commercial banks & bank holding companies$268,058
Mortgage bankers & brokers$136,900
Credit unions$132,050
Financial services & consulting$102,916
Chambers of commerce$88,900
Title insurance & title abstract offices$60,100
Pro-business organizations$31,102
Banks & lending institutions$22,600
Other real estate services, appraisals$0
Security brokers & investment companies$0
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