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AB-2236 Mortgages: notices to the borrower.(2009-2010)

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CALIFORNIA LEGISLATURE— 2009–2010 REGULAR SESSION

Assembly Bill No. 2236


Introduced  by  Assembly Member Monning

February 18, 2010


An act to add Section 2923.2 to the Civil Code, relating to mortgages.


LEGISLATIVE COUNSEL'S DIGEST


AB 2236, as introduced, Monning. Mortgages: notices to the borrower.
Existing state and federal laws govern the rights and obligations of borrowers and mortgagees, trustees, and beneficiaries with respect to loans secured by residential real property. Federal law also establishes a specified home loan modification program.
This bill would require a mortgagee, trustee, or beneficiary, or an authorized agent of that person, to include on all notices informing a borrower that he or she has either failed to make a required minimum payment or failed to make a payment when due, the name and the contact information, including the address and telephone number, of the mortgagee, trustee, beneficiary, or authorized agent who has the authority pursuant to state and federal law to modify the terms and conditions of the borrower’s loan.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 2923.2 is added to the Civil Code, to read:

2923.2.
 A mortgagee, trustee, or beneficiary, or an authorized agent of that person, shall include on all notices informing a borrower that he or she has either failed to make a required minimum payment or failed to make a payment when due, the name and the contact information, including the address and telephone number, of the mortgagee, trustee, beneficiary, or authorized agent who has the authority pursuant to state and federal law to modify the terms and conditions of the borrower’s loan.