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AB-2024 Loan modification.(2009-2010)

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AB2024:v98#DOCUMENT

Amended  IN  Assembly  March 24, 2010

CALIFORNIA LEGISLATURE— 2009–2010 REGULAR SESSION

Assembly Bill
No. 2024


Introduced  by  Assembly Member Blumenfield
(Coauthor(s): Assembly Member Torrico)

February 17, 2010


An act to add Section 2944.8 to the Civil Code, relating to loan modification.


LEGISLATIVE COUNSEL'S DIGEST


AB 2024, as amended, Blumenfield. Loan modification.
Existing law requires any person who negotiates, attempts to negotiate, arranges, attempts to arrange, or otherwise offers to perform a mortgage loan modification for compensation to provide specified information to the borrower.
This bill would require any lender or servicer that rejects a loan modification request to send within 7 days, by certified mail, a notification to the borrower that specifically states the reasons why the loan modification request is rejected.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

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


SECTION 1.

 Section 2944.8 is added to the Civil Code, to read:

2944.8.
 Any lender or servicer that rejects a loan modification request shall send, within 7 days, send by certified mail a notification to the borrower that specifically states the reasons why the loan modification request is rejected. Any documents provided pursuant to this section shall comply with Section 1632.