California 2009-2010 Regular Session Status: Enacted

AB 329 — Reverse mortgages.

Last action — Chaptered by Secretary of State - Chapter 236, Statutes of 2009.

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Assembly
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 18, 2009. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 6 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Existing law defines and regulates reverse mortgage loans and provides a disclosure notice that a lender must provide an applicant, which informs the applicant that a reverse mortgage is a complex financial arrangement and advises the applicant of the wisdom of seeking financial counseling before entering the agreement. Existing law prohibits a lender from referring a borrower to anyone for the purchase of an annuity. Existing law requires a lender to refer a prospective borrower to a housing counseling agency for counseling, as specified, prior to accepting a final and complete application for a reverse mortgage or assessing any fees. This bill would enact the Reverse Mortgage Elder Protection Act of 2009. The bill would prohibit a lender or any other person who participates in the origination of the mortgage from participating in, being associated with, or employing any party that participates in or is associated with any other financial or insurance activity, as provided, except as specified. This bill would also prohibit a lender or any other person who participates in the origination of the mortgage from referring a prospective borrower to anyone for the purchase of other financial or insurance products, except as specified. The bill would require the lender to provide the prospective borrower with a list of not fewer than 10 nonprofit counseling agencies in the state that have been approved by the United States Department of Housing and Urban Development for counseling, as provided. The bill would require a lender to provide a borrower with a checklist specifying issues the borrower should discuss with a reverse mortgage counselor or, if the borrower seeks counseling prior to requesting a reverse mortgage loan application, the bill would require a mortgage counselor to provide the checklist. The bill would require that the checklist be signed by the counselor, if the counseling is done in person, and the prospective borrower, with a copy provided to the borrower. The bill would prohibit approval of the loan application until the signed checklist is provided to the lender.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 236, Statutes of 2009.

  2. Approved by the Governor.

  3. Enrolled and to the Governor at 7 p.m.

  4. Senate amendments concurred in. To enrollment. (Ayes 72. Noes 2. Page 2975.)

  5. Assembly Rule 77 suspended. (Page 2970.)

  6. In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 4 pursuant to Assembly Rule 77.

  7. Read third time, passed, and to Assembly. (Ayes 28. Noes 7. Page 2064.)

  8. Read second time. To third reading.

  9. Read third time, amended. To second reading.

  10. Read second time. To third reading.

  11. Withdrawn from committee. Ordered placed on second reading file.

  12. From committee: Do pass, and re-refer to Com. on JUD. Re-referred. (Ayes 9. Noes 2.) (June 17).

  13. From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B., F. & I.

  14. Referred to Coms. on B., F. & I. and JUD.

  15. In Senate. Read first time. To Com. on RLS. for assignment.

  16. Read third time, passed, and to Senate. (Ayes 68. Noes 2. Page 1459.)

  17. Read second time. To third reading.

  18. Read second time and amended. Ordered returned to second reading.

  19. From committee: Amend, and do pass as amended. (Ayes 9. Noes 0.) (May 4).

  20. Re-referred to Com. on B. & F.

  21. Read second time and amended.

  22. From committee: Amend, do pass as amended, and re-refer to Com. on B. & F. (Ayes 7. Noes 2.) (April 21).

  23. Re-referred to Com. on JUD.

  24. From committee chair, with author's amendments: Amend, and re-refer to Com. on JUD. Read second time and amended.

  25. In committee: Hearing postponed by committee.

  26. Re-referred to Com. on JUD.

  27. From committee chair, with author's amendments: Amend, and re-refer to Com. on JUD. Read second time and amended.

  28. In committee: Hearing postponed by committee.

  29. Referred to Coms. on JUD. and B. & F.

  30. From printer. May be heard in committee March 21.

  31. Read first time. To print.

Sponsors

  • Feuer · Primary

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 0 co-sponsors · 121 not signed on · 1 voted No

Sponsors (1)

  • Feuer

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

AB 329 FEUER Concurrence in Senate Amendments

Passed 83 Yea · 2 Nay · 6 Other
Party YeaNayPresentNot Voting
Unaffiliated 78205
Democratic 2001
Republican 3000
Total 83206
% of votes cast 91%2%0%7%
How each member voted (91)
Member Party Vote
Hagman — Yea
Bill — Yea
Tom — Yea
Adams — Yea
Ammiano — Yea
Beall — Yea
Evans — Yea
Feuer — Yea
Fuller — Yea
Furutani — Yea
Garrick — Yea
Gilmore — Yea
Hall — Yea
Hayashi — Yea
De — Yea
La — Yea
Torre — Yea
De — Yea
Leon — Yea
Hill — Yea
Fletcher — Yea
Fong — Yea
Bonnie — Yea
Lowenthal — Yea
V. — Yea
Manuel — Yea
Perez — Yea
John — Yea
A. — Yea
Perez — Yea
Portantino — Yea
Salas — Yea
Saldana — Yea
Audra — Yea
Carter — Yea
Chesbro — Yea
Conway — Yea
Cook — Yea
Coto — Yea
Duvall — Yea
Huber — Yea
Jeffries — Yea
Krekorian — Yea
Logue — Yea
Mendoza — Yea
Monning — Yea
Nava — Yea
Nestande — Yea
Ruskin — Yea
Silva — Yea
Smyth — Yea
Solorio — Yea
Torlakson — Yea
Torres — Yea
Tran — Yea
Villines — Yea
Charles — Not Voting
Davis — Not Voting
Anderson — Nay
Knight — Nay
Miller — Not Voting
Bass — Yea
Blakeslee — Yea
Block — Yea
Blumenfield — Yea
Brownley — Yea
Buchanan — Yea
Harkey — Not Voting
Hernandez — Yea
Huffman — Yea
Lieu — Yea
Ma — Yea
Nielsen — Yea
Skinner — Yea
Swanson — Yea
Torrico — Yea
Emmerson — Yea
Eng — Yea
DeVore — Not Voting
Yamada — Yea
Fuentes — Yea
Galgiani — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Bill Berryhill — Yea
Arambula, Joaquin Democratic Yea
Caballero, Anna M. Democratic Yea
Calderon, Lisa Democratic Not Voting
Jones, Brian W. Republican Yea
Niello, Roger W. Republican Yea
Strickland, Tony Republican Yea

Official roll call →

Assembly 3rd Reading AB329 Feuer By Wolk

Passed 29 Yea · 7 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 27605
Democratic 2000
Republican 0100
Total 29705
% of votes cast 71%17%0%12%
How each member voted (41)
Member Party Vote
Yee — Yea
Wyland — Yea
Cedillo — Not Voting
Florez — Yea
Hancock — Yea
Harman — Yea
Hollingsworth — Not Voting
Lowenthal — Yea
Negrete — Yea
Corbett — Yea
Huff — Nay
Kehoe — Yea
Leno — Yea
Runner — Not Voting
Liu — Yea
Alquist — Yea
Benoit — Yea
Ducheny — Yea
Dutton — Nay
McLeod — Yea
Price — Yea
Romero — Yea
Simitian — Yea
Steinberg — Yea
Walters — Nay
Wiggins — Yea
Wright — Yea
Aanestad — Nay
Ashburn — Nay
Maldonado — Yea
Oropeza — Not Voting
Pavley — Yea
Wolk — Yea
Cogdill — Yea
Correa — Yea
Cox — Nay
DeSaulnier — Not Voting
Denham — Yea
Calderon, Lisa Democratic Yea
Padilla, Stephen C. Democratic Yea
Strickland, Tony Republican Nay

Official roll call →

AB 329 FEUER Assembly Third Reading

Passed 80 Yea · 2 Nay · 10 Other
Party YeaNayPresentNot Voting
Unaffiliated 722010
Democratic 5000
Republican 3000
Total 802010
% of votes cast 87%2%0%11%
How each member voted (92)
Member Party Vote
Carter — Yea
Chesbro — Yea
Cook — Yea
Bill — Yea
Berryhill — Yea
Tom — Yea
Berryhill — Yea
Eng — Yea
Feuer — Yea
Fuller — Yea
Galgiani — Yea
Garrick — Yea
Charles — Yea
Hagman — Yea
Hall — Yea
Hayashi — Yea
Hill — Yea
Huber — Yea
De — Yea
La — Yea
Torre — Yea
De — Yea
Leon — Yea
Fletcher — Yea
Blakeslee — Yea
Coto — Yea
Davis — Yea
Duvall — Yea
Bonnie — Yea
V. — Yea
Manuel — Yea
Perez — Yea
John — Yea
A. — Yea
Perez — Yea
Portantino — Yea
Salas — Yea
Audra — Yea
Gaines — Not Voting
Saldana — Not Voting
Harkey — Not Voting
Jeffries — Yea
Knight — Nay
Lieu — Yea
Mendoza — Yea
Anderson — Nay
Bass — Not Voting
Monning — Yea
Nava — Yea
Nestande — Yea
Price — Yea
Ruskin — Yea
Silva — Yea
Skinner — Yea
Smyth — Not Voting
Swanson — Yea
Torlakson — Yea
Torres — Yea
Torrico — Yea
Tran — Yea
Villines — Not Voting
Adams — Yea
Ammiano — Not Voting
Beall — Yea
Block — Yea
Blumenfield — Yea
Brownley — Yea
Buchanan — Yea
Hernandez — Yea
Huffman — Yea
Krekorian — Yea
Logue — Yea
Ma — Yea
Miller — Yea
Nielsen — Yea
Solorio — Yea
Conway — Not Voting
Emmerson — Yea
Evans — Yea
Yamada — Yea
DeVore — Not Voting
Fuentes — Not Voting
Furutani — Yea
Gilmore — Yea
Arambula, Joaquin Democratic Yea
Caballero, Anna M. Democratic Yea
Calderon, Lisa Democratic Yea
Fong, Mike Democratic Yea
Lowenthal, Josh Democratic Yea
Jones, Brian W. Republican Yea
Niello, Roger W. Republican Yea
Strickland, Tony Republican Yea

Official roll call →

Do pass as amended.

Passed 10 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Democratic 2000
Unaffiliated 8002
Total 10002
% of votes cast 83%0%0%17%
How each member voted (12)
Member Party Vote
Gaines — Yea
Bonnie — Yea
Fuentes — Yea
Nava — Yea
Swanson — Yea
Torres — Not Voting
Anderson — Yea
Mendoza — Not Voting
Ruskin — Yea
Tran — Yea
Fong, Mike Democratic Yea
Lowenthal, Josh Democratic Yea

Official roll call →

Subjects

finance housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does AB 329 do?
Existing law defines and regulates reverse mortgage loans and provides a disclosure notice that a lender must provide an applicant, which informs the applicant that a reverse mortgage is a complex financial arrangement and advises the applicant of the wisdom of seeking financial counseling before entering the agreement. Existing law prohibits a lender from referring a borrower to anyone for the purchase of an annuity. Existing law requires a lender to refer a prospective borrower to a housing counseling agency for counseling, as specified, prior to accepting a final and complete application for a reverse mortgage or assessing any fees. This bill would enact the Reverse Mortgage Elder Protection Act of 2009. The bill would prohibit a lender or any other person who participates in the origination of the mortgage from participating in, being associated with, or employing any party that participates in or is associated with any other financial or insurance activity, as provided, except as specified. This bill would also prohibit a lender or any other person who participates in the origination of the mortgage from referring a prospective borrower to anyone for the purchase of other financial or insurance products, except as specified. The bill would require the lender to provide the prospective borrower with a list of not fewer than 10 nonprofit counseling agencies in the state that have been approved by the United States Department of Housing and Urban Development for counseling, as provided. The bill would require a lender to provide a borrower with a checklist specifying issues the borrower should discuss with a reverse mortgage counselor or, if the borrower seeks counseling prior to requesting a reverse mortgage loan application, the bill would require a mortgage counselor to provide the checklist. The bill would require that the checklist be signed by the counselor, if the counseling is done in person, and the prospective borrower, with a copy provided to the borrower. The bill would prohibit approval of the loan application until the signed checklist is provided to the lender.
Who sponsors AB 329?
AB 329 is sponsored by Feuer.
What is the current status of AB 329?
This bill has been enacted into law. Introduced February 18, 2009. Enacted.
Where can I track AB 329?
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