Mortgages and deeds of trust.
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SB 435 — Mortgages and deeds of trust.
Last action — Returned to Secretary of Senate pursuant to Joint Rule 56.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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2In Committee
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3Passed Senate
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4Passed Assembly
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5To Executive
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6Enacted
This bill died with 2011-2012 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
(1) Existing state and federal law regulate the terms and conditions of mortgages and deeds of trust. Upon the failure to satisfy specified terms of these obligations, existing state law requires that a notice of default be sent to a mortgagor or trustor indicating the property securing the loans may be foreclosed upon and that he or she has the right to cure the default and bring the account into good standing. Existing law requires this notice to include a statement indicating the name, address, and telephone number of the beneficiary or mortgagee for the purpose of finding out the amount that is due. This bill would also permit the notice to reference the authorized agent of the beneficiary or mortgagee on the notice described above. (2) Existing law regulates the sales of property pursuant to a power of sale in a mortgage or deed of trust, including prescribing the times and locations of these sales. Existing law permits these sales to be postponed, as specified, at any time prior to the completion of the sale, for any period of time not to exceed a total of 365 days from the date set forth in the notice of sale, after which time a new notice of sale must be given, as prescribed. This bill would permit these sales to be postponed, as described above, for any period of time not to exceed one year from the date set forth in the notice of sale. (3) Existing law permits a trustee under a trust deed whose duties are exclusively related to the power of sale contained in the deed to be substituted if certain conditions are met. If the substitution occurs after a notice of default has been recorded but prior to the recording of the notice of sale, existing law requires that the beneficiary or his or her authorized agent give notice of this, as specified. This bill would condition the requirement that the notice of trustee substitution be sent on the notice of default not having been rescinded.
Bill Text
What changed in the latest version
1 added · 1 removed1 line(s) added, 1 removed.
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- Introduced 02/16/11 - Introduced Current pdf February 16, 2011
- SB435 View text html
Action History
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Returned to Secretary of Senate pursuant to Joint Rule 56.
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Hearing postponed by committee.
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Set for hearing March 22.
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Referred to Com. on JUD.
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From printer. May be acted upon on or after March 19.
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Introduced. Read first time. To Com. on RLS. for assignment. To print.
Sponsors
- Harman · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 121 not signed on
Sponsors (1)
- Harman
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.
Subjects
Frequently asked questions
- What does SB 435 do?
- (1) Existing state and federal law regulate the terms and conditions of mortgages and deeds of trust. Upon the failure to satisfy specified terms of these obligations, existing state law requires that a notice of default be sent to a mortgagor or trustor indicating the property securing the loans may be foreclosed upon and that he or she has the right to cure the default and bring the account into good standing. Existing law requires this notice to include a statement indicating the name, address, and telephone number of the beneficiary or mortgagee for the purpose of finding out the amount that is due. This bill would also permit the notice to reference the authorized agent of the beneficiary or mortgagee on the notice described above. (2) Existing law regulates the sales of property pursuant to a power of sale in a mortgage or deed of trust, including prescribing the times and locations of these sales. Existing law permits these sales to be postponed, as specified, at any time prior to the completion of the sale, for any period of time not to exceed a total of 365 days from the date set forth in the notice of sale, after which time a new notice of sale must be given, as prescribed. This bill would permit these sales to be postponed, as described above, for any period of time not to exceed one year from the date set forth in the notice of sale. (3) Existing law permits a trustee under a trust deed whose duties are exclusively related to the power of sale contained in the deed to be substituted if certain conditions are met. If the substitution occurs after a notice of default has been recorded but prior to the recording of the notice of sale, existing law requires that the beneficiary or his or her authorized agent give notice of this, as specified. This bill would condition the requirement that the notice of trustee substitution be sent on the notice of default not having been rescinded.
- Who sponsors SB 435?
- SB 435 is sponsored by Harman.
- What is the current status of SB 435?
- This bill died with 2011-2012 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track SB 435?
- Track SB 435 free on One Click Politics — get push/email alerts when it moves.
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