California 2011-2012 Regular Session Status: In Committee

AB 406 — Adjustable rate mortgages: balloon payments.

Last action — From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

Track this bill free

No card. One bill, free forever — alerts when it moves.

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

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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

Existing law requires applicants for adjustable rate loans to be provided a specified disclosure notice. Existing law requires written notice to be provided at least 90 days prior to the date of the final payment on a balloon payment loan, as defined, that is secured by a deed of trust or mortgage on real property containing one to 4 residential units. This bill would prohibit balloon payments from being included in the terms of an adjustable rate loan, as defined, for real property containing one to 4 residential units secured by a mortgage or deed of trust on real property.

Bill Text

What changed in the latest version

1 added · 1 removed

1 line(s) added, 1 removed.

→
Previous
Latest
Bill Number Bill Keyword Home Bill Information California Law Publications Other Resources My Subscriptions My Favorites Bill Information >> Bill Search >> Text Bill TextBill Information PDF2 Add To My Favorites | Version:
Bill Number Bill Keyword Home Bill Information California Law Publications Other Resources My Subscriptions My Favorites Bill Information >> Bill Search >> Text Bill Text PDF2 Add To My Favorites | Version:
⬇ Download PDF
View plain text versions (2)

Action History

  1. From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

  2. Died pursuant to Art. IV, Sec. 10(c) of the Constitution.

  3. In committee: Set first hearing. Failed passage. Reconsideration granted.

  4. Referred to Com. on B. & F.

  5. From printer. May be heard in committee March 17.

  6. Read first time. To print.

Sponsors

  • Davis · Primary

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Davis

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

Do pass.

Failed 0 Yea · 8 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 0803
Democratic 0001
Total 0804
% of votes cast 0%67%0%33%
How each member voted (12)
Member Party Vote
Fletcher — Nay
Morrell — Nay
Perea — Nay
Skinner — Not Voting
Torres — Nay
Achadjian — Nay
Harkey — Nay
Lara — Nay
Eng — Not Voting
Fuentes — Nay
Roger Hernández — Not Voting
Calderon, Lisa Democratic Not Voting

Official roll call →

Set first hearing. Failed passage. Reconsideration granted.

Passed 10 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 10001
Democratic 0001
Total 10002
% of votes cast 83%0%0%17%
How each member voted (12)
Member Party Vote
Fletcher — Yea
Lara — Yea
Perea — Yea
Eng — Yea
Fuentes — Yea
Morrell — Yea
Skinner — Yea
Torres — Yea
Achadjian — Yea
Harkey — Yea
Roger Hernández — Not Voting
Calderon, Lisa Democratic Not Voting

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 406 do?
Existing law requires applicants for adjustable rate loans to be provided a specified disclosure notice. Existing law requires written notice to be provided at least 90 days prior to the date of the final payment on a balloon payment loan, as defined, that is secured by a deed of trust or mortgage on real property containing one to 4 residential units. This bill would prohibit balloon payments from being included in the terms of an adjustable rate loan, as defined, for real property containing one to 4 residential units secured by a mortgage or deed of trust on real property.
Who sponsors AB 406?
AB 406 is sponsored by Davis.
What is the current status of AB 406?
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 AB 406?
Track AB 406 free on One Click Politics — get push/email alerts when it moves.

Make your voice heard on AB 406

Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.

Find my representatives → Run a campaign

Stay ahead of AB 406

Last checked for changes 3 months ago · updated continuously

One Click Politics tracks every bill in Congress and all 50 states.

Track this bill →