California 2015-2016 Regular Session Status: Enacted

SB 657 — The California Residential Mortgage Lending Act: lenders: licensees.

Last action — Chaptered by Secretary of State. Chapter 797, Statutes of 2016.

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

This bill has been enacted into law. Introduced February 27, 2015. Enacted.

Prognosis

Likely to advance 76% · 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.

  • 4 sponsors

    1 primary, 3 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 9 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 specified terms for purposes of the California Residential Mortgage Lending Act, which generally prohibits a person from engaging in the business of making residential mortgage loans or servicing residential mortgage loans without first obtaining a license from the Commissioner of Business Oversight in accordance with the act. Existing law defines a lender as a person who is an approved lender for the Federal Housing Administration, the Veterans Administration, the Farmers Home Administration, the Government National Mortgage Association, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation, who directly makes residential mortgage loans, and who makes the credit decision in the loan transactions. Existing law requires a licensee issued a license for purposes of making or servicing residential mortgage loans to continuously maintain a minimum tangible net worth of $250,000. This bill would specify that the term "lender" includes a person, other than a natural person, and a natural person who is also an independent contractor, who engages in the activities of a loan processor or underwriter for residential mortgage loans, but does not solicit loan applicants, originate mortgage loans, or fund mortgage loans, as specified. The bill would authorize the commissioner to require a licensee who is engaged in the processing or underwriting of residential mortgage loans to continuously maintain a minimum tangible net worth in an amount that is greater than $250,000, but that does not exceed the net worth required of an approved lender under the Federal Housing Administration.

Bill Text

Action History

  1. Chaptered by Secretary of State. Chapter 797, Statutes of 2016.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 1:30 p.m.

  4. Assembly amendments concurred in. (Ayes 39. Noes 0. Page 5427.) Ordered to engrossing and enrolling.

  5. Ordered to special consent calendar.

  6. From committee: That the Assembly amendments be concurred in. (Ayes 7. Noes 0. Page 5077.)

  7. Set for hearing August 17.

  8. From committee: Be re-referred to Com. on B. & F.I. pursuant to Senate Rule 29.10(d). (Ayes 4. Noes 0. Page 4954.) Re-referred to Com. on B. & F.I.

  9. Re-referred to Com. on RLS. pursuant to Senate Rule 29.10(d).

  10. In Senate. Concurrence in Assembly amendments pending.

  11. Read third time. Passed. (Ayes 78. Noes 0. Page 5778.) Ordered to the Senate.

  12. Read second time. Ordered to consent calendar.

  13. From committee: Do pass. Ordered to consent calendar. (Ayes 20. Noes 0.) (August 3).

  14. From committee with author's amendments. Read second time and amended. Re-referred to Com. on APPR.

  15. From committee: Do pass and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (June 27). Re-referred to Com. on APPR.

  16. From committee with author's amendments. Read second time and amended. Re-referred to Com. on B. & F.

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

  18. In Assembly. Read first time. Held at Desk.

  19. Read third time. Urgency clause adopted. Passed. (Ayes 38. Noes 0. Page 2246.) Ordered to the Assembly.

  20. Unanimous consent granted to take up without reference to file.

  21. From committee: Do pass. (Ayes 7. Noes 0. Page 2216.) (August 27).

  22. Set for hearing August 27.

  23. July 6 hearing: Placed on APPR. suspense file.

  24. Set for hearing July 6.

  25. Read second time and amended. Re-referred to Com. on APPR.

  26. From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 10. Noes 0. Page 1452.) (June 16).

  27. Set for hearing June 16.

  28. April 27 hearing postponed by committee.

  29. Set for hearing April 27.

  30. Re-referred to Com. on E., U., & C.

  31. From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.

  32. Referred to Com. on RLS.

  33. Read first time.

  34. From printer. May be acted upon on or after April 1.

  35. Introduced. To Com. on RLS. for assignment. To print.

Sponsors

  • Dababneh · Cosponsor
  • Cooley · Cosponsor
  • Pan · Cosponsor
  • Bill Berryhill · Primary

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 3 co-sponsors · 118 not signed on

Sponsors (1)

Co-sponsors (3)

  • Dababneh
  • Cooley
  • Pan

Not signed on (118)

118 members have not signed on to this bill.

Show all 118 →

"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

Special Consent

Passed 39 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 36000
Democratic 3000
Total 39000
% of votes cast 100%0%0%0%
How each member voted (39)
Member Party Vote
Anderson — Yea
Hancock — Yea
Hertzberg — Yea
Huff — Yea
Leno — Yea
Monning — Yea
Pavley — Yea
Roth — Yea
Fuller — Yea
Cannella — Yea
Allen — Yea
Galgiani — Yea
Mitchell — Yea
De León — Yea
Glazer — Yea
Hall — Yea
Hernandez — Yea
Hill — Yea
Bates — Yea
Beall — Yea
Block — Yea
Hueso — Yea
Lara — Yea
Leyva — Yea
Liu — Yea
Mendoza — Yea
Moorlach — Yea
Morrell — Yea
Nielsen — Yea
Pan — Yea
Vidak — Yea
Wieckowski — Yea
Wolk — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Mark Stone — Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Nguyen, Stephanie Democratic Yea

Official roll call →

That the Assembly amendments be concurred in

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 7000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Vidak — Yea
Galgiani — Yea
Glazer — Yea
Hall — Yea
Hueso — Yea
Lara — Yea
Morrell — Yea

Official roll call →

SB 657 Berryhill, T. Consent Calendar Second Day

Passed 78 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 68002
Democratic 5000
Republican 5000
Total 78002
% of votes cast 98%0%0%3%
How each member voted (80)
Member Party Vote
Achadjian — Yea
Alejo — Yea
Bloom — Yea
Brough — Yea
Brown — Yea
Holden — Yea
Jones-Sawyer — Yea
Levine — Yea
Low — Not Voting
Mathis — Yea
Melendez — Yea
Nazarian — Yea
Olsen — Yea
Ridley-Thomas — Yea
Steinorth — Yea
Waldron — Yea
Williams — Yea
Wood — Yea
Eggman — Yea
Cooper — Yea
Daly — Yea
Frazier — Yea
Burke — Yea
Campos — Yea
Salas — Yea
Gatto — Yea
Chang — Yea
Gordon — Yea
Harper — Yea
Lopez — Yea
Hadley — Yea
Quirk — Yea
Santiago — Yea
Ting — Yea
Kim — Yea
Chau — Yea
Linder — Yea
Maienschein — Yea
Mayes — Yea
Gray — Yea
McCarty — Yea
Medina — Yea
Atkins — Yea
Chiu — Yea
Bonilla — Yea
Baker — Yea
Bigelow — Yea
Chu — Yea
Chávez — Yea
Cooley — Yea
Dababneh — Yea
Dodd — Yea
Mullin — Yea
O'Donnell — Yea
Obernolte — Yea
Rendon — Yea
Rodriguez — Yea
Thurmond — Yea
Wagner — Yea
Weber — Yea
Wilk — Yea
Gomez — Yea
Beth Gaines — Yea
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Lorena Gonzalez — Yea
Mark Stone — Yea
Roger Hernández — Not Voting
Travis Allen — Yea
Arambula, Joaquin Democratic Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gipson, Mike A. Democratic Yea
Irwin, Jacqui Democratic Yea
Dahle, Megan Republican Yea
Gallagher, James Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Yea
Lackey, Tom Republican Yea

Official roll call →

Do pass. To Consent Calendar.

Passed 20 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 16000
Democratic 2000
Republican 2000
Total 20000
% of votes cast 100%0%0%0%
How each member voted (20)
Member Party Vote
Bloom — Yea
Holden — Yea
Quirk — Yea
Wagner — Yea
Wood — Yea
Eggman — Yea
Chang — Yea
Chau — Yea
Bonilla — Yea
Bigelow — Yea
Daly — Yea
Obernolte — Yea
Santiago — Yea
Weber — Yea
Eduardo Garcia — Yea
Lorena Gonzalez — Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gallagher, James Republican Yea
Jones, Brian W. Republican Yea

Official roll call →

2nd Reading (Urgency Clause)

Passed 38 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 35002
Democratic 3000
Total 38002
% of votes cast 95%0%0%5%
How each member voted (40)
Member Party Vote
Anderson — Yea
Beall — Yea
Block — Yea
Hill — Yea
Huff — Not Voting
Lara — Yea
Liu — Yea
Morrell — Yea
Nielsen — Yea
Vidak — Yea
Wolk — Yea
Galgiani — Yea
Glazer — Yea
Allen — Yea
Cannella — Yea
Mitchell — Yea
De León — Yea
Runner — Yea
Hall — Yea
Hancock — Not Voting
Bates — Yea
Hernandez — Yea
Hertzberg — Yea
Hueso — Yea
Leno — Yea
Leyva — Yea
Mendoza — Yea
Monning — Yea
Moorlach — Yea
Pan — Yea
Pavley — Yea
Roth — Yea
Wieckowski — Yea
Fuller — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Mark Stone — Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Nguyen, Stephanie Democratic Yea

Official roll call →

Do pass

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 7000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Leyva — Yea
Mendoza — Yea
Nielsen — Yea
Hill — Yea
Bates — Yea
Beall — Yea
Lara — Yea

Official roll call →

Placed on suspense file

Passed 7 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 7000
Total 7000
% of votes cast 100%0%0%0%
How each member voted (7)
Member Party Vote
Bates — Yea
Hill — Yea
Lara — Yea
Mendoza — Yea
Beall — Yea
Leyva — Yea
Nielsen — 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 SB 657 do?
Existing law defines specified terms for purposes of the California Residential Mortgage Lending Act, which generally prohibits a person from engaging in the business of making residential mortgage loans or servicing residential mortgage loans without first obtaining a license from the Commissioner of Business Oversight in accordance with the act. Existing law defines a lender as a person who is an approved lender for the Federal Housing Administration, the Veterans Administration, the Farmers Home Administration, the Government National Mortgage Association, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation, who directly makes residential mortgage loans, and who makes the credit decision in the loan transactions. Existing law requires a licensee issued a license for purposes of making or servicing residential mortgage loans to continuously maintain a minimum tangible net worth of $250,000. This bill would specify that the term "lender" includes a person, other than a natural person, and a natural person who is also an independent contractor, who engages in the activities of a loan processor or underwriter for residential mortgage loans, but does not solicit loan applicants, originate mortgage loans, or fund mortgage loans, as specified. The bill would authorize the commissioner to require a licensee who is engaged in the processing or underwriting of residential mortgage loans to continuously maintain a minimum tangible net worth in an amount that is greater than $250,000, but that does not exceed the net worth required of an approved lender under the Federal Housing Administration.
Who sponsors SB 657?
SB 657 is sponsored by Dababneh, Cooley, Pan, and Bill Berryhill.
What is the current status of SB 657?
This bill has been enacted into law. Introduced February 27, 2015. Enacted.
Where can I track SB 657?
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