CA AB2455

Allows members of the U.S. Military Reserve and National Guard called to active duty for Iraq or Afghanistan conflicts to defer payments on specified obligations, including mortgages, credit cards, retail installment contracts, and up to 2 vehicle loans.

Expands vehicle loan deferral provisions to apply to any vehicle as defined in the Vehicle Code, rather than limiting to loans subject to the Automobile Sales Finance Act.

Extends deferral benefits to the spouse or legal dependent of an eligible member, allowing them to defer the same payment obligations.

Sets the deferral period as the lesser of 180 days or the period of active duty plus 60 calendar days, with lenders required to extend the term of closed-end obligations by the number of months deferred.

Requires reservists to submit a signed letter under penalty of perjury and proof of inadequate continuing income (less than 90% of pre-duty salary) to lenders to qualify for deferral benefits.