CA AB1599

Requires mortgagees, trustees, and beneficiaries to provide borrowers with separate summary documents in English and five specified languages (Spanish, Vietnamese, Tagalog, Mandarin, and Korean) attached to notices of default and notices of sale for residential properties with no more than four dwelling units.

Directs the Department of Corporations to develop and publish standard translations of the summary statements and key information documents on its website at no charge, with providers of these translations deemed in compliance with the requirement.

Mandates that notices of default and sale include statements in English and five specified languages indicating that a summary is attached, and specifies that these summary documents are not required to be recorded or published.

Establishes that failure to provide the required summaries has the same effect as an incomplete or unprovided notice, making it a material requirement of the foreclosure process.

Makes the summary requirements operative on April 1, 2013, or 90 days after the Department of Corporations issues the translations, whichever is later.