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CA AB2010
Bill
Status
Passed
9/27/2012
Primary Sponsor
Susan Bonilla
Click for details
AI Summary
- Requires reverse mortgage counseling certification to specify that counseling was conducted in person, unless the borrower elected to receive counseling in another manner
- Lenders must provide prospective borrowers with a list of at least 10 HUD-approved housing counseling agencies before accepting a final application
- Prohibits lenders from accepting final applications or assessing fees without receiving signed certification that the applicant completed counseling from an approved agency
- Mandates lenders maintain counseling certifications in accurate, reproducible, and accessible format for the loan term
- Effective September 27, 2012
Legislative Description
Reverse mortgages: counseling.
Last Action
Chaptered by Secretary of State - Chapter 641, Statutes of 2012.
9/27/2012
Committee Referrals
Judiciary5/24/2012
Rules5/10/2012
Banking and Finance3/12/2012
Full Bill Text
No bill text available