AB 2742 Summary

• Updates cross-references and definitions throughout California business and financial services laws to reflect organizational and statutory changes made by Chapter 243 of the Statutes of 2011

• Amends real estate appraiser regulations to define "appraisal management company," establishing licensing requirements for companies maintaining lists of 11+ appraisers and delegating appraisal assignments for fees

• Makes technical corrections to corporations law governing involuntary dissolution, flexible purpose corporations, and business entity mergers to align definitions with current law

• Updates financial services regulations to reference the Consumer Financial Protection Bureau instead of the Federal Reserve in lending disclosure and regulatory standards

• Adds definitions and clarifications to residential mortgage lending and finance lender laws, including updates to federal regulatory references and institutional investor definitions