CA SB602

Includes the California Earthquake Authority (CEA) in the definition of "public agency" and "city" for purposes of financing seismic strengthening improvements under state law.

Authorizes the Earthquake Loss Mitigation Fund to finance seismic strengthening improvements to residential, commercial, industrial, agricultural, or other real property, and to establish a loan loss reserve account for related loan losses.

Allows the CEA to operate a statewide voluntary contractual assessment program without designating specific geographic areas, requiring only publication of notices in Sacramento County newspapers.

Requires the CEA to disclose to property owners in writing that they may owe the remaining principal balance if they refinance or sell the property, and obtain their written acknowledgment.

Mandates that all seismic strengthening improvements financed under this program comply with applicable state and local building standards.