Loading chat...

CA AB3041

Bill

Official Source

Status

Passed

9/7/2018

Primary Sponsor

Jordan Cunningham

Click for details

Origin

State Assembly

2017-2018 Session

AI Summary

  • Prohibits creation of new transfer fees on real property on or after January 1, 2019, with limited exceptions for federally-defined excepted transfer fee covenants
  • Declares any transfer fees created in violation of this prohibition void as against public policy
  • Exempts excepted transfer fee covenants (as defined in federal regulation 12 CFR 1228.1) from the prohibition and from certain disclosure notice requirements
  • Applies the same definition of "transfer fee" already established in existing California Civil Code Section 1098
  • Approved by Governor on September 7, 2018 and effective January 1, 2019

Legislative Description

Real estate transfer fees: prohibition.

Last Action

Chaptered by Secretary of State - Chapter 306, Statutes of 2018.

9/7/2018

Committee Referrals

Judiciary5/17/2018
Rules5/3/2018
Judiciary3/15/2018

Full Bill Text

No bill text available