CA SB1139

Extends indefinitely the provisions requiring lenders to suspend and close equity lines of credit upon borrower request, which were previously set to expire on July 1, 2019.

Requires lenders to suspend equity lines of credit for a minimum of 30 days upon receipt of a written "Borrower's Instruction to Suspend and Close Equity Line of Credit" signed by the borrower.

Mandates lenders to close the equity line of credit and release or reconvey the secured property when they receive both the borrower's written instruction and payment according to the payoff demand statement.

Requires lenders to include an email address, fax number, or mailing address on payoff demand statements for delivery of the suspension and closure instruction.

Applies to revolving lines of credit secured by mortgages or deeds of trust on residential real property of one to four dwelling units where at least one unit is occupied by the borrower.