CA SB1201

Requires supervised financial organizations negotiating loan modifications primarily in Spanish, Chinese, Tagalog, Vietnamese, or Korean to deliver a written form summarizing modified terms in that language when offering the final modification.

Expands Department of Business Oversight authority to create translated disclosure forms using guidance from Consumer Financial Protection Bureau's Loan Estimate and Closing Disclosure forms, plus Federal National Mortgage Association's three loan modification agreement forms.

Specifies that if a hearing is not held within 90 days after a written request for hearing is filed following a residential mortgage lender license revocation, the revocation order is deemed rescinded as of its effective date.

Clarifies that during a license revocation period, a licensee cannot conduct business except as permitted by further commissioner order, though revocation does not affect the commissioner's other powers under the act.

Amendments become operative 90 days after the Department of Business Oversight issues the required forms, but no earlier than January 1, 2019.