CA AB3100

Requires conventional home mortgage loans originated on or after January 1, 2027, secured by owner-occupied residential property with 4 or fewer dwelling units and multiple borrowers to include provisions allowing existing borrowers to assume another borrower's mortgage portion

Permits assumption of the seller's mortgage interest in connection with a decree of dissolution of marriage, legal separation agreement, or incidental property settlement if the assuming borrower qualifies for the underlying loan as determined by the lender

Defines "conventional home mortgage loan" as a mortgage loan not insured or guaranteed by the federal government

Defines "owner-occupied" as property that is the borrowers' principal residence and security for a loan made for personal, family, or household purposes

Approved by Governor September 22, 2024, and filed with Secretary of State September 22, 2024