SB 1146 Summary

• Includes forbearance, extension, or modification of loans in the usury exemption for loans made or arranged by real estate brokers secured by real property.

• Exempts entities that make and service 7 or fewer residential purchase loans annually from mortgage servicer requirements regarding single point of contact and loan modification protections.

• Removes the restriction that loan modification protections only apply to tenant-occupied properties meeting specific conditions; now applies to all owner-occupied residential properties with no more than 4 dwelling units.

• Eliminates requirement to record a notice of rescission when a defaulted mortgage or deed of trust is paid in full and a full reconveyance or certificate of discharge is recorded.

• Requires trustee's sales postponed due to force majeure to be rescheduled for 7 calendar days at the same time and location, and restricts final-day bids to those sent by certified mail with USPS or overnight courier with signature tracking.