CA SB455

Requires transferor mortgage servicers to deliver material written records to transferee mortgage servicers regarding borrower elections to use insurance proceeds for disaster repairs when property is within a proclaimed state of emergency or local emergency area.

Prohibits transferee mortgage servicers from dishonoring previous written agreements to repair property that were made before the transfer and approved by the promissory note owner.

Applies only to residential real property improved by four or fewer dwelling units, affixed mobilehomes, and manufactured homes.

Does not restrict mortgage servicers from transferring records related to insurance proceeds for property damage not caused by a proclaimed disaster state of emergency or local emergency.