Marie Waldron voted Nay (Passage) on this Legislation.
Title: Prohibits Bundling Foreclosed Properties for the Purpose of Sale
Signed by Governor Gavin Newsom
Title: Prohibits Bundling Foreclosed Properties for the Purpose of Sale
Vote to concur with House amendments and pass a bill that prohibits trustees from bundling foreclosed properties for the purpose of sale, among other provisions.
Requires a trustee or authorized agent to maintain an internet website and telephone number to provide information on applicable properties to individuals who wish the information (Sec. 1.5, Pg. 15).
Prohibits a trustee from bundling properties known as lots or parcels for the purpose of sale and requires each property to be bid on separately by eligible bidders including a prospective owner-occupant or eligible tenant-buyer, unless the deed of trust or mortgage requests otherwise (Sec 3, Pg. 30).
Specifies that the aforementioned provisions shall remain in effect until January 1, 2026 (Sec. 3, Pg. 30).
Defines “prospective owner-occupant” as a natural person who presents the trustee with the following affidavits, including (Sec. 7, Pg. 39-40):
That they will occupy the property as their primary residence within 60 days of the trustee’s deeds being recorded;
That they will maintain their occupancy for at least one year; and
That they are not acting as the agent of any other individual or entity in purchasing the real property;
Defines “eligible tenant-buyer” as a natural person who at the time of the trustee’s sale (Sec. 7, Pg. 40):
Is occupying the real property as their primary residence;
Is occupying the real property under a rental or lease agreement entered into; or
Is not the mortgager or trustor, or the child, spouse, or parent of the mortgagor or trustor.
Defines “eligible bidder” as any of the following, including, but not limited to (Sec. 7, Pg. 40):
An eligible tenant buyer or prospective owner-occupant;
A nonprofit association, corporation, or cooperative corporation;
An eligible nonprofit corporation based in California whose primary activity is the development and preservation of affordable housing;
A limited partnership or limited liability company in which the managing member is an eligible nonprofit corporation; or
A community land trust or a limited-equity housing cooperative.
Title: Prohibits Bundling Foreclosed Properties for the Purpose of Sale
Vote to pass a bill that prohibits trustees from bundling foreclosed properties for the purpose of sale, among other provisions
Requires a trustee or authorized agent to maintain an internet website and telephone number to provide information on applicable properties to individuals who wish the information (Sec. 1.5, Pg. 15).
Prohibits a trustee from bundling properties known as lots or parcels for the purpose of sale and requires each property to be bid on separately by eligible bidders including a prospective owner-occupant or eligible tenant-buyer, unless the deed of trust or mortgage requests otherwise (Sec 3, Pg. 30).
Specifies that the aforementioned provisions shall remain in effect until January 1, 2026 (Sec. 3, Pg. 30).
Defines “prospective owner-occupant” as a natural person who presents the trustee with the following affidavits, including (Sec. 7, Pg. 39-40):
That they will occupy the property as their primary residence within 60 days of the trustee’s deeds being recorded;
That they will maintain their occupancy for at least one year; and
That they are not acting as the agent of any other individual or entity in purchasing the real property;
Defines “eligible tenant-buyer” as a natural person who at the time of the trustee’s sale (Sec. 7, Pg. 40):
Is occupying the real property as their primary residence;
Is occupying the real property under a rental or lease agreement entered into; or
Is not the mortgager or trustor, or the child, spouse, or parent of the mortgagor or trustor.
Defines “eligible bidder” as any of the following, including, but not limited to (Sec. 7, Pg. 40):
An eligible tenant buyer or prospective owner-occupant;
A nonprofit association, corporation, or cooperative corporation;
An eligible nonprofit corporation based in California whose primary activity is the development and preservation of affordable housing;
A limited partnership or limited liability company in which the managing member is an eligible nonprofit corporation; or
A community land trust or a limited-equity housing cooperative.
Title: Prohibits Bundling Foreclosed Properties for the Purpose of Sale
Title: Prohibits Bundling Foreclosed Properties for the Purpose of Sale