More California Homeowners Rights pass state legislation

I recently reported on bills AB278 & SB900, which focused on dual-track foreclosure restrictions. The state legislature is continuing to stay busy with additional "California Homeowner Bill of Rights." The new laws are:

SB1474: Grants CA Attorney General the ability to convene statewide grand juries to investigate and indict perpetrators of financial crimes involving victims in several counties.

AB1950: Extends the statute of limitations for mortgage-related crimes from one to three years.

AB2314: Gives local governments and receivers various tools to fight neighborhood blight caused by foreclosed homes.

California approves Homeowner Bill of Rights

The California Homeowner Bill of Rights (AB 278 and SB 900) provides protection for borrowers and struggling homeowners, including a restriction of dual-track foreclosures (in which a lender forecloses on a borrower despite being in discussions to try and save the home). They bill also guarantees struggling homeowners a single point of contact at their lender with knowledge of their loan and direct access to decision makers. In addition, the bills impose civil penalties for the practice of robosigning.

Both bills passed 53-25 in the Assembly and 25-13 in the Senate. Governor Jerry Brown signed them on July 11, 2012.