UTA, Other Bills Introduced in California

Michael Belote

UTA’s California Lobbyist, Mike Belote, writes that “probably the biggest news relates to SB 729 (Leno), which is similar to, but broader than SB 1275 from last year.  The bill proposes extensive obligations on lenders and servicers prior to and concurrent with foreclosures, relating to potential loan modifications.  UTA and a host of lender organizations opposed SB 1275 last year; the bill passed the Senate and a number of Assembly committees, but died late in the session on the Assembly floor.  A very preliminary review suggests that SB 729 is broader than last year’s proposal, in a number of particulars. 
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