AB 2501 would enact a moratorium on residential foreclosures and evictions. It provides indiscriminately a one year complete moratorium on multi-family and residential mortgages, effective January 1. After that, a borrower, self-attesting that they have a COVID impact, can get two 180-day forbearances. It has been fast tracked by the California Assembly leadership, but we do have an opportunity to defeat or amend the bill. A coalition letter has been sent to committee detailing our opposition to the bill. The bill, which also covers auto loans, and payday lenders, is opposed by a large coalition including UTA, CMA, CMBA, MBA, auto dealers, payday lenders, and realtors.
Please contact your representatives expressing opposition to the bill.
Find your Assemblymember and State Senator (very easy). This tool will enable you to email your representatives – you can email them simply stating your opposition to AB 2501 and/or you can add various points to your email from the coalition letter or this sample letter.
UTA will continue to track the bill and work diligently to oppose it or if necessary, amend it.