Two important California bills – both set to become law – will be explained in detail at the upcoming UTA Virtual Conference.
AB 3088, which has been signed by Governor Newsom and is in effect immediately, extends HOBR to non-owner occupied properties with no more than 4 units. It also provides eviction relief to tenants, although it does not provide a foreclosure moratoria or mandatory forbearances. Trustees should ensure that their policies and HOBR Due Diligence Declarations are compliant with the new laws. The details of the bill will be discussed in the Legislative Update, set for Wednesday, October 7th from 9:30 am – 11:00 am. A forthcoming eblast will be distributed regarding the coordinated industry effort to obtain a veto of SB 1079. It will encourage members to issue individual veto letters.
Governor Newsom has until September 30th to sign SB 1079 into law. It is not clear at this point if he will. The bill creates a plethora of rules regarding bidding at trustees sales. The COVID-19 Cleanup Session at the virtual conference, set for Monday, October 5th from 3:00 pm – 4:00 pm will address the the complexities of compliance (policies, procedures and forms) with respect to SB 1079.
Watch UTA’s California Lobbyist, Mike Belote, testify on the problems with SB 1079 before the Assembly Judiciary Committee on August 12th. (Note: Testimony on SB 1079 begins at the 2:12:10 minute mark and Mike Belote’s testimony begins at the 2:27:09 minute mark.)