California Loans News

Legislators of the state are currently supplying the real estate market with a healthy set of new laws to protect industry consumers. Many real estate players, from homeowners and buyers to landlords, are targeted to the benefit from several laws signed by Governor Arnold Schwarzenegger.

The previous release in this site has enumerated nine new consumer protection laws. The most prominent one is the Senate Bill (SB) 94 or the No Advance Fee Loan Modifications Law that would be effective from October 11, 2009 to January 1, 2013. The Buyer’s Choice Act or Assembly Bill (AB) 957 would be effective the same commencement date as SB 94 until January 1, 2015. SB 36 or Mortgage Loan Originators Regulation would commence on December 2010.

Several laws would be effective on the first day of 2010. These are AB 260 or Mortgage Broker Activities Restricted, SB 237 or Appraisal Industry Oversight, SB 239 or California Mortgage Fraud, AB 1046 or Homestead Exemptions Increased. The last law would protect a Californian homeowner’s equity from creditors with the amount $75,000 for individuals, $100,000 for married couples, and $175,000 for citizens aged over 65, or over 55 with limited income, or disabled.

SB 290 or the 60-Day Notice to Terminate Tenants Law is extended indefinitely. This requires landlords must give the mentioned period for tenants who have been in the rental housing unit for more than a year except when the property has already been sold. Another landlord protection law is through Landlord Utilities or SB 120. This states that utility companies should notify tenants of their landlord’s overdue account and/or imminent disconnection. This then allows tenants could transfer the service in their names, and then the landlord should deduct the payment from their rent.

AB 804 or Mobile Home Parks prohibits management from obliging the mobile home owner to hire a broker or dealer when deciding on mobile home replacement. Mechanic’s Liens or AB 457 would provide “new procedures, including service of a Notice of Mechanic’s Lien to the owner and mandatory recording of a lis pendens.”

Even water utilities usage for homeowners has corresponding rules. Low Water-using Plants or AB 1061 states that homeowners associations could not prohibit landscaping initiatives of homeowners with water-efficient plants in common interest development projects. And lastly, the Plumbing Fixtures Law or SB 407 would provide new disclosure and other requisites for water-conserving plumbing fixtures. The last one would take effect on January 2014.

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