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AB 175

Title: Housing: mortgages and deeds of trust: use of state property: surplus land disposal: financing programs.
Author: Assembly Committee on Budget

Summary
AB 175, Committee on Budget. Housing: mortgages and deeds of trust: use of state property: surplus land disposal: financing programs. (1) Existing law prescribes various requirements to be satisfied before the exercise of a power of sale under a mortgage or deed of trust and prescribes a procedure for the exercise of that power. Existing law prescribes the dates when a trustee’s sale is deemed final if specified payments are made and, in this regard, a trustee’s sale is deemed final upon the acceptance of the last and highest bid and is deemed perfected as of 8 a.m. on the actual date of sale if the trustee’s deed is recorded within 18 calendar days after the sale, except as specified.This bill would extend the date in the above-described condition relating to the recording of the trustee’s deed to 21 calendar days. The bill would require this change to become operative on January 1, 2022.(2) Existing law, until January 1, 2026, prescribes a process in connection with a trustee’s sale of property under a power of sale contained in a deed of trust or mortgage on real property containing one to 4 residential units that determines when the trustee’s sale is deemed final, depending on different factors. Under existing law, in this regard, if a prospective owner-occupant, as defined, is the last highest bidder, the date upon which specified conditions required of the bidder for the trustee sale to become final is met, and the trustee must require the respective owner-occupant to submit a specified affidavit. If an eligible tenant buyer or eligible bidder, as those terms are defined, submits to the trustee either a bid, as prescribed, or a nonbinding written notice of intent to place a bid, the trustee sale becomes final after 15 days. Existing law requires the bid or written notice of intent to place a bid to be sent to the trustee in certain ways and received no later than 15 days after the trustee sale. Additionally, the trustee sale may become final based upon the date a representative of all eligible tenant buyers submits to the trustee a bid in an amount equal to the last and highest bid at the trustee’s sale in the form of payment, as specified, and satisfies other conditions, including receipt by the trustee no later than 45 days after the trustee sale. Finally, the trustee sale may become final 45 days after an eligible bidder, as defined, submits to the trustee a bid in an amount that exceeds the last and highest bid at the trustee’s sale in form of payment, as specified.This bill would revise the above-described process, operative until January 1, 2026, for finalizing the trustee sale. In this regard, the bill would provide that certain information to be submitted to a trustee be provided as an affidavit or declaration given under penalty of perjury, as specified. By expanding the crime of perjury, this bill would impose a state-mandated local program. The bill would authorize the trustee to reasonably rely on such an affidavit or declaration. The bill would impose additional limits on who may be a prospective owner-occupant for these purposes. The bill would prescribe requirements regarding the times by which bids are required to be received and the information that is to accompany them. The bill would specify a limit on the information that a trustee is able to provide to eligible bidders or to persons considering whether to submit a bid or notice of intent to bid. The bill would also extend the date that the trustee’s sale is deemed perfected, if an eligible bidder submits a written notice of intent to bid, based on the recording of the trustee’s deed, as described above, from 48 days to 60 days. The bill would require these changes to become operative on January 1, 2022. (3) Existing law creates the California Exposition and State Fair (Cal Expo) as a separate entity in state government, governed by a board of directors. Existing law authorizes the Cal Expo board of directors to use o

Status
Introduced. To print. 01/08/2021
From printer. May be heard in committee February 9. 01/09/2021
Read first time. 01/11/2021
Referred to Com. on BUDGET. 01/28/2021
From committee chair, with author's amendments: Amend, and re-refer to Com. on BUDGET. Read second time and amended. 02/17/2021
Re-referred to Com. on BUDGET. 02/18/2021
Assembly Rule 96 suspended. (Ayes 53. Noes 17. Page 432.) 02/22/2021
Withdrawn from committee. 02/22/2021
Ordered to second reading. 02/22/2021
Read second time. Ordered to third reading. 02/23/2021
Read third time. Passed. Ordered to the Senate. (Ayes 56. Noes 18. Page 499.) 02/25/2021
In Senate. Read first time. To Com. on RLS. for assignment. 02/25/2021
Referred to Com. on B. & F.R. 03/11/2021
Joint Rule 61 suspended. (Ayes 30. Noes 9.) 09/01/2021
Senate rules suspended. 09/01/2021
(Ayes 30. Noes 9.) 09/01/2021
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. & F.R. 09/05/2021
From committee: Do pass. (Ayes 13. Noes 0.) (September 7). 09/07/2021
Read second time. Ordered to third reading. 09/08/2021
Read third time. Passed. Ordered to the Assembly. (Ayes 30. Noes 0.). 09/09/2021
In Assembly. Concurrence in Senate amendments pending. 09/09/2021
Assembly Rule 63 suspended. (Ayes 43. Noes 18.) 09/09/2021
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 79. Noes 0.). 09/09/2021
Enrolled and presented to the Governor at 5 p.m. 09/15/2021
Chaptered by Secretary of State - Chapter 255, Statutes of 2021. 09/23/2021

Bill Documents
AB 175 - Enrolled
09/13/21 - AB 175 (Enrolled)


AB 175 - Assembly Floor Analysis
09/08/21 - AB 175 (Assembly Floor Analysis)

AB 175 - Senate Floor Analyses
09/08/21 - AB 175 (Senate Floor Analyses)

AB 175 - Senate Committee On Budget And Fiscal Review
09/06/21 - AB 175 (Senate Committee On Budget And Fiscal Review)

AB 175 - Amended Senate
09/05/21 - AB 175 (Amended Senate)

AB 175 - Assembly Floor Analysis
02/24/21 - AB 175 (Assembly Floor Analysis)

AB 175 - Amended Assembly
02/17/21 - AB 175 (Amended Assembly)

AB 175 - Introduced
01/08/21 - AB 175 (Introduced)