BILL NUMBER: AB 69	ENROLLED
	BILL TEXT

	PASSED THE SENATE  AUGUST 14, 2008
	PASSED THE ASSEMBLY  AUGUST 18, 2008
	AMENDED IN SENATE  AUGUST 11, 2008
	AMENDED IN SENATE  JUNE 10, 2008
	AMENDED IN SENATE  MAY 27, 2008
	AMENDED IN ASSEMBLY  JANUARY 18, 2008
	AMENDED IN ASSEMBLY  JANUARY 7, 2008
	AMENDED IN ASSEMBLY  APRIL 23, 2007
	AMENDED IN ASSEMBLY  FEBRUARY 1, 2007

INTRODUCED BY   Assembly Member Lieu
   (Coauthors: Assembly Members Swanson and Wolk)

                        DECEMBER 4, 2006

   An act to add Sections 22159.5 and 50307.1 to the Financial Code,
relating to mortgage lending.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 69, Lieu. Mortgage lending: reporting.
   Existing law provides for the licensure and regulation of finance
lenders and brokers and residential mortgage lenders and residential
mortgage loan servicers by the Commissioner of Corporations.
   This bill would authorize the commissioner to require these
licensees to provide reports concerning residential mortgage loan
servicing activities. The bill would authorize the commissioner to
seek and receive information from residential mortgage loan servicers
not subject to the commissioner's jurisdiction. The bill would
require the commissioner to post aggregated survey results on the
Department of Corporation's Internet Web site, as specified.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 22159.5 is added to the Financial Code, to
read:
   22159.5.  (a) The commissioner may, as he or she deems necessary,
require licensees to provide reports concerning their residential
mortgage loan servicing activities, including, but not limited to,
information similar to that collected in connection with the Mortgage
Servicers Survey, first published by the Department of Corporations
in December 2007. The commissioner is additionally authorized to seek
and accept information provided on a voluntary basis by residential
mortgage loan servicers not subject to the commissioner's
jurisdiction. The commissioner shall post only aggregated survey
results on the department's Internet Web site, and shall note the
number of loan servicers submitting data included in the aggregated
totals and the estimated percentage of outstanding mortgage loans to
Californians that are serviced by these loan servicers, to the extent
information on the number of outstanding loans is available from a
reliable source. Nothing in this section is intended to reduce or
change the commissioner's authority to request and demand reports
under Sections 22150 and 22159.
   (b) For purposes of this section, "mortgage loan servicing
activity" means receiving more than three installment payments of
principal, interest, or other amounts placed in escrow, pursuant to
the terms of a mortgage loan, and performing services relating to
that receipt or the enforcement of its receipt, on behalf of the
holder of the note evidencing that loan.
  SEC. 2.  Section 50307.1 is added to the Financial Code, to read:
   50307.1.  The commissioner may, as he or she deems necessary,
require licensees to provide reports concerning their residential
mortgage loan servicing activities, including, but not limited to,
information similar to that collected in connection with the Mortgage
Servicers Survey, first published by the Department of Corporations
in December 2007. The commissioner is additionally authorized to seek
and accept information provided on a voluntary basis by residential
mortgage loan servicers not subject to the commissioner's
jurisdiction. The commissioner shall post only aggregated survey
results on the department's Internet Web site, and shall note the
number of loan servicers submitting data included in the aggregated
totals and the estimated percentage of outstanding mortgage loans to
Californians that are serviced by these loan servicers, to the extent
information on the number of outstanding loans is available from a
reliable source. Nothing in this section is intended to reduce or
change the commissioner's authority to request and demand reports
under Section 50307.