BILL NUMBER: AB 2301	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Garcia

                        FEBRUARY 21, 2008

   An act relating to mortgages.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2301, as introduced, Garcia. Residential mortgages.
   The California Residential Mortgage Lending Act provides for the
licensure and regulation by the Commissioner of Corporations of
persons engaged in the business of making residential mortgage loans
or servicing those loans.
   This bill would declare the intent of the Legislature to enact
legislation requiring licensees to provide to borrowers, in addition
to their credit score, the average annual percentage rate that
qualified borrowers with a similar credit score received.
   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


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

  SECTION 1.  It is the intent of the Legislature to enact
legislation that requires residential mortgage lenders to provide to
borrowers, in addition to their credit score, the average annual
percentage rate that qualified borrowers with a similar credit score
received.