BILL NUMBER: AB 2024	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Blumenfield
   (Coauthor: Assembly Member Torrico)

                        FEBRUARY 17, 2010

   An act to add Section 2944.8 to the Civil Code, relating to loan
modification.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2024, as introduced, Blumenfield. Loan modification.
   Existing law requires any person who negotiates, attempts to
negotiate, arranges, attempts to arrange, or otherwise offers to
perform a mortgage loan modification for compensation to provide
specified information to the borrower.
   This bill would require any lender that rejects a loan
modification request to send a notification to the borrower that
specifically states the reasons why the loan modification request is
rejected.
   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.  Section 2944.8 is added to the Civil Code, to read:
   2944.8.  Any lender that rejects a loan modification request shall
send a notification to the borrower that specifically states the
reasons why the loan modification request is rejected.