BILL ANALYSIS Ó AB 2475 Page 1 Date of Hearing: April 25, 2012 ASSEMBLY COMMITTEE ON APPROPRIATIONS Felipe Fuentes, Chair AB 2475 (Committee on Veterans Affairs) - As Introduced: February 24, 2012 Policy Committee: Veterans AffairsVote: 8-0 Judiciary 10-0 Urgency: No State Mandated Local Program: Yes Reimbursable: No SUMMARY This bill conforms state law with federal law by extending the time during which foreclosures on the homes of military members are prohibited from three months to nine months following the period of military service. Court orders and party agreements are exempt. Violation of this provision is a misdemeanor. FISCAL EFFECT Negligible state impact. COMMENTS 1)Rationale. In 2008 Congress amended the Servicemembers' Civil Relief Act to increase this foreclosure prohibition period from three months to nine months. According to the author, the proposed state extension of the protection period for military service members allows members to devote full attention to duty and relieves stress on the family. An order to military service can significantly alter the financial stability of service members and their families. 2)The California Mortgage Brokers Association and the California Bankers Association support this measure. 3)There is no known opposition . Analysis Prepared by : Geoff Long / APPR. / (916) 319-2081 AB 2475 Page 2