BILL NUMBER: AB 1432	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Mendoza

                        FEBRUARY 27, 2009

   An act to amend Section 51150 of the Health and Safety Code,
relating to housing.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 1432, as introduced, Mendoza. Qualified mortgage lender loans:
terms and conditions.
   Existing law establishes the California Housing Finance Agency for
the primary purpose of meeting the housing needs of persons and
families of low or moderate income. Existing law authorizes the
agency to make loans to qualified mortgage lenders under terms and
conditions requiring the proceeds to be used for making construction
loans and mortgage loans for the purpose of financing housing
developments and residential structures.
   This bill would, instead, provide that an agency may make loans to
qualified mortgage lenders under terms and conditions requiring the
proceeds to be used by lenders for the purpose of making or
refinancing acquisition, construction, and development loans and
mortgage loans.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.

   AB 1432, as introduced, Mendoza. Qualified mortgage lender loans:
terms and conditions.
   Existing law establishes the California Housing Finance Agency for
the primary purpose of meeting the housing needs of persons and
families of low or moderate income. Existing law authorizes the
agency to make loans to qualified mortgage lenders under terms and
conditions requiring the proceeds to be used for making construction
loans and mortgage loans for the purpose of financing housing
developments and residential structures.
   This bill would, instead, provide that an agency may make loans to
qualified mortgage lenders under terms and conditions requiring the
proceeds to be used by lenders for the purpose of making or
refinancing acquisition, construction, and development loans and
mortgage loans.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.

   AB 1432, as introduced, Mendoza. Qualified mortgage lender loans:
terms and conditions.
   Existing law establishes the California Housing Finance Agency for
the primary purpose of meeting the housing needs of persons and
families of low or moderate income. Existing law authorizes the
agency to make loans to qualified mortgage lenders under terms and
conditions requiring the proceeds to be used for making construction
loans and mortgage loans for the purpose of financing housing
developments and residential structures.
   This bill would, instead, provide that an agency may make loans to
qualified mortgage lenders under terms and conditions requiring the
proceeds to be used by lenders for the purpose of making or
refinancing acquisition, construction, and development loans and
mortgage loans.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.

   AB 1432, as introduced, Mendoza. Qualified mortgage lender loans:
terms and conditions.
   Existing law establishes the California Housing Finance Agency for
the primary purpose of meeting the housing needs of persons and
families of low or moderate income. Existing law authorizes the
agency to make loans to qualified mortgage lenders under terms and
conditions requiring the proceeds to be used for making construction
loans and mortgage loans for the purpose of financing housing
developments and residential structures.
   This bill would, instead, provide that an agency may make loans to
qualified mortgage lenders under terms and conditions requiring the
proceeds to be used by lenders for the purpose of making or
refinancing acquisition, construction, and development loans and
mortgage loans.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


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

  SECTION 1.  Section 51150 of the Health and Safety Code is amended
to read:
   51150.  The agency may make loans to qualified mortgage lenders
under terms and conditions requiring the proceeds thereof to be used
by  such   those  mortgage lenders for the
purpose of making  construction loans   or
refinancing acquisition, construction, and developme   nt
loans  and mortgage loans for the purpose of financing housing
developments and residential structures.
  SECTION 1.  Section 51150 of the Health and Safety Code is amended
to read:
   51150.  The agency may make loans to qualified mortgage lenders
under terms and conditions requiring the proceeds thereof to be used
by  such   those  mortgage lenders for the
purpose of making  construction loans   or
refinancing acquisition, construction, and developme   nt
loans  and mortgage loans for the purpose of financing housing
developments and residential structures.
  SECTION 1.  Section 51150 of the Health and Safety Code is amended
to read:
   51150.  The agency may make loans to qualified mortgage lenders
under terms and conditions requiring the proceeds thereof to be used
by  such   those  mortgage lenders for the
purpose of making  construction loans   or
refinancing acquisition, construction, and developme   nt
loans  and mortgage loans for the purpose of financing housing
developments and residential structures.
  SECTION 1.  Section 51150 of the Health and Safety Code is amended
to read:
   51150.  The agency may make loans to qualified mortgage lenders
under terms and conditions requiring the proceeds thereof to be used
by  such   those  mortgage lenders for the
purpose of making  construction loans   or
refinancing acquisition, construction, and developme   nt
loans  and mortgage loans for the purpose of financing housing
developments and residential structures.