BILL NUMBER: AB 2347	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Feuer

                        FEBRUARY 19, 2010

   An act relating to mortgage defaults.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2347, as introduced, Feuer. Mortgage defaults: secondary public
financing.
   Existing law requires a lender to file a notice of default in the
case of nonjudicial foreclosure prior to enforcing a power of sale as
a result of a default on an obligation secured by real property, as
specified.
   This bill would express the intent of the Legislature to enact
legislation that would, if enacted, ensure that when a public entity
is a secondary mortgage lender for multifamily residential real
property, that public entity would receive each notice of default
filed on that property in a timely manner.
   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 would, if enacted, ensure that when a public entity
is a secondary mortgage lender for multifamily residential real
property, that public entity would receive each notice of default
filed on that property in a timely manner.