BILL ANALYSIS                                                                                                                                                                                                    �



                                                                  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
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