BILL NUMBER: SB 1284	INTRODUCED
	BILL TEXT


INTRODUCED BY   Senator Lieu

                        FEBRUARY 23, 2012

   An act relating to residential mortgage lending.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 1284, as introduced, Lieu. Residential mortgage lending:
compliance with federal law.
   Existing law provides for the licensure and regulation of mortgage
loan originators, as defined, by the Commissioner of Corporations
under the California Finance Lenders Law and the California
Residential Mortgage Lending Act. Existing law exempts from the
provisions of the California Finance Lenders Law specified persons
and entities, including any person doing business under any law of
any state or of the United States relating to banks, trust companies,
savings and loan associations, and insurance premium finance
agencies.
   This bill would declare the intent of the Legislature to enact
legislation that would enhance compliance with specified federal
verification requirements for residential mortgage lending.
   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 enhance compliance with income and employment
verification requirements for residential mortgage lending.