Final California Homeowners' Rights Bills Signed into Law
By: Tory Barringer
California attorney general Kamala Harris announced Tuesday that the final parts of the California Homeowner Bill of Rights were signed into law by Governor Jerry Brown.
“California has been the epicenter of the foreclosure and mortgage crisis,” Harris said. “The Homeowner Bill of Rights will provide basic fairness and transparency for homeowners and improve the mortgage process for everyone.”
The governor signed three bills: SB 1474, AB 1950, and AB 2610. SB 1474 gives the Office of the Attorney General the ability to use a statewide grand jury to investigate and indict the perpetrators of financial crimes involving victims in multiple counties. AB 1950 extends the statute of limitations on mortgage-related crimes to three years.
AB 2610 requires purchasers of foreclosed homes to give tenants at least 90 days before starting eviction proceedings. If the tenant has a fixed-term lease, the new owner must honor the lease unless the owner can demonstrate certain exceptions.
The governor previously signed into law three other components of the Homeowner Bill of Rights that provide protections for struggling homeowners and offer tools to local governments and receivers to fight neighborhood blight caused by vacancies.
All aspects of the California Homeowner Bill of Rights will take effect at the start of 2013.
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