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California Bill Would Need Mortgage, Car and SPEED Forbearances and Restrict Payday Lending

California Bill Would Need Mortgage, Car and SPEED Forbearances and Restrict Payday Lending

Via an amendment to Assembly Bill 2501, California Assembly Banking and Finance Chair Monique Limon

has introduced sweeping forbearance legislation that will influence single-family and multifamily mortgages, auto-secured funding, Property Assessed Clean Energy (SPEED) financing, and pay day loans. NHomeowner, Tenant, and customer Relief Law of 2020, the balance offers up mandatory long-lasting forbearances; prohibitions on foreclosures, evictions and repossessions; and mandatory repayment plans and charge limitations on pay day loans. The balance would simply take instant impact and carry on in effect until 180 times following the Governor declares that the emergency relatnded.

Certain Limitations

The bill would prohibit mortgagees, mortgage servicers and similar parties from commencing or prosecuting any judicial foreclosure action or approved cash advance corporate office recording a Notice of Default, and from taking any steps to evict tenants following a foreclosure with respect to residential mortgage loans.