(D) A limited-equity housing cooperative, as defined in Section 817, that is based in California.
(E) The state, the Regents of the
University of California, a county, city, district, public authority, or public agency, and any other political subdivision or public corporation in the state.
(3) “Institution” means any of the following, if that person or entity, during its immediately preceding annual reporting period, as established with its primary regulator, foreclosed on 175 or more residential real properties, containing no more than 4 dwelling units:
(A) A depository institution chartered under state or federal law.
(B) A person licensed pursuant to Division 9 (commencing with Section 22000) or Division 20 (commencing with Section 50000) of the Financial Code.
(C) A person licensed pursuant to Part 1 (commencing with Section 10000) of Division 4 of the Business and Professions Code.
(4) “Prospective owner-occupant” means a natural person whose affidavit or declaration under paragraph (2) of subdivision (c) states all of the following:
(A) They will occupy the property as their primary residence within 60 days of the trustee’s deed being recorded.
(B) They will maintain their occupancy for at least one year.
(C) They are not any of the following:
(i) The mortgagor or trustor.
(ii) The child,
spouse, or parent of the mortgagor or trustor.
(iii) The grantor of a living trust that was named in the title to the property when the notice of default was recorded.
(iv) An employee, officer, or member of the mortgagor or trustor.
(v) A person with an ownership interest in the mortgagor, unless the mortgagor is a publicly traded company.
(D) They are not acting as the agent of any other person or entity in purchasing the real property.
(c) All of the following shall apply to sales of real property containing one to four residential dwelling units, inclusive, that is acquired through foreclosure
under a mortgage or deed of trust by an institution or that is acquired at a foreclosure sale by an institution:
(1) During the first 30 days after the property is listed for sale, the institution shall only accept offers from eligible bidders in this time period and shall respond, in writing, to all offers received from eligible bidders.
(2) An eligible bidder shall submit with their offer to the institution an affidavit or declaration, pursuant to Section 2015.5 of the Code of Civil Procedure, that states they are either of the following:
(A) An eligible bidder pursuant to subparagraphs (B) through (F)
(E) of paragraph (2) of subdivision (b).
(B) A prospective owner-occupant purchasing the property as a primary residence pursuant to this subdivision.
(3) Any fraudulent statements may be subject to criminal or civil liability.
(4) The institution shall respond, in writing, to all offers received from eligible bidders during the first 30 days after the property is listed for sale before considering any other offers.
(4)
(5) Notwithstanding any other law, an institution shall not conduct a bundled sale.
(d) The provisions of this section are severable. If any provision of this section or its application is held invalid, that invalidity shall not affect other provisions or applications that can be given effect without the invalid provision or application.