Bill Text: CA SB447 | 2011-2012 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: State agencies: communications: social security numbers.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Vetoed) 2012-09-23 - In Senate. Consideration of Governor's veto pending. [SB447 Detail]

Download: California-2011-SB447-Amended.html

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BILL NUMBER: SB 447	AMENDED
	BILL TEXT

	AMENDED IN SENATE  JANUARY 11, 2012
	AMENDED IN SENATE  JANUARY 4, 2012
	AMENDED IN SENATE  APRIL 28, 2011
	AMENDED IN SENATE  APRIL 25, 2011
	AMENDED IN SENATE  APRIL 14, 2011
	AMENDED IN SENATE  MARCH 29, 2011

INTRODUCED BY   Senator DeSaulnier

                        FEBRUARY 16, 2011

   An act to add Section 50964 to the Health and Safety Code,
relating to housing.


	LEGISLATIVE COUNSEL'S DIGEST


   SB 447, as amended, DeSaulnier. Housing: California Housing
Finance Agency.
   Existing law establishes the California Housing Finance Agency,
administered by a board of directors, whose primary purpose is to
meet the housing needs of persons and families of low- or
moderate-income. Existing law authorizes the agency to issue revenue
bonds and make construction and mortgage loans to meet the
multifamily rental housing needs of persons and families of low- or
moderate- income persons and families.
   This bill would prohibit the agency from foreclosing on a mortgage
for a single-family residence that was financed by a revenue bond
that is owned or serviced by the agency for the sole reason that the
mortgagor is using the residence as a rental property, provided that
certain conditions are met.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 50964 is added to the Health and Safety Code,
to read:
   50964.  The agency shall not foreclose on a mortgage for a
single-family residence that was financed by a revenue bond issued
pursuant to Chapter 7 (commencing with Section 51350) that is owned
or serviced by the agency for the sole reason that the mortgagor is
using the residence as a rental property, provided that all of the
following conditions are met:
   (a) The mortgagor is current in making his or her mortgage
payments, and has not breached any term of the mortgage. For purposes
of this subdivision, the renting out of the residence shall not
constitute a breach that necessitates a foreclosure action, except as
may be necessary not to exceed the 4 percent cap specified by
subdivision (c).
   (b) The mortgagor lived in the home for at least one year after
the mortgage was executed.
   (c) No more than 4 percent of the total proceeds of the bond
issuance shall be used to finance mortgages on residences that are
currently used as rental properties. 
   (d) The value of the residence securing the mortgage is less than
the aggregate amount of debt on the residence.