CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 2376Introduced by Assembly Member Mark StoneFebruary 14, 2018 An act relating to mortgage loan modification. LEGISLATIVE COUNSEL'S DIGESTAB 2376, as introduced, Mark Stone. Mortgage loan modification: services: fees.Existing state and federal laws regulate financial institutions and mortgage lending. Existing state law prescribes various requirements that must be satisfied prior to exercising a power of sale under a mortgage or deed of trust. Existing law requires any person who negotiates or offers to negotiate a residential mortgage loan modification for a fee paid by the borrower to provide a specified statement to the borrower prior to entering into a fee agreement. This bill would state the intent of the Legislature to enact legislation that would clarify the application of law that prohibits the charging of advance fees by any individual or business that helps or offers to help a borrower obtain a loan modification or other form of mortgage loan forbearance or forgiveness from the institution servicing the borrowers residential mortgage loan.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. It is the intent of the Legislature to enact legislation that would clarify the application of existing law that prohibits the charging of advance fees by any individual or business that helps or offers to help a borrower obtain a loan modification or other form of mortgage loan forbearance or forgiveness from the institution servicing the borrowers residential mortgage loan.
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 2376Introduced by Assembly Member Mark StoneFebruary 14, 2018 An act relating to mortgage loan modification. LEGISLATIVE COUNSEL'S DIGESTAB 2376, as introduced, Mark Stone. Mortgage loan modification: services: fees.Existing state and federal laws regulate financial institutions and mortgage lending. Existing state law prescribes various requirements that must be satisfied prior to exercising a power of sale under a mortgage or deed of trust. Existing law requires any person who negotiates or offers to negotiate a residential mortgage loan modification for a fee paid by the borrower to provide a specified statement to the borrower prior to entering into a fee agreement. This bill would state the intent of the Legislature to enact legislation that would clarify the application of law that prohibits the charging of advance fees by any individual or business that helps or offers to help a borrower obtain a loan modification or other form of mortgage loan forbearance or forgiveness from the institution servicing the borrowers residential mortgage loan.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION
Assembly Bill No. 2376
Introduced by Assembly Member Mark StoneFebruary 14, 2018
Introduced by Assembly Member Mark Stone
February 14, 2018
An act relating to mortgage loan modification.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 2376, as introduced, Mark Stone. Mortgage loan modification: services: fees.
Existing state and federal laws regulate financial institutions and mortgage lending. Existing state law prescribes various requirements that must be satisfied prior to exercising a power of sale under a mortgage or deed of trust. Existing law requires any person who negotiates or offers to negotiate a residential mortgage loan modification for a fee paid by the borrower to provide a specified statement to the borrower prior to entering into a fee agreement. This bill would state the intent of the Legislature to enact legislation that would clarify the application of law that prohibits the charging of advance fees by any individual or business that helps or offers to help a borrower obtain a loan modification or other form of mortgage loan forbearance or forgiveness from the institution servicing the borrowers residential mortgage loan.
Existing state and federal laws regulate financial institutions and mortgage lending. Existing state law prescribes various requirements that must be satisfied prior to exercising a power of sale under a mortgage or deed of trust. Existing law requires any person who negotiates or offers to negotiate a residential mortgage loan modification for a fee paid by the borrower to provide a specified statement to the borrower prior to entering into a fee agreement.
This bill would state the intent of the Legislature to enact legislation that would clarify the application of law that prohibits the charging of advance fees by any individual or business that helps or offers to help a borrower obtain a loan modification or other form of mortgage loan forbearance or forgiveness from the institution servicing the borrowers residential mortgage loan.
## Digest Key
## Bill Text
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 clarify the application of existing law that prohibits the charging of advance fees by any individual or business that helps or offers to help a borrower obtain a loan modification or other form of mortgage loan forbearance or forgiveness from the institution servicing the borrowers residential mortgage loan.
The people of the State of California do enact as follows:
## 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 clarify the application of existing law that prohibits the charging of advance fees by any individual or business that helps or offers to help a borrower obtain a loan modification or other form of mortgage loan forbearance or forgiveness from the institution servicing the borrowers residential mortgage loan.
SECTION 1. It is the intent of the Legislature to enact legislation that would clarify the application of existing law that prohibits the charging of advance fees by any individual or business that helps or offers to help a borrower obtain a loan modification or other form of mortgage loan forbearance or forgiveness from the institution servicing the borrowers residential mortgage loan.
SECTION 1. It is the intent of the Legislature to enact legislation that would clarify the application of existing law that prohibits the charging of advance fees by any individual or business that helps or offers to help a borrower obtain a loan modification or other form of mortgage loan forbearance or forgiveness from the institution servicing the borrowers residential mortgage loan.
### SECTION 1.