CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Senate Bill No. 739Introduced by Senator GalgianiFebruary 17, 2017 An act relating to reverse mortgages. LEGISLATIVE COUNSEL'S DIGESTSB 739, as introduced, Galgiani. Reverse mortgages.Under existing law, a reverse mortgage means a nonrecourse loan secured by real property if the loan provides cash advances to a borrower based on the equity or the value in a borrowers owner-occupied principal residence, the loan requires no payment of principal or interest until the entire loan becomes due and payable, and the loan is made by a specified licensed or chartered lender. Existing law requires the lender to prominently disclose in the loan agreement any interest rate or other fees to be charged during the period that commences on the date that the reverse mortgage loan becomes due and payable, and that ends when repayment in full is made.This bill would declare the intent of the Legislature to enact legislation that would require a lender offering reverse mortgage loans to provide disclosures to a borrower describing when a reverse mortgage agreement would become void.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 require a lender offering reverse mortgage loans to provide disclosures to a borrower describing when a reverse mortgage agreement would become void.
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Senate Bill No. 739Introduced by Senator GalgianiFebruary 17, 2017 An act relating to reverse mortgages. LEGISLATIVE COUNSEL'S DIGESTSB 739, as introduced, Galgiani. Reverse mortgages.Under existing law, a reverse mortgage means a nonrecourse loan secured by real property if the loan provides cash advances to a borrower based on the equity or the value in a borrowers owner-occupied principal residence, the loan requires no payment of principal or interest until the entire loan becomes due and payable, and the loan is made by a specified licensed or chartered lender. Existing law requires the lender to prominently disclose in the loan agreement any interest rate or other fees to be charged during the period that commences on the date that the reverse mortgage loan becomes due and payable, and that ends when repayment in full is made.This bill would declare the intent of the Legislature to enact legislation that would require a lender offering reverse mortgage loans to provide disclosures to a borrower describing when a reverse mortgage agreement would become void.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION
Senate Bill No. 739
Introduced by Senator GalgianiFebruary 17, 2017
Introduced by Senator Galgiani
February 17, 2017
An act relating to reverse mortgages.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
SB 739, as introduced, Galgiani. Reverse mortgages.
Under existing law, a reverse mortgage means a nonrecourse loan secured by real property if the loan provides cash advances to a borrower based on the equity or the value in a borrowers owner-occupied principal residence, the loan requires no payment of principal or interest until the entire loan becomes due and payable, and the loan is made by a specified licensed or chartered lender. Existing law requires the lender to prominently disclose in the loan agreement any interest rate or other fees to be charged during the period that commences on the date that the reverse mortgage loan becomes due and payable, and that ends when repayment in full is made.This bill would declare the intent of the Legislature to enact legislation that would require a lender offering reverse mortgage loans to provide disclosures to a borrower describing when a reverse mortgage agreement would become void.
Under existing law, a reverse mortgage means a nonrecourse loan secured by real property if the loan provides cash advances to a borrower based on the equity or the value in a borrowers owner-occupied principal residence, the loan requires no payment of principal or interest until the entire loan becomes due and payable, and the loan is made by a specified licensed or chartered lender. Existing law requires the lender to prominently disclose in the loan agreement any interest rate or other fees to be charged during the period that commences on the date that the reverse mortgage loan becomes due and payable, and that ends when repayment in full is made.
This bill would declare the intent of the Legislature to enact legislation that would require a lender offering reverse mortgage loans to provide disclosures to a borrower describing when a reverse mortgage agreement would become void.
## 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 require a lender offering reverse mortgage loans to provide disclosures to a borrower describing when a reverse mortgage agreement would become void.
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 require a lender offering reverse mortgage loans to provide disclosures to a borrower describing when a reverse mortgage agreement would become void.
SECTION 1. It is the intent of the Legislature to enact legislation that would require a lender offering reverse mortgage loans to provide disclosures to a borrower describing when a reverse mortgage agreement would become void.
SECTION 1. It is the intent of the Legislature to enact legislation that would require a lender offering reverse mortgage loans to provide disclosures to a borrower describing when a reverse mortgage agreement would become void.
### SECTION 1.