CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Assembly Bill No. 2170Introduced by Assembly Member GraysonFebruary 15, 2022 An act to add Section 2924p to the Civil Code, relating to foreclosure. LEGISLATIVE COUNSEL'S DIGESTAB 2170, as introduced, Grayson. Residential real property: foreclosure sales.Existing law prescribes various requirements to be satisfied before the exercise of a power of sale under a mortgage or deed of trust and prescribes a procedure for the exercise of that power. Existing law, until January 1, 2026, prescribes a process in connection with a trustees sale of property under a power of sale contained in a deed of trust or mortgage on real property containing one to 4 residential units, inclusive, that provides specified bidding priorities to certain parties, including prospective owner-occupants. This bill would prescribe requirements that would apply to sales of real property containing one to 4 residential dwelling units, inclusive, that a federal government-sponsored enterprise, as defined, acquires by foreclosure under a mortgage or deed of trust or that is acquired at a foreclosure sale. The bill would require the enterprise, during the first 30 days that a property is listed, as specified, to consider only purchase offers from prospective owner-occupants and eligible bidders, as defined, consistent with the federal First Look program of the enterprise. The bill would require the enterprise to provide written acknowledgment of offers to owner-occupants and eligible bidders, and their respective agents, during the 30-day period before accepting or considering offers. The bill would authorize investor purchasers, as defined, to submit offers to purchase, as specified, but would prohibit consideration of the offers until the 30-day period has expired.This bill would require, pursuant to the guidelines of a federal government-sponsored enterprise, than a prospective owner-occupant sign and submit an affidavit affirming their intent to occupy the property as their primary residence. The bill would require an eligible bidder to be engaged in a neighborhood stabilization program, to provide an affidavit affirming their nonprofit or governmental status, and to provide evidence of their neighborhood stabilization mission. By expanding the crime of perjury, this bill would impose a state-mandated local program.This bill would also prohibit a federal government-sponsored enterprise that is regulated by the Federal Housing Finance Agency from conducting a bundled sale, as defined.The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.This bill would provide that no reimbursement is required by this act for a specified reason.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: YES Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 2924p is added to the Civil Code, to read:2924p. (a) For purposes of this section, it is the intent of the Legislature to do all of the following:(1) Allow for prospective owner-occupants and eligible bidders to have the first opportunity to purchase properties which have been acquired through the foreclosure process by federal government-sponsored enterprises.(2) Model in California law the federal First Look program that the Federal Housing Finance Administration instituted during the national foreclosure crisis.(3) Promote owner occupancy and to provide owner-occupants and public entities an advantage in submitting offers on foreclosed properties owned by federal government sponsored enterprises without competition from investors.(4) Ensure that the requirements of this section are consistent the original stated goals of the federal First Look program, which were to expand home ownership opportunities, strengthen neighborhoods and communities, while also providing that sellers are required to respond to offers received during the first look period before accepting or considering investor offers to purchase single family homes.(b) For purpose of this section:(1) Bundled sale means the sale of two or more parcels of real property containing one to four residential dwelling units, inclusive, at least two of which have been acquired through foreclosure under a mortgage or deed of trust or purchased at a foreclosure sale by a federal government-sponsored enterprise.(2) Eligible bidder means any of the following:(A) A prospective owner-occupant.(B) A nonprofit corporation, which has the primary activity to develop and preserve affordable housing.(C) A limited partnership in which the managing general partner is a nonprofit corporation, and their primary activity to develop and preserve affordable housing.(D) A limited liability company in which the managing member is a nonprofit corporation, and their primary activity is to develop and preserve affordable housing.(E) A community land trust, as defined in clause (ii) of subparagraph (C) of paragraph (11) of subdivision (a) of Section 402.1 of the Revenue and Taxation Code.(F) A limited-equity housing cooperative, as defined in Section 817.(3) Federal government-sponsored enterprise means: (A) A government-sponsored enterprise, as defined in Section 622 of Title 2 of the United States Code that is regulated by the Federal Housing Finance Authority. (B) An affiliated entity of a federal government-sponsored enterprise.(C) A mortgage servicer, as defined by Section 2920.5, who is acting as an agent for a federal government-sponsored enterprise.(4) Investor purchaser means any of the following:(A) A real estate investment trust, as defined in Section 856 of Title 26 of the United States Code.(B) An S Corporation, as described in Chapter 4.5 (commencing with Section 23800) of Part 11 of Division 2 of the Revenue and Tax Code.(C) A C corporation or limited liability company in which at least one member is a corporation, as described in the Corporations Code. (D) Any entity which is publicly traded on a United States stock exchange.(5) Multiple listing service means a multiple listing service, as defined in Section 1087.(6) Prospective owner-occupant means a natural person who presents to the trustee an affidavit that states all of the following:(A) They will occupy the property as their primary residence of the trustees deed being recorded.(B) They will maintain their occupancy for at least one year.(C) They are not the mortgagor or trustor, or the child, spouse, or parent of the mortgagor or trustor.(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 by a federal government-sponsored enterprise through foreclosure under a mortgage or deed of trust or that is acquired at a foreclosure sale:(1) (A) During the first 30 days in which the property is listed for sale in the multiple listing service, pursuant to guidelines of a federal government-sponsored enterprise, a federal government-sponsored enterprise shall consider only purchase offers from prospective owner-occupants and eligible bidders, consistent with the federal First Look program of federal government-sponsored enterprise.(B) The federal government sponsored enterprise shall provide written acknowledgment of all offers received pursuant to subparagraph (A) during the 30-day period to owner-occupants, eligible bidders, and their respective agents before accepting or considering offers made pursuant to paragraph (2).(2) Investor purchasers may submit offers to purchase after the 30-day period, but the offers shall not be considered by the federal government sponsored enterprise until the 30-day described in paragraph (1) has expired.(3) Pursuant to the guidelines of a federal government-sponsored enterprise, a prospective owner-occupant shall sign and submit an affidavit affirming that they intend to occupy the property as their primary residence, and any fraudulent statements may be subject to criminal or civil liability.(4) Eligible bidders, pursuant to requirements of the guidelines of a federal government-sponsored enterprise, shall do all of the following:(A) Be engaged in a neighborhood stabilization program.(B) Provide an affidavit affirming their nonprofit or governmental status.(C) Provide evidence of their neighborhood stabilization mission.(d) Notwithstanding any other law, a federal government-sponsored enterprise regulated by the Federal Housing Finance Agency shall not be authorized to conduct a bundled sale.SEC. 2. No reimbursement is required by this act pursuant to Section 6 of Article XIIIB of the California Constitution because the only costs that may be incurred by a local agency or school district will be incurred because this act creates a new crime or infraction, eliminates a crime or infraction, or changes the penalty for a crime or infraction, within the meaning of Section 17556 of the Government Code, or changes the definition of a crime within the meaning of Section 6 of Article XIIIB of the California Constitution.
CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION Assembly Bill No. 2170Introduced by Assembly Member GraysonFebruary 15, 2022 An act to add Section 2924p to the Civil Code, relating to foreclosure. LEGISLATIVE COUNSEL'S DIGESTAB 2170, as introduced, Grayson. Residential real property: foreclosure sales.Existing law prescribes various requirements to be satisfied before the exercise of a power of sale under a mortgage or deed of trust and prescribes a procedure for the exercise of that power. Existing law, until January 1, 2026, prescribes a process in connection with a trustees sale of property under a power of sale contained in a deed of trust or mortgage on real property containing one to 4 residential units, inclusive, that provides specified bidding priorities to certain parties, including prospective owner-occupants. This bill would prescribe requirements that would apply to sales of real property containing one to 4 residential dwelling units, inclusive, that a federal government-sponsored enterprise, as defined, acquires by foreclosure under a mortgage or deed of trust or that is acquired at a foreclosure sale. The bill would require the enterprise, during the first 30 days that a property is listed, as specified, to consider only purchase offers from prospective owner-occupants and eligible bidders, as defined, consistent with the federal First Look program of the enterprise. The bill would require the enterprise to provide written acknowledgment of offers to owner-occupants and eligible bidders, and their respective agents, during the 30-day period before accepting or considering offers. The bill would authorize investor purchasers, as defined, to submit offers to purchase, as specified, but would prohibit consideration of the offers until the 30-day period has expired.This bill would require, pursuant to the guidelines of a federal government-sponsored enterprise, than a prospective owner-occupant sign and submit an affidavit affirming their intent to occupy the property as their primary residence. The bill would require an eligible bidder to be engaged in a neighborhood stabilization program, to provide an affidavit affirming their nonprofit or governmental status, and to provide evidence of their neighborhood stabilization mission. By expanding the crime of perjury, this bill would impose a state-mandated local program.This bill would also prohibit a federal government-sponsored enterprise that is regulated by the Federal Housing Finance Agency from conducting a bundled sale, as defined.The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.This bill would provide that no reimbursement is required by this act for a specified reason.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: YES
CALIFORNIA LEGISLATURE 20212022 REGULAR SESSION
Assembly Bill
No. 2170
Introduced by Assembly Member GraysonFebruary 15, 2022
Introduced by Assembly Member Grayson
February 15, 2022
An act to add Section 2924p to the Civil Code, relating to foreclosure.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 2170, as introduced, Grayson. Residential real property: foreclosure sales.
Existing law prescribes various requirements to be satisfied before the exercise of a power of sale under a mortgage or deed of trust and prescribes a procedure for the exercise of that power. Existing law, until January 1, 2026, prescribes a process in connection with a trustees sale of property under a power of sale contained in a deed of trust or mortgage on real property containing one to 4 residential units, inclusive, that provides specified bidding priorities to certain parties, including prospective owner-occupants. This bill would prescribe requirements that would apply to sales of real property containing one to 4 residential dwelling units, inclusive, that a federal government-sponsored enterprise, as defined, acquires by foreclosure under a mortgage or deed of trust or that is acquired at a foreclosure sale. The bill would require the enterprise, during the first 30 days that a property is listed, as specified, to consider only purchase offers from prospective owner-occupants and eligible bidders, as defined, consistent with the federal First Look program of the enterprise. The bill would require the enterprise to provide written acknowledgment of offers to owner-occupants and eligible bidders, and their respective agents, during the 30-day period before accepting or considering offers. The bill would authorize investor purchasers, as defined, to submit offers to purchase, as specified, but would prohibit consideration of the offers until the 30-day period has expired.This bill would require, pursuant to the guidelines of a federal government-sponsored enterprise, than a prospective owner-occupant sign and submit an affidavit affirming their intent to occupy the property as their primary residence. The bill would require an eligible bidder to be engaged in a neighborhood stabilization program, to provide an affidavit affirming their nonprofit or governmental status, and to provide evidence of their neighborhood stabilization mission. By expanding the crime of perjury, this bill would impose a state-mandated local program.This bill would also prohibit a federal government-sponsored enterprise that is regulated by the Federal Housing Finance Agency from conducting a bundled sale, as defined.The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.This bill would provide that no reimbursement is required by this act for a specified reason.
Existing law prescribes various requirements to be satisfied before the exercise of a power of sale under a mortgage or deed of trust and prescribes a procedure for the exercise of that power. Existing law, until January 1, 2026, prescribes a process in connection with a trustees sale of property under a power of sale contained in a deed of trust or mortgage on real property containing one to 4 residential units, inclusive, that provides specified bidding priorities to certain parties, including prospective owner-occupants.
This bill would prescribe requirements that would apply to sales of real property containing one to 4 residential dwelling units, inclusive, that a federal government-sponsored enterprise, as defined, acquires by foreclosure under a mortgage or deed of trust or that is acquired at a foreclosure sale. The bill would require the enterprise, during the first 30 days that a property is listed, as specified, to consider only purchase offers from prospective owner-occupants and eligible bidders, as defined, consistent with the federal First Look program of the enterprise. The bill would require the enterprise to provide written acknowledgment of offers to owner-occupants and eligible bidders, and their respective agents, during the 30-day period before accepting or considering offers. The bill would authorize investor purchasers, as defined, to submit offers to purchase, as specified, but would prohibit consideration of the offers until the 30-day period has expired.
This bill would require, pursuant to the guidelines of a federal government-sponsored enterprise, than a prospective owner-occupant sign and submit an affidavit affirming their intent to occupy the property as their primary residence. The bill would require an eligible bidder to be engaged in a neighborhood stabilization program, to provide an affidavit affirming their nonprofit or governmental status, and to provide evidence of their neighborhood stabilization mission. By expanding the crime of perjury, this bill would impose a state-mandated local program.
This bill would also prohibit a federal government-sponsored enterprise that is regulated by the Federal Housing Finance Agency from conducting a bundled sale, as defined.
The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.
This bill would provide that no reimbursement is required by this act for a specified reason.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 2924p is added to the Civil Code, to read:2924p. (a) For purposes of this section, it is the intent of the Legislature to do all of the following:(1) Allow for prospective owner-occupants and eligible bidders to have the first opportunity to purchase properties which have been acquired through the foreclosure process by federal government-sponsored enterprises.(2) Model in California law the federal First Look program that the Federal Housing Finance Administration instituted during the national foreclosure crisis.(3) Promote owner occupancy and to provide owner-occupants and public entities an advantage in submitting offers on foreclosed properties owned by federal government sponsored enterprises without competition from investors.(4) Ensure that the requirements of this section are consistent the original stated goals of the federal First Look program, which were to expand home ownership opportunities, strengthen neighborhoods and communities, while also providing that sellers are required to respond to offers received during the first look period before accepting or considering investor offers to purchase single family homes.(b) For purpose of this section:(1) Bundled sale means the sale of two or more parcels of real property containing one to four residential dwelling units, inclusive, at least two of which have been acquired through foreclosure under a mortgage or deed of trust or purchased at a foreclosure sale by a federal government-sponsored enterprise.(2) Eligible bidder means any of the following:(A) A prospective owner-occupant.(B) A nonprofit corporation, which has the primary activity to develop and preserve affordable housing.(C) A limited partnership in which the managing general partner is a nonprofit corporation, and their primary activity to develop and preserve affordable housing.(D) A limited liability company in which the managing member is a nonprofit corporation, and their primary activity is to develop and preserve affordable housing.(E) A community land trust, as defined in clause (ii) of subparagraph (C) of paragraph (11) of subdivision (a) of Section 402.1 of the Revenue and Taxation Code.(F) A limited-equity housing cooperative, as defined in Section 817.(3) Federal government-sponsored enterprise means: (A) A government-sponsored enterprise, as defined in Section 622 of Title 2 of the United States Code that is regulated by the Federal Housing Finance Authority. (B) An affiliated entity of a federal government-sponsored enterprise.(C) A mortgage servicer, as defined by Section 2920.5, who is acting as an agent for a federal government-sponsored enterprise.(4) Investor purchaser means any of the following:(A) A real estate investment trust, as defined in Section 856 of Title 26 of the United States Code.(B) An S Corporation, as described in Chapter 4.5 (commencing with Section 23800) of Part 11 of Division 2 of the Revenue and Tax Code.(C) A C corporation or limited liability company in which at least one member is a corporation, as described in the Corporations Code. (D) Any entity which is publicly traded on a United States stock exchange.(5) Multiple listing service means a multiple listing service, as defined in Section 1087.(6) Prospective owner-occupant means a natural person who presents to the trustee an affidavit that states all of the following:(A) They will occupy the property as their primary residence of the trustees deed being recorded.(B) They will maintain their occupancy for at least one year.(C) They are not the mortgagor or trustor, or the child, spouse, or parent of the mortgagor or trustor.(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 by a federal government-sponsored enterprise through foreclosure under a mortgage or deed of trust or that is acquired at a foreclosure sale:(1) (A) During the first 30 days in which the property is listed for sale in the multiple listing service, pursuant to guidelines of a federal government-sponsored enterprise, a federal government-sponsored enterprise shall consider only purchase offers from prospective owner-occupants and eligible bidders, consistent with the federal First Look program of federal government-sponsored enterprise.(B) The federal government sponsored enterprise shall provide written acknowledgment of all offers received pursuant to subparagraph (A) during the 30-day period to owner-occupants, eligible bidders, and their respective agents before accepting or considering offers made pursuant to paragraph (2).(2) Investor purchasers may submit offers to purchase after the 30-day period, but the offers shall not be considered by the federal government sponsored enterprise until the 30-day described in paragraph (1) has expired.(3) Pursuant to the guidelines of a federal government-sponsored enterprise, a prospective owner-occupant shall sign and submit an affidavit affirming that they intend to occupy the property as their primary residence, and any fraudulent statements may be subject to criminal or civil liability.(4) Eligible bidders, pursuant to requirements of the guidelines of a federal government-sponsored enterprise, shall do all of the following:(A) Be engaged in a neighborhood stabilization program.(B) Provide an affidavit affirming their nonprofit or governmental status.(C) Provide evidence of their neighborhood stabilization mission.(d) Notwithstanding any other law, a federal government-sponsored enterprise regulated by the Federal Housing Finance Agency shall not be authorized to conduct a bundled sale.SEC. 2. No reimbursement is required by this act pursuant to Section 6 of Article XIIIB of the California Constitution because the only costs that may be incurred by a local agency or school district will be incurred because this act creates a new crime or infraction, eliminates a crime or infraction, or changes the penalty for a crime or infraction, within the meaning of Section 17556 of the Government Code, or changes the definition of a crime within the meaning of Section 6 of Article XIIIB of the California Constitution.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Section 2924p is added to the Civil Code, to read:2924p. (a) For purposes of this section, it is the intent of the Legislature to do all of the following:(1) Allow for prospective owner-occupants and eligible bidders to have the first opportunity to purchase properties which have been acquired through the foreclosure process by federal government-sponsored enterprises.(2) Model in California law the federal First Look program that the Federal Housing Finance Administration instituted during the national foreclosure crisis.(3) Promote owner occupancy and to provide owner-occupants and public entities an advantage in submitting offers on foreclosed properties owned by federal government sponsored enterprises without competition from investors.(4) Ensure that the requirements of this section are consistent the original stated goals of the federal First Look program, which were to expand home ownership opportunities, strengthen neighborhoods and communities, while also providing that sellers are required to respond to offers received during the first look period before accepting or considering investor offers to purchase single family homes.(b) For purpose of this section:(1) Bundled sale means the sale of two or more parcels of real property containing one to four residential dwelling units, inclusive, at least two of which have been acquired through foreclosure under a mortgage or deed of trust or purchased at a foreclosure sale by a federal government-sponsored enterprise.(2) Eligible bidder means any of the following:(A) A prospective owner-occupant.(B) A nonprofit corporation, which has the primary activity to develop and preserve affordable housing.(C) A limited partnership in which the managing general partner is a nonprofit corporation, and their primary activity to develop and preserve affordable housing.(D) A limited liability company in which the managing member is a nonprofit corporation, and their primary activity is to develop and preserve affordable housing.(E) A community land trust, as defined in clause (ii) of subparagraph (C) of paragraph (11) of subdivision (a) of Section 402.1 of the Revenue and Taxation Code.(F) A limited-equity housing cooperative, as defined in Section 817.(3) Federal government-sponsored enterprise means: (A) A government-sponsored enterprise, as defined in Section 622 of Title 2 of the United States Code that is regulated by the Federal Housing Finance Authority. (B) An affiliated entity of a federal government-sponsored enterprise.(C) A mortgage servicer, as defined by Section 2920.5, who is acting as an agent for a federal government-sponsored enterprise.(4) Investor purchaser means any of the following:(A) A real estate investment trust, as defined in Section 856 of Title 26 of the United States Code.(B) An S Corporation, as described in Chapter 4.5 (commencing with Section 23800) of Part 11 of Division 2 of the Revenue and Tax Code.(C) A C corporation or limited liability company in which at least one member is a corporation, as described in the Corporations Code. (D) Any entity which is publicly traded on a United States stock exchange.(5) Multiple listing service means a multiple listing service, as defined in Section 1087.(6) Prospective owner-occupant means a natural person who presents to the trustee an affidavit that states all of the following:(A) They will occupy the property as their primary residence of the trustees deed being recorded.(B) They will maintain their occupancy for at least one year.(C) They are not the mortgagor or trustor, or the child, spouse, or parent of the mortgagor or trustor.(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 by a federal government-sponsored enterprise through foreclosure under a mortgage or deed of trust or that is acquired at a foreclosure sale:(1) (A) During the first 30 days in which the property is listed for sale in the multiple listing service, pursuant to guidelines of a federal government-sponsored enterprise, a federal government-sponsored enterprise shall consider only purchase offers from prospective owner-occupants and eligible bidders, consistent with the federal First Look program of federal government-sponsored enterprise.(B) The federal government sponsored enterprise shall provide written acknowledgment of all offers received pursuant to subparagraph (A) during the 30-day period to owner-occupants, eligible bidders, and their respective agents before accepting or considering offers made pursuant to paragraph (2).(2) Investor purchasers may submit offers to purchase after the 30-day period, but the offers shall not be considered by the federal government sponsored enterprise until the 30-day described in paragraph (1) has expired.(3) Pursuant to the guidelines of a federal government-sponsored enterprise, a prospective owner-occupant shall sign and submit an affidavit affirming that they intend to occupy the property as their primary residence, and any fraudulent statements may be subject to criminal or civil liability.(4) Eligible bidders, pursuant to requirements of the guidelines of a federal government-sponsored enterprise, shall do all of the following:(A) Be engaged in a neighborhood stabilization program.(B) Provide an affidavit affirming their nonprofit or governmental status.(C) Provide evidence of their neighborhood stabilization mission.(d) Notwithstanding any other law, a federal government-sponsored enterprise regulated by the Federal Housing Finance Agency shall not be authorized to conduct a bundled sale.
SECTION 1. Section 2924p is added to the Civil Code, to read:
### SECTION 1.
2924p. (a) For purposes of this section, it is the intent of the Legislature to do all of the following:(1) Allow for prospective owner-occupants and eligible bidders to have the first opportunity to purchase properties which have been acquired through the foreclosure process by federal government-sponsored enterprises.(2) Model in California law the federal First Look program that the Federal Housing Finance Administration instituted during the national foreclosure crisis.(3) Promote owner occupancy and to provide owner-occupants and public entities an advantage in submitting offers on foreclosed properties owned by federal government sponsored enterprises without competition from investors.(4) Ensure that the requirements of this section are consistent the original stated goals of the federal First Look program, which were to expand home ownership opportunities, strengthen neighborhoods and communities, while also providing that sellers are required to respond to offers received during the first look period before accepting or considering investor offers to purchase single family homes.(b) For purpose of this section:(1) Bundled sale means the sale of two or more parcels of real property containing one to four residential dwelling units, inclusive, at least two of which have been acquired through foreclosure under a mortgage or deed of trust or purchased at a foreclosure sale by a federal government-sponsored enterprise.(2) Eligible bidder means any of the following:(A) A prospective owner-occupant.(B) A nonprofit corporation, which has the primary activity to develop and preserve affordable housing.(C) A limited partnership in which the managing general partner is a nonprofit corporation, and their primary activity to develop and preserve affordable housing.(D) A limited liability company in which the managing member is a nonprofit corporation, and their primary activity is to develop and preserve affordable housing.(E) A community land trust, as defined in clause (ii) of subparagraph (C) of paragraph (11) of subdivision (a) of Section 402.1 of the Revenue and Taxation Code.(F) A limited-equity housing cooperative, as defined in Section 817.(3) Federal government-sponsored enterprise means: (A) A government-sponsored enterprise, as defined in Section 622 of Title 2 of the United States Code that is regulated by the Federal Housing Finance Authority. (B) An affiliated entity of a federal government-sponsored enterprise.(C) A mortgage servicer, as defined by Section 2920.5, who is acting as an agent for a federal government-sponsored enterprise.(4) Investor purchaser means any of the following:(A) A real estate investment trust, as defined in Section 856 of Title 26 of the United States Code.(B) An S Corporation, as described in Chapter 4.5 (commencing with Section 23800) of Part 11 of Division 2 of the Revenue and Tax Code.(C) A C corporation or limited liability company in which at least one member is a corporation, as described in the Corporations Code. (D) Any entity which is publicly traded on a United States stock exchange.(5) Multiple listing service means a multiple listing service, as defined in Section 1087.(6) Prospective owner-occupant means a natural person who presents to the trustee an affidavit that states all of the following:(A) They will occupy the property as their primary residence of the trustees deed being recorded.(B) They will maintain their occupancy for at least one year.(C) They are not the mortgagor or trustor, or the child, spouse, or parent of the mortgagor or trustor.(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 by a federal government-sponsored enterprise through foreclosure under a mortgage or deed of trust or that is acquired at a foreclosure sale:(1) (A) During the first 30 days in which the property is listed for sale in the multiple listing service, pursuant to guidelines of a federal government-sponsored enterprise, a federal government-sponsored enterprise shall consider only purchase offers from prospective owner-occupants and eligible bidders, consistent with the federal First Look program of federal government-sponsored enterprise.(B) The federal government sponsored enterprise shall provide written acknowledgment of all offers received pursuant to subparagraph (A) during the 30-day period to owner-occupants, eligible bidders, and their respective agents before accepting or considering offers made pursuant to paragraph (2).(2) Investor purchasers may submit offers to purchase after the 30-day period, but the offers shall not be considered by the federal government sponsored enterprise until the 30-day described in paragraph (1) has expired.(3) Pursuant to the guidelines of a federal government-sponsored enterprise, a prospective owner-occupant shall sign and submit an affidavit affirming that they intend to occupy the property as their primary residence, and any fraudulent statements may be subject to criminal or civil liability.(4) Eligible bidders, pursuant to requirements of the guidelines of a federal government-sponsored enterprise, shall do all of the following:(A) Be engaged in a neighborhood stabilization program.(B) Provide an affidavit affirming their nonprofit or governmental status.(C) Provide evidence of their neighborhood stabilization mission.(d) Notwithstanding any other law, a federal government-sponsored enterprise regulated by the Federal Housing Finance Agency shall not be authorized to conduct a bundled sale.
2924p. (a) For purposes of this section, it is the intent of the Legislature to do all of the following:(1) Allow for prospective owner-occupants and eligible bidders to have the first opportunity to purchase properties which have been acquired through the foreclosure process by federal government-sponsored enterprises.(2) Model in California law the federal First Look program that the Federal Housing Finance Administration instituted during the national foreclosure crisis.(3) Promote owner occupancy and to provide owner-occupants and public entities an advantage in submitting offers on foreclosed properties owned by federal government sponsored enterprises without competition from investors.(4) Ensure that the requirements of this section are consistent the original stated goals of the federal First Look program, which were to expand home ownership opportunities, strengthen neighborhoods and communities, while also providing that sellers are required to respond to offers received during the first look period before accepting or considering investor offers to purchase single family homes.(b) For purpose of this section:(1) Bundled sale means the sale of two or more parcels of real property containing one to four residential dwelling units, inclusive, at least two of which have been acquired through foreclosure under a mortgage or deed of trust or purchased at a foreclosure sale by a federal government-sponsored enterprise.(2) Eligible bidder means any of the following:(A) A prospective owner-occupant.(B) A nonprofit corporation, which has the primary activity to develop and preserve affordable housing.(C) A limited partnership in which the managing general partner is a nonprofit corporation, and their primary activity to develop and preserve affordable housing.(D) A limited liability company in which the managing member is a nonprofit corporation, and their primary activity is to develop and preserve affordable housing.(E) A community land trust, as defined in clause (ii) of subparagraph (C) of paragraph (11) of subdivision (a) of Section 402.1 of the Revenue and Taxation Code.(F) A limited-equity housing cooperative, as defined in Section 817.(3) Federal government-sponsored enterprise means: (A) A government-sponsored enterprise, as defined in Section 622 of Title 2 of the United States Code that is regulated by the Federal Housing Finance Authority. (B) An affiliated entity of a federal government-sponsored enterprise.(C) A mortgage servicer, as defined by Section 2920.5, who is acting as an agent for a federal government-sponsored enterprise.(4) Investor purchaser means any of the following:(A) A real estate investment trust, as defined in Section 856 of Title 26 of the United States Code.(B) An S Corporation, as described in Chapter 4.5 (commencing with Section 23800) of Part 11 of Division 2 of the Revenue and Tax Code.(C) A C corporation or limited liability company in which at least one member is a corporation, as described in the Corporations Code. (D) Any entity which is publicly traded on a United States stock exchange.(5) Multiple listing service means a multiple listing service, as defined in Section 1087.(6) Prospective owner-occupant means a natural person who presents to the trustee an affidavit that states all of the following:(A) They will occupy the property as their primary residence of the trustees deed being recorded.(B) They will maintain their occupancy for at least one year.(C) They are not the mortgagor or trustor, or the child, spouse, or parent of the mortgagor or trustor.(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 by a federal government-sponsored enterprise through foreclosure under a mortgage or deed of trust or that is acquired at a foreclosure sale:(1) (A) During the first 30 days in which the property is listed for sale in the multiple listing service, pursuant to guidelines of a federal government-sponsored enterprise, a federal government-sponsored enterprise shall consider only purchase offers from prospective owner-occupants and eligible bidders, consistent with the federal First Look program of federal government-sponsored enterprise.(B) The federal government sponsored enterprise shall provide written acknowledgment of all offers received pursuant to subparagraph (A) during the 30-day period to owner-occupants, eligible bidders, and their respective agents before accepting or considering offers made pursuant to paragraph (2).(2) Investor purchasers may submit offers to purchase after the 30-day period, but the offers shall not be considered by the federal government sponsored enterprise until the 30-day described in paragraph (1) has expired.(3) Pursuant to the guidelines of a federal government-sponsored enterprise, a prospective owner-occupant shall sign and submit an affidavit affirming that they intend to occupy the property as their primary residence, and any fraudulent statements may be subject to criminal or civil liability.(4) Eligible bidders, pursuant to requirements of the guidelines of a federal government-sponsored enterprise, shall do all of the following:(A) Be engaged in a neighborhood stabilization program.(B) Provide an affidavit affirming their nonprofit or governmental status.(C) Provide evidence of their neighborhood stabilization mission.(d) Notwithstanding any other law, a federal government-sponsored enterprise regulated by the Federal Housing Finance Agency shall not be authorized to conduct a bundled sale.
2924p. (a) For purposes of this section, it is the intent of the Legislature to do all of the following:(1) Allow for prospective owner-occupants and eligible bidders to have the first opportunity to purchase properties which have been acquired through the foreclosure process by federal government-sponsored enterprises.(2) Model in California law the federal First Look program that the Federal Housing Finance Administration instituted during the national foreclosure crisis.(3) Promote owner occupancy and to provide owner-occupants and public entities an advantage in submitting offers on foreclosed properties owned by federal government sponsored enterprises without competition from investors.(4) Ensure that the requirements of this section are consistent the original stated goals of the federal First Look program, which were to expand home ownership opportunities, strengthen neighborhoods and communities, while also providing that sellers are required to respond to offers received during the first look period before accepting or considering investor offers to purchase single family homes.(b) For purpose of this section:(1) Bundled sale means the sale of two or more parcels of real property containing one to four residential dwelling units, inclusive, at least two of which have been acquired through foreclosure under a mortgage or deed of trust or purchased at a foreclosure sale by a federal government-sponsored enterprise.(2) Eligible bidder means any of the following:(A) A prospective owner-occupant.(B) A nonprofit corporation, which has the primary activity to develop and preserve affordable housing.(C) A limited partnership in which the managing general partner is a nonprofit corporation, and their primary activity to develop and preserve affordable housing.(D) A limited liability company in which the managing member is a nonprofit corporation, and their primary activity is to develop and preserve affordable housing.(E) A community land trust, as defined in clause (ii) of subparagraph (C) of paragraph (11) of subdivision (a) of Section 402.1 of the Revenue and Taxation Code.(F) A limited-equity housing cooperative, as defined in Section 817.(3) Federal government-sponsored enterprise means: (A) A government-sponsored enterprise, as defined in Section 622 of Title 2 of the United States Code that is regulated by the Federal Housing Finance Authority. (B) An affiliated entity of a federal government-sponsored enterprise.(C) A mortgage servicer, as defined by Section 2920.5, who is acting as an agent for a federal government-sponsored enterprise.(4) Investor purchaser means any of the following:(A) A real estate investment trust, as defined in Section 856 of Title 26 of the United States Code.(B) An S Corporation, as described in Chapter 4.5 (commencing with Section 23800) of Part 11 of Division 2 of the Revenue and Tax Code.(C) A C corporation or limited liability company in which at least one member is a corporation, as described in the Corporations Code. (D) Any entity which is publicly traded on a United States stock exchange.(5) Multiple listing service means a multiple listing service, as defined in Section 1087.(6) Prospective owner-occupant means a natural person who presents to the trustee an affidavit that states all of the following:(A) They will occupy the property as their primary residence of the trustees deed being recorded.(B) They will maintain their occupancy for at least one year.(C) They are not the mortgagor or trustor, or the child, spouse, or parent of the mortgagor or trustor.(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 by a federal government-sponsored enterprise through foreclosure under a mortgage or deed of trust or that is acquired at a foreclosure sale:(1) (A) During the first 30 days in which the property is listed for sale in the multiple listing service, pursuant to guidelines of a federal government-sponsored enterprise, a federal government-sponsored enterprise shall consider only purchase offers from prospective owner-occupants and eligible bidders, consistent with the federal First Look program of federal government-sponsored enterprise.(B) The federal government sponsored enterprise shall provide written acknowledgment of all offers received pursuant to subparagraph (A) during the 30-day period to owner-occupants, eligible bidders, and their respective agents before accepting or considering offers made pursuant to paragraph (2).(2) Investor purchasers may submit offers to purchase after the 30-day period, but the offers shall not be considered by the federal government sponsored enterprise until the 30-day described in paragraph (1) has expired.(3) Pursuant to the guidelines of a federal government-sponsored enterprise, a prospective owner-occupant shall sign and submit an affidavit affirming that they intend to occupy the property as their primary residence, and any fraudulent statements may be subject to criminal or civil liability.(4) Eligible bidders, pursuant to requirements of the guidelines of a federal government-sponsored enterprise, shall do all of the following:(A) Be engaged in a neighborhood stabilization program.(B) Provide an affidavit affirming their nonprofit or governmental status.(C) Provide evidence of their neighborhood stabilization mission.(d) Notwithstanding any other law, a federal government-sponsored enterprise regulated by the Federal Housing Finance Agency shall not be authorized to conduct a bundled sale.
2924p. (a) For purposes of this section, it is the intent of the Legislature to do all of the following:
(1) Allow for prospective owner-occupants and eligible bidders to have the first opportunity to purchase properties which have been acquired through the foreclosure process by federal government-sponsored enterprises.
(2) Model in California law the federal First Look program that the Federal Housing Finance Administration instituted during the national foreclosure crisis.
(3) Promote owner occupancy and to provide owner-occupants and public entities an advantage in submitting offers on foreclosed properties owned by federal government sponsored enterprises without competition from investors.
(4) Ensure that the requirements of this section are consistent the original stated goals of the federal First Look program, which were to expand home ownership opportunities, strengthen neighborhoods and communities, while also providing that sellers are required to respond to offers received during the first look period before accepting or considering investor offers to purchase single family homes.
(b) For purpose of this section:
(1) Bundled sale means the sale of two or more parcels of real property containing one to four residential dwelling units, inclusive, at least two of which have been acquired through foreclosure under a mortgage or deed of trust or purchased at a foreclosure sale by a federal government-sponsored enterprise.
(2) Eligible bidder means any of the following:
(A) A prospective owner-occupant.
(B) A nonprofit corporation, which has the primary activity to develop and preserve affordable housing.
(C) A limited partnership in which the managing general partner is a nonprofit corporation, and their primary activity to develop and preserve affordable housing.
(D) A limited liability company in which the managing member is a nonprofit corporation, and their primary activity is to develop and preserve affordable housing.
(E) A community land trust, as defined in clause (ii) of subparagraph (C) of paragraph (11) of subdivision (a) of Section 402.1 of the Revenue and Taxation Code.
(F) A limited-equity housing cooperative, as defined in Section 817.
(3) Federal government-sponsored enterprise means:
(A) A government-sponsored enterprise, as defined in Section 622 of Title 2 of the United States Code that is regulated by the Federal Housing Finance Authority.
(B) An affiliated entity of a federal government-sponsored enterprise.
(C) A mortgage servicer, as defined by Section 2920.5, who is acting as an agent for a federal government-sponsored enterprise.
(4) Investor purchaser means any of the following:
(A) A real estate investment trust, as defined in Section 856 of Title 26 of the United States Code.
(B) An S Corporation, as described in Chapter 4.5 (commencing with Section 23800) of Part 11 of Division 2 of the Revenue and Tax Code.
(C) A C corporation or limited liability company in which at least one member is a corporation, as described in the Corporations Code.
(D) Any entity which is publicly traded on a United States stock exchange.
(5) Multiple listing service means a multiple listing service, as defined in Section 1087.
(6) Prospective owner-occupant means a natural person who presents to the trustee an affidavit that states all of the following:
(A) They will occupy the property as their primary residence of the trustees deed being recorded.
(B) They will maintain their occupancy for at least one year.
(C) They are not the mortgagor or trustor, or the child, spouse, or parent of the mortgagor or trustor.
(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 by a federal government-sponsored enterprise through foreclosure under a mortgage or deed of trust or that is acquired at a foreclosure sale:
(1) (A) During the first 30 days in which the property is listed for sale in the multiple listing service, pursuant to guidelines of a federal government-sponsored enterprise, a federal government-sponsored enterprise shall consider only purchase offers from prospective owner-occupants and eligible bidders, consistent with the federal First Look program of federal government-sponsored enterprise.
(B) The federal government sponsored enterprise shall provide written acknowledgment of all offers received pursuant to subparagraph (A) during the 30-day period to owner-occupants, eligible bidders, and their respective agents before accepting or considering offers made pursuant to paragraph (2).
(2) Investor purchasers may submit offers to purchase after the 30-day period, but the offers shall not be considered by the federal government sponsored enterprise until the 30-day described in paragraph (1) has expired.
(3) Pursuant to the guidelines of a federal government-sponsored enterprise, a prospective owner-occupant shall sign and submit an affidavit affirming that they intend to occupy the property as their primary residence, and any fraudulent statements may be subject to criminal or civil liability.
(4) Eligible bidders, pursuant to requirements of the guidelines of a federal government-sponsored enterprise, shall do all of the following:
(A) Be engaged in a neighborhood stabilization program.
(B) Provide an affidavit affirming their nonprofit or governmental status.
(C) Provide evidence of their neighborhood stabilization mission.
(d) Notwithstanding any other law, a federal government-sponsored enterprise regulated by the Federal Housing Finance Agency shall not be authorized to conduct a bundled sale.
SEC. 2. No reimbursement is required by this act pursuant to Section 6 of Article XIIIB of the California Constitution because the only costs that may be incurred by a local agency or school district will be incurred because this act creates a new crime or infraction, eliminates a crime or infraction, or changes the penalty for a crime or infraction, within the meaning of Section 17556 of the Government Code, or changes the definition of a crime within the meaning of Section 6 of Article XIIIB of the California Constitution.
SEC. 2. No reimbursement is required by this act pursuant to Section 6 of Article XIIIB of the California Constitution because the only costs that may be incurred by a local agency or school district will be incurred because this act creates a new crime or infraction, eliminates a crime or infraction, or changes the penalty for a crime or infraction, within the meaning of Section 17556 of the Government Code, or changes the definition of a crime within the meaning of Section 6 of Article XIIIB of the California Constitution.
SEC. 2. No reimbursement is required by this act pursuant to Section 6 of Article XIIIB of the California Constitution because the only costs that may be incurred by a local agency or school district will be incurred because this act creates a new crime or infraction, eliminates a crime or infraction, or changes the penalty for a crime or infraction, within the meaning of Section 17556 of the Government Code, or changes the definition of a crime within the meaning of Section 6 of Article XIIIB of the California Constitution.
### SEC. 2.