CRL Update on Mortgage/Consumer Finance Legislation

Paul Leonard provides this update on 2009 California Mortgage/Consumer Finance legislation:

Since my presentation at the Working Families Policy Summit, the Center for Responsible Lending has sponsored 1 bill.

Existing law requires mortgage brokers to provide a translated summary form of key mortgage terms to the borrower when the mortgage was negotiated in one of 5 non-English languages. This would expand the existing translation requirements to include lenders. The bill has passed out of the Assembly Banking, Finance & Insurance Committee and is headed….