AB 1158
Mortgages.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill changes how trustee’s sales of residential properties with one to four units are handled in California. It removes prospective owner-occupants and eligible nonprofit corporations from the list of ‘eligible bidders’ at these sales. Instead, the sales will only be open to specific types of bidders, including community land trusts and certain public agencies. Furthermore, any successful bidder must include a bid amount equal to 1.2% of the last and highest bid, and the last bidder can take legal action against other bidders. The bill also makes changes to how trustee’s fees are calculated and paid.
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yoursRead the latest version inline or switch to a previous version.