Bill requires a notice be provided that allows third parties, such as family members or attorneys, to request copies of foreclosure-related documents to assist borrowers.
Prohibits foreclosure sales for 45 days if listing agreement is submitted 5 days prior.
If a purchase agreement is submitted, the sale must be postponed for 45 days.
The bill also requires the property's fair market value to be provided 10 days before the sale and prohibits the property from being sold for less than 67% of that value.
Legislative History
On Feb. 13, 2024, bill introduced in Assembly; on May 16, 2024, bill passed Assembly.
On May 16, 2024, bill introduced in Senate; on Aug. 26, 2024, bill passed in Senate.
On Sep. 5, 2024, bill was enrolled and delivered to the governor for actioning.
Effectiveness
No effective date specified; CAL bills generally effective Jan. 1 next year, Jan. 1, 2025.
Sep. 2024, CAL LEG Governor Approval
On Sep. 20, 2024, CAL LEG reported bill AB 2424 signed by governor; enacted Ch.311.
