Also amends CAL INS 4-13902 on affordable housing entities risk retention pools.
Bill Provision
Existing law authorizes state, local agencies to establish a mortgage credit certificate program, issuing mortgage credit certificates by complying with certain requirements.
Bill would correct cross-reference in the mortgage credit certificate program provision.
Revises the criteria for defining rural areas eligible for low-income housing tax credits.
Excludes incorporated cities, unincorporated areas designated as urban by US census.
Specifies that incorporated cities within urban-designated census blocks are not rural.
For unincorporated areas, bill revises criteria to exclude areas adjoining cities of 40,000 or fewer people if unincorporated area is in an urban-designated census block.
The existing law allows affordable housing entities to pool self-insured claims or losses.
Pools must submit audited financial statements annually to insurance commissioner.
Updates pool provision with non-substantive changes, names of legislative committees
Legislative History
On Feb. 21, 2024, bill introduced in Senate; on Apr. 25, 2024, bill passed in Senate.
On Apr. 25, 2024, bill introduced in Assembly; on Aug. 8, 2024, bill passed Assembly.
On Aug. 22, 2024, bill was enrolled and was delivered to governor for approval.
Effectiveness
No effective date specified; CAL bills generally effective Jan. 1 next year, Jan. 1, 2025.
Sep. 2024 CAL LEG Governor Approval
On Sep. 22, 2024, CAL LEG reported SB 1512 was approved by governor, Chapter 493.
Regulators
CAL LEG
Entity Types
Bank; CNSM; Ins; MG Orig; Servicer
Reference
Ch. 493, 9/22/2024; Bill SB1512, 8/22/2024; Citation: *CAL LEG* 31-1-3.5-1-50172, 31-1-3.6-50199.21; CAL INS 4-13902;
