2014 Cal. Legis. Serv. ch. 64 (A.B. 2742) was approved by Governor Jerry Brown (D-CA) on June 25, 2014. Among many of its provisions is an amendment to Cal. Fin. Code § 4973, Subsection (k) of which requires a disclosure to be provided to the consumer of a covered loan (California’s equivalent of a high-cost loan), no later than three business days prior to closing. The language of this disclosure is specified in the statute.
This language has been amended to update references within California’s Finance Code, as well as updated references to HUD’s counseling hotline and website for generating a list of HUD-approved housing counseling agencies.
As a result of this amendment, Cx2797 will be updated to reflect this new language as well. This amendment goes into effect on January 1, 2015 – and so will our edits. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
December 17, 2014