Assembly Bill 669 (Wright – 1997)
Chapter 50, Statutes of 1997, AB 669
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Civil Code sections 1695.4, 1695.5, 1695.6, 2945.3 and 2495.6 were amended in 1997 following legislative passage of Assembly Bill 669, which affected these five sections only. (See Exhibit #1d) This bill was introduced on February 26, 1997 by Assembly member Roderick Wright. (See Exhibit #1a)
Assembly Bill 669 was assigned to the Assembly Committee on Judiciary and the Senate Committee on Judiciary where policy issues raised by the bill were considered. (See Exhibits #3 and #6) Two amendments were made to Assembly Bill 669. (See Exhibits #1b, #1c and #2) Subsequent to legislative approval, Governor Pete Wilson signed the bill on July 8, 1997, and it was recorded by the Secretary of State on that day as Chapter 50 of the Statutes of 1997. (See Exhibits #1d and #2)
The Third Reading analysis of Assembly Bill 669 as last amended that was prepared by the Office of Senate Floor Analyses described this bill as follows:
DIGEST: This bill is intended to strengthen protections under the Home Equity Sales Contracts Act and Mortgage Foreclosure Consultants Act to protect homeowners whose homes are being foreclosed. . . .
(See Exhibit #8, page 1)