Assembly Bill 313 (Dutra – 2003)
Chapter 554, Statutes of 2003, AB 313
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As enacted in 2003, Assembly Bill 313 amended section 2948.5 of the Civil Code, amended Financial Code section 50204, and repealed Financial Code 50707 relating to mortgage lending. (See Exhibits #1e and #2) Assembly member John Dutra introduced this bill on February 7, 2003 on behalf of the California Mortgage Bankers Association. (See Exhibits #1a, #3, page 2 and #8a, page 1)
Assembly Bill 313 was assigned to the Assembly Committee on Banking and Finance and the Senate Committee on Banking, Commerce and International Trade where policy issues raised by the bill were considered. (See Exhibits #3 and #6) The fiscal ramifications of the bill were considered by both the Assembly and Senate Committees on Appropriations. (See Exhibits #5 and #7) Three amendments were made to Assembly Bill 313, all in the Senate. (See Exhibits #1b through #1d and #2) Subsequent to legislative approval, Governor Gray Davis signed the bill on September 28, 2003 and it was recorded by the Secretary of State on September 29th as Chapter 554 of the Statutes of 2003. (See Exhibits #1e and #2)
The Third Reading analysis prepared by the Office of Senate Floor Analyses provide the following digest of Assembly Bill 313 as it was last amended on September 2, 2003:
DIGEST: This bill indefinitely repeals the sunset on the California Residential Mortgage Lending Act, and provides that a borrower is not required to pay interest for more than one day to the date the loan proceeds are disbursed.
Senate Floor Amendments of 9/2/03 removes a 24-hour time period in which interest can be charged by a lender in absence of escrow or request for recording.
(See Exhibit #8b, page 1)