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ASSEMBLY BILL 1344 (HANNA – 1961)
CHAPTER 886, STATUTES OF 1961, AB 1344
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Numerous sections relating to transactions involving real property in the Business and Professions Code and the Corporations Code were affected following legislative passage of Assembly Bill 1344. (See Exhibit A, #1j) Assembly Bill 1344 was introduced by Assembly member Richard T. Hanna, as lead author, on February 6, 1961. (See Exhibit A, #1a and #2) Assembly member Hanna served as chair of the Subcommittee on Trust Deeds for the Assembly Finance and Insurance Committee. (See, generally, Exhibit A, #5) It appears that Assembly Bill 1344 was the product of efforts undertaken by the Office of the Real Estate Commissioner, the California Board of Investment, the Assembly Subcommittee on Real Estate Contracts and Trust Deeds, as well as the Office of the Attorney General. (See Exhibit A, #8, documents PE-2 and PE-11)
Assembly Bill 1344 was heard by the Assembly Committee on Finance and Insurance, as well as the Assembly Committee on Ways and Means. (See Exhibit A, #2) In the Senate, the bill was considered by the Committee on Insurance and Financial Institutions and the Committee on Finance. (See Exhibit A, #2) Eight amendments were made to Assembly Bill 1344, five in the Assembly and three in the Senate. (See Exhibit A, #1b through #1i and #2) Subsequent to approval by Governor Edmund G. Brown, Assembly Bill 1344 became law as Chapter 886 of the Statutes of 1961. (See Exhibit A, #2)
Assembly Bill 1344 contained an urgency clause which caused the bill to become effective immediately upon enactment. The urgency is stated in Chapter 886, Section 36. (See Exhibit A, #1j, page 2345)
An Interdepartmental Communication analysis of Assembly Bill 1344 from the Division of Savings and Loan to the Governor’s office described the bill, in part, as follows:
Assembly Bill 1344 has five key features:
(1) It recodifies the Real Property Loan Brokerage Law, removing it from the Civil Code and placing it in the Business and Professions Code with the general Real Estate Law. The original Real Property Loan Brokerage Law, which dealt with “hard money” or cash loans on real property, has been re-drafted as Article 7 of the Chapter regulating real estate licensees. . .