Senate Bill 364 (Alpert – 2001)
Chapter 302, Statutes of 2001, SB 364
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Civil Code section 2948.5 only was amended in 2001 following legislative passage of Senate Bill 364, introduced on February 21, 2001 by Senator Deirdre Alpert. (See Exhibits #1a and #1g) Senator Alpert carried this single-section bill on behalf of the California Bankers Association. (See Exhibits #4, document SP-2, and #8, document AP-1)
Senate Bill 364 was assigned to the Senate Committee on Judiciary and the Assembly Committee on Banking and Finance where policy issues raised by the bill were considered. (See Exhibits #3 and #6) Five amendments were made to Senate Bill 364. (See Exhibits #1b through #1f and #2) Subsequent to legislative approval, Governor Gray Davis signed Senate Bill 364 on September 18, 2001, and it was recorded by the Secretary of State on September 19, 2001 as Chapter 302 of the Statutes of 2001. (See Exhibits #1g and #2)
The Unfinished Business analysis of the bill as last amended on July 19, 2001, provided the following brief description of Senate Bill 364:
This bill provides that the borrower of a loan secured by a mortgage or deed of trust on real property shall not be required to pay interest on the loan for more than one day prior to the recording of the mortgage or deed of trust.
(See Exhibit #10b, page 1)