Senator Loni Hancock (D-Oakland) announced this week she is introducing two bills to protect homeowners and tenants from unfair and unethical practices by banks and mortgage companies.
The Hancock legislation is part of the six-bill package known as the “California Homeowner Bill of Rights,” unveiled Wednesday by Attorney General Kamala Harris and legislative leaders at a State Capitol press conference.
Hancock is the Chair of the Senate Committee on Public Safety.
“These bills offer important protections for the people of California in an area vital to their lives (and) their ability to stay in their homes,” Hancock said.
“The power of rogue banks and mortgage companies to use unfair and unethical practices to abuse homeowners and tenants must be stopped,” Hancock said. “My bills empower the attorney general to take action.”
Senate Bill 1474 authorizes the attorney general to impanel a special grand jury to investigate and indict those who commit financial crimes that take place in more than one jurisdiction.
Senate Bill 1473 requires purchasers of foreclosed homes to honor the terms of existing leases and give tenants at least 90 days’ notice before commencing eviction proceedings.
“This bill strengthens California law by giving tenants the same rights they have under federal law. There have been too many stories of leases cancelled and long-time tenants thrown out of their homes because of foreclosure proceedings,” Hancock said. “It’s about time they had more protection.