The bill would require a person who violates the provisions of the act to pay civil damages, as specified. The bill would require the Attorney General to compile data on complaints against subprime home loan lenders, as specified. The bill would also provide that it is a violation of the California Residential Mortgage Lending Act to violate the federal Home Ownership and Equity Protection Act of 1994. Because a willful violation of the California Residential Mortgage Lending Act is a crime, this bill would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state.
Statutory provisions establish procedures for making that reimbursement.
This bill would provide that no reimbursement is required by this act for a specified reason. This division shall be known and may be cited as the Home Loan Protection Act. Unless the context otherwise requires, the definitions in this chapter apply throughout this division. The borrower is a natural person. The debt is incurred by the borrower primarily for personal, family, or household purposes.