REALTOR® William E. Brown will serve as the 2008 CALIFORNIA ASSOCIATION OF REALTORS® president; REALTOR® James Liptak, is president-elect; REALTOR® Beth Peerce is treasurer; and C.A.R. Executive Vice President Joel Singer is state secretary. C.A.R. officers for 2008 began their official terms at the close of the NATIONAL ASSOCIATION OF REALTORS® Conference and Expo in Las Vegas on November 16th.
H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007, has been passed by the House. This bill is intended to help combat predatory lending practices. It calls for the establishment of a national licensing program for all mortgage loan originators, and would force lenders to ensure a borrower’s reasonable ability to repay the loan, among other requirements.
The original bill called for the elimination of loan origination compensation fees for brokers, however; those fees have been reinstated in the current version of the bill, which has moved on to the Senate.
The California Housing Finance Agency (CalHFA) recently received an additional $100 million to help fund the California Home Buyer’s Down Payment Assistance Program (CHDAP). The funds are made available through the passage of Proposition 1C, approved by California voters in 2006. To date, more than 18,000 California families have received CHDAP loans since passage of Proposition 1C. An additional $145 million in down payment assistance loans have also been made available since the passage of Proposition 46 in 2002, which also funds the CHDAP. That figure includes roughly $30 million in recycled funds and interest payments.
Coming in 2008:
v Notice of Agenda for HOA Meeting: Under existing provisions of the Common Interest Development Open Meeting Act, a homeowner’s association (HOA) must not only allow members to attend HOA meetings as specified, but also provide members with at least 4 days notice of the time and place of a meeting. Effective January 1, 2008, such notice must contain the agenda for the upcoming meeting. At the meeting, the board of directors cannot discuss or take action on any item not on the agenda. Exceptions apply as specified for brief statements, exigent circumstances, and continuances from last month’s meeting. This law does not prohibit a resident, who is not a member of the board, from speaking at a meeting about issues not on the agenda. (Source: Senate Bill 528.)
v Certified Common Interest Development Managers: Existing law regulating certified common interest development managers was originally scheduled to expire on January 1, 2008, but has now been extended until January 1, 2012. Under this law, holding oneself out as a “certified common interest development manager” (or using a similar term) is an unfair business practice unless that person has satisfied certain requirements. These requirements include 30-hours of coursework in common interest development management, and either passing an aptitude exam or being certified by a professional association for common interest development managers. This law also requires common interest development managers to disclose certain information to the board of directors on an annual basis, such as, but not limited to, whether the manager is certified, is bonded for the current year’s operating and reserve funds, and has a real estate license. (Source: Assembly Bill 691.)
v Manufactured Homes and Mobilehomes Distinguished: This new law provides a bright-line distinction between “manufactured homes” and “mobilehomes” to clarify the confusion surrounding these two terms. Starting January 1, 2008, both a manufactured home and mobilehome are generally defined as transportable structures of certain specifications, with or without foundations, but a manufactured home is constructed on or after June 15, 1976, whereas a mobile home is constructed before June 15, 1976. (Source: Senate Bill 538.)
v Notice of Removal of Mobilehome from Park Upon Sale: Under existing law, where certain old or rundown mobilehomes are sold, the management of the mobilehome park may require the removal of such mobilehomes to upgrade the quality of the park. Beginning January 1, 2008, removal of such mobilehomes is prohibited, unless the park management provides the homeowner with a notice specifying the condition permitting removal. (Source: Assembly Bill 446.)
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