Government,
Banking
Jun. 4, 2020
Don't bank on preemption for AB 2501
California Assembly Bill 2501 would provide needed relief to consumers with mortgage and automobile debt. AB 2501 would halt all foreclosures and repossessions until 180 days after the COVID-19 emergency officially ends.
Prasad Krishnamurthy
Professor
UC Berkeley School of Law
Prasad teaches and writes in the area of financial regulation and contracts.
California Assembly Bill 2501 would provide needed relief to consumers with mortgage and automobile debt. AB 2501 would halt all foreclosures and repossessions until 180 days after the COVID-19 emergency officially ends. During this interval, it would require servicers to grant two, 180-day periods of forbearance to any borrower affected by COVID-19 who requests relief. Servicers would also be required to modify loans by rescheduling missed payments once forbearance e...
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