Sacramento Report
January 17, 2012
Reconveyance Penalties Subject of Amended Legislation
Assembly Bill 407 (Davis) was substantially re-written at the start of the 2012 legislative session to specify an increase in penalties for failure to timely issue a reconveyance. Under the new legislation, the penalties would increase from $500 to $1,000. AB 407 formerly dealt with prohibiting prepayment charges on home loans before being amended on January 4th to address reconveyances.
