June 16, 2009
SB 127 (Calderon) would require a trustee handling a foreclosure that gets a request for a list of the liens and encumbrances to provide the information to a potential bidder. The trustee would also have to post on a web site or include in a telephone recording certain information, including the right of an interested bidder to receive a list of liens and encumbrances. SB 127 passed the Senate, but discussions with the author’s office on proposed amendments to the bill are ongoing. Given CLTA’s opposition and the opposition of trustees and escrow groups, this provision is expected to be taken out of the bill at some point.