Attached is a copy of AB2501 which, if passed and enacted will impose significant new obligations on lenders that could limit lending on manufactured housing.
I have highlighted the sections I believe could be most harmful. However, please be sure to read the entire Bill to make certain that I have not missed something that could specifically affect you.
On May 19, 2020 AB2501 moved from the Assembly Banking Committee on a “Do Pass” vote (7-3) back to the Appropriations Committee.
CMHI has joined with the California Chamber of Commerce in an opposition letter (attached). Also attached is a list of proponents and those in opposition.
If you would like to fifteen-page legislative analysis of the Bill please contact me.
[email protected] or 951-683-4053