SB 1609: Elder Abuse in Reverse Mortgages Prevention (2006)
Summary
SB 1609 protects seniors from elder financial abuse associated with reverse mortgages. First, it requires that seniors receive financial counseling from a HUD approved counselor before applying for a reverse mortgage. Second, it requires lenders to prepare loan documents in the language in which the reverse mortgage was negotiated. Finally, it prohibits lenders from requiring a borrower to purchase an annuity as a condition of the loan.
Signed by the Governor.
For more information, you can read the SB 1609 "Fact Sheet" prepared by a member of Senator Simitian's staff.
Final Status and Text
SB 1609 is no longer active. Its final status was:Signed into Law
You can read its final text on the Legislature's Bill Information site.
News & Press Releases about SB 1609
05/25/2012 - Seniors Honor Simitian for Financial Abuse Protections08/16/2007 - Consumer Rights Group Rates Simitian 100%
09/05/2006 - MEDIA ADVISORY: Governor to Sign Elder Abuse Bill in Palo Alto
08/29/2006 - Senior Groups Urge Governor to Sign Bill to Curb Elder Financial Abuse
02/27/2006 - Simitian Announces "There Oughta Be A Law" Contest Winners and Pushes Vetoed "Oughta" Bill