New California Laws for 2009

I can't believe that the year is almost over and we have an interesting year ahead.  There are many new laws that where signed by the Governor and they should be reviewed by any real estate agent, lender and homeowner.
 
California Law-SB1055 will conform the California law to the Federal law that was passed early in the year. This law allowed homeowners relief from previously taxable forgiveness of debt on a home sale.
 
California Law-SB1461 will require real estate agents to disclose their license number on all first point of contact marketing materials.  Since agents must discuss agency at the same time this new law should be easy to combine with other disclosures currently used. 
 
California Law-SB1737 authorizes the DRE to suspend or bar a person who has committed a violation of real estate law if the suspension is in the best interest of the public. 
 
SB1448 increases penalties for acting or advertising as a real estate broker or salesperson without a license.
 
AB2452 would increase potential recovery for harmed consumers applying for Recovery Account payments files on or after 1/1/09 to $50,000 for any one transaction and $250,000 for a one licensee.
 
We also received good news that Governor Schwarzenenegger signed legislation that will help Californians to stay in their homes.  SB1137 requires lenders to contact homeowners and explore restructuring options before initiating the foreclosure process. 
 
My thanks to Duane Gomer Seminars for helping me keep current with these new tax laws.