CaliforniaFinancing statements: mortgages.
What it does
Existing law, the Uniform Commercial Code-Secured Transactions (UCC), provides that a financing statement is sufficient only if it provides, among other things, the name of the debtor and that, if the debtor is an individual to whom the Department of Motor Vehicles has issued a driver's license that has not expired or an identification card that has not expired, a financing statement sufficiently provides the name of the debtor only if it provides the name of the individual indicated on that driver's license or identification card, as specified.
More detail
Existing law makes a record of a mortgage effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if certain conditions are met, including that the record satisfies the conditions for a financing statement referenced above, as specified.
This bill would, instead, provide that a record of a mortgage sufficiently names the debtor who is an individual if it provides the individual name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom the Department of Motor Vehicles has issued an unexpired driver's license or identification card.
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Where it stands
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Jul 14Chaptered by Secretary of State - Chapter 43, Statutes of 2025.Latest
- Jul 14Approved by the Governor Gavin Newsom.Became Law
- Jul 2Enrolled and presented to the Governor at 2 p.m.To Governor
- Jun 24In Assembly. Ordered to Engrossing and Enrolling.Minor
- Jun 23Read third time. Passed. Ordered to the Assembly. (Ayes 37. Noes 0. Page 1706.).Passed Senate
- Vote recorded Consent Calendar 2nd. Result: pass.Upper
- Jun 18Read second time. Ordered to Consent Calendar.Minor
- Jun 17From committee: Do pass. To Consent Calendar. (Ayes 12. Noes 0.) (June 17).Minor
- Vote recorded Do pass and be ordered to the Consent Calendar. Result: pass.Upper
- May 21Referred to Com. on JUD.Minor
- May 13In Senate. Read first time. To Com. on RLS. for assignment.Minor
- May 12Read third time. Passed. Ordered to the Senate. (Ayes 75. Noes 0. Page 1515.)Passed Assembly
- Vote recorded AB 771 Macedo Assembly Third Reading. Result: pass.Lower
- May 7Read second time. Ordered to third reading.Minor
- May 6From committee: Do pass. (Ayes 9. Noes 0.) (May 5).Minor
- May 5
- Vote recorded Do pass. Result: pass.Lower
- Mar 17Referred to Com. on B.&F.Minor
- Feb 19From printer. May be heard in committee March 21.
- Feb 18Read first time. To print.Introduced