Sponsors: Russell Kokubun

Requires mortgagors and mortgagees to explore options to avoid foreclosure, including modification or restructuring of loans; effective on approval and repeals 12/31/2012. Requires notice of foreclosure be given to a tenant of the foreclosed property. Requires that mortgagees provide notice to borrowers of means of avoiding foreclosure in the event of a default. Effective 7/1/50. (SD1)