A bill passed through the California state Senate last week will require all reverse mortgage counseling within the state to be conducted in person, unless a borrower opts out of the face-to-face counseling option in favor of a telephone session.
The bill, passed by California lawmakers and awaiting a signature by Governor Jerry Brown, specifies that reverse mortgage counseling, under state law, must be conducted in person unless the borrower elects to receive the counseling in another manner.
Upon receiving the bill, if no action is taken, the bill automatically becomes law. Gov. Brown has the option to sign or veto the bill through 12 days following receipt. The bill was presented on August 31 and would become effective once passed into law on January 1, 2013.
Written by Elizabeth Ecker