Assemblymember Mary Hayashi Urges Consumers to Learn About New Financial Protection Laws and Resources

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Assemblymember Mary Hayashi encourages Californians to learn about the California Homeowner Bill of Rights and other state and federal resources designed to protect homeowners and consumer finances.

Assemblymember Mary Hayashi

California State Assemblymember Mary Hayashi

It’s critical that we let the public know that these resources exist to help them save their homes and their financial security.

As the chair of the Assembly Business, Professions and Consumer Protection Committee, Assemblymember Mary Hayashi (D-Hayward) applauded the passage of the California Homeowner Bill of Rights, which was signed earlier this month by the Governor. She is encouraging Californians to learn about this law and other state and federal resources designed to protect homeowners and consumer finances.

“The Homeowner Bill of Rights is a landmark bill that gives Californians the strongest foreclosure protections in the country,” stated Assemblymember Mary Hayashi. “It’s part of an important national effort to place consumers first, and it’s critical that we let the public know that these resources exist to help them save their homes and their financial security. New federal agencies like the Consumer Financial Protection Bureau are working to address several issues, from credit and lending to mortgages and elder financial abuse, and they’re going to make a tremendous difference for consumers.”

The California Attorney General’s office reports that more than one million homes were lost to foreclosure between 2008 and 2011, and another 700,000 are undergoing the foreclosure process. The California Homeowner Bill of Rights is a comprehensive bill package designed to bring fairness and transparency to the mortgage and foreclosure process, and help save California homes. It includes provisions that prohibit unfair bank practices and support loan modifications over foreclosure. The law will go into effect on January 1, 2013.

Last week, Assemblymember Mary Hayashi was part of a California State Assembly delegation that went to Washington, DC to advocate for more resources for California. The delegation met with the Consumer Financial Protection Bureau, which was created to regulate consumer financial products and services in compliance with federal law. They discussed the Homeowner Bill of Rights and other mortgage protection strategies. Just recently, the Bureau made headlines with its crackdown on Capital One, ordering the corporation to refund $140 to $2 million to customers for its unfair marketing practices of fee-based services.

To read more about the California Homeowner Bill of Rights, please visit the California Office of the Attorney General website at http://oag.ca.gov/hbor.

To learn more about the Consumer Financial Protection Bureau, please visit their website at http://www.consumerfinance.gov.

Assemblymember Mary Hayashi is the Chair of the Business, Professions, and Consumer Protection Committee and serves the 18th Assembly District, which includes San Leandro, Hayward, Dublin, most of Castro Valley and Pleasanton, and a portion of Oakland, as well as the unincorporated areas of Ashland, Cherryland, San Lorenzo and Sunol.

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Laura Weaver
Office of Assemblymember Mary Hayashi
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