California passed a bill requiring a lender or broker refinancing a first lien, purchase money loan secured by 1-to 4- dwelling units to provide an appraisal discrimination notice to the borrower. California has mandated the exact language of this notice. The notice must be provided prior to, or with, the Loan Estimate or the Mortgage Loan Disclosure Statement. The notice may be included as part of the Notice of Right to Receive Copy of Appraisal provided pursuant to the federal Equal Credit Opportunity Act. The bill becomes effective January 1, 2022.
See California State Legislature website for the full text of the Statute: https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202120220AB948
Click to view the CA AB 948: https://www.tenaco.com/wp-content/uploads/2021/10/CA-AB-948-09-29-21.pdf
