Real property liens: equity lines of credit: suspend and close.

Under existing law, within 30 days after a mortgage has been satisfied, the mortgagee or the assignee of the mortgagee is required to execute a certificate of the discharge of the mortgage, as specified, and to deliver, upon the request of the mortgagor or another authorized person, the original note and mortgage to the person making the request. Existing law requires a creditor to make certain disclosures to a consumer applying for a home equity loan, as defined. Existing federal law relating to lending practices specifies certain circumstances under which a lender may reduce or terminate an existing home equity line of credit. This bill would, on and after July 1, 2015, and until July 1, 2019, require a lender, upon receipt of a specified written request from a borrower and a specified payment, to close a borrower's equity line of credit, as defined, and to release or reconvey the property secured by the equity line of credit, as specified. The bill would prescribe the contents of the written request.