California – Legislation Effective July 1 Requires Lenders to Close a Borrower’s Line of Credit Upon Request

Assembly Bill 1770 (Chapter 206) signed by the governor August 15, 2014 and effective from July 1, 2015 until July 1, 2019 requires a lender, upon receipt of a written request from a borrower, to close a borrower’s equity line of credit and to release or reconvey the property secured by the equity line of credit.