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Committee releases bill exempting certain creditors from property-registration fees during bankruptcy automatic stay
Summary
A4262 would excuse creditors protected by the federal bankruptcy code's automatic stay from municipal property-registration fees while the automatic stay applies; the committee released the bill following brief public comment and no recorded opposition from municipalities.
The Assembly Housing Committee released Assembly Bill 4262, which would exempt certain creditors from municipal property-registration fees for properties subject to the automatic stay under the federal bankruptcy code.
Committee staff explained that current law permits municipalities to require foreclosing creditors to register properties and pay annual fees; A4262 would excuse a creditor who has sought protection under the federal bankruptcy code and is subject to the automatic stay from payment of those registration fees while the stay remains in effect.
Witness statements were placed on the record, including an association that did not request to testify in person. Committee members moved and voted to release the measure, recording unanimous yes votes among members present. The bill will proceed for additional deliberation and potential amendments.
