(a) Unless otherwise provided, paragraph (5) of subdivision (a) of Section 2924, and Sections 2923.5, 2923.55, 2923.6, 2923.7, 2924.9, 2924.10, 2924.11, and 2924.18 shall apply only to a first lien mortgage or deed of trust that meets either of the following criteria:
(1) (A) The first lien mortgage or deed of trust is secured by owner-occupied residential real property containing no more than four dwelling units.
(B) For purposes of this paragraph, “owner-occupied” means that the property is the principal residence of the borrower and is security for a loan made for personal, family, or household purposes.
(2) The first lien mortgage or deed of trust is secured by residential real property that is occupied by a tenant, contains no more than four dwelling units, and meets all of the conditions described in subparagraph (B).
(A) For the purposes of this paragraph:
(i) “Applicable lease” means a lease entered pursuant to an arm’s length transaction before, and in effect on, March 4, 2020.
(ii) “Arm’s length transaction” means a lease entered into in good faith and for valuable consideration that reflects the fair market value in the open market between informed and willing parties.
(iii) “Occupied by a tenant” means that the property is the principal residence of a tenant.
(B) To meet the conditions of this subdivision, a first lien mortgage or deed of trust shall have all of the following characteristics:
(i) The property is owned by an individual who owns no more than three residential real properties, or by one or more individuals who together own no more than three residential real properties, each of which contains no more than four dwelling units.
(ii) The property is occupied by a tenant pursuant to an applicable lease.
(iii) A tenant occupying the property is unable to pay rent due to a reduction in income resulting from the novel coronavirus.
(C) Relief shall be available pursuant to subdivision (a) of Section 2924 and Sections 2923.5, 2923.55, 2923.6, 2923.7, 2924.9, 2924.10, 2924.11, and 2924.18 for so long as the property remains occupied by a tenant pursuant to a lease entered in an arm’s length transaction.
(b) This section shall remain in effect until January 1, 2023, and as of that date is repealed.
(Amended by Stats. 2020, Ch. 37, Sec. 11. (AB 3088) Effective August 31, 2020. Repealed as of January 1, 2023, by its own provisions. See later operative version added by Sec. 12 of Stats. 2020, Ch. 37.)