Section 1 of the bill requires an electronic payment to an account of a public trustee to be in compliance with conditions placed on the account by the public trustee for such transfer.
Section 2 of the bill requires a holder of an evidence of debt (holder) or the attorney for a holder, when commencing a foreclosure, to file a statement identifying the loan servicer of the evidence of debt, if any.
Section 3 of the bill requires a public trustee to include in a combined notice the following statement, which shall be in bold: If a sale is continued, the deadline to file a notice of intent to cure by those parties entitled to cure may also be extended.
Section 4 of the bill establishes a form for the cure statement, which is a statement of all sums necessary to cure the default that caused the foreclosure, and also modifies procedures related to the cure statement.
Section 5 of the bill permits a rule 120 hearing notice, which relates to a court order authorizing a sale of the foreclosed property, to be presented to the occupant of the residential property. Currently, the notice may only be given by posting.
Section 6 of the bill adds a line for a confirmation deed fee and a confirmation deed recording fee to the bid form submitted by a holder. Both are fees collected by the officer and would be paid to the officer from the proceeds of the foreclosure sale.
Section 7 of the bill modifies foreclosure procedures for a property that is part of a bankruptcy proceeding.
Section 8 of the bill modifies the calculation of excess proceeds from a foreclosure sale and shortens the deadline for an officer to transfer unclaimed excess proceeds to a county treasurer.
Section 9 of the bill clarifies that an assignment of a lien must always be attached to the notice of intent to redeem by a lienor.
Section 10 of the bill modifies when an officer is required to execute and record a confirmation deed and specifies the conditions under which an assignee must be listed as the grantee on the deed.
Section 11 of the bill specifies the procedures for releasing a deed of trust that has been recorded in the wrong county.