SB12-030 - Public Trustee & Foreclosure Sales

Passed/Signed into Law
Concerning Administrative Matters Related To A Foreclosure Sale.

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.

House Committees

Senate Committees

Latest update: April 12, 2012
04/12/2012 Governor Action - Signed
04/02/2012 Sent to the Governor
03/30/2012 Signed by the Speaker of the House
03/27/2012 Signed by the President of the Senate
03/21/2012 Senate Considered House Amendments - Result was to Concur - Repass
03/19/2012 House Third Reading Passed
03/16/2012 House Second Reading Passed with Amendments
03/12/2012 House Second Reading Laid Over Daily
03/05/2012 House Committee on Local Government Refer Amended to House Committee of the Whole
02/15/2012 Introduced In House - Assigned to Local Government
02/13/2012 Senate Third Reading Passed with Amendments
02/07/2012 Senate Third Reading Laid Over Daily
02/06/2012 Senate Second Reading Passed with Amendments
01/27/2012 Senate Second Reading Laid Over Daily
01/24/2012 Senate Committee on Local Government Refer Amended to Senate Committee of the Whole
01/11/2012 Introduced In Senate - Assigned to Local Government