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HB18-1254

Public Trustee Deed Of Trust Foreclosure Sales

Concerning the modification of the foreclosure process on property that is encumbered by a deed of trust.
Session:
2018 Regular Session
Subject:
Fiscal Policy & Taxes
Bill Summary

The bill modifies and clarifies certain aspects of the foreclosure process on property encumbered by a deed of trust as follows:

  • Eliminates the authority of the attorney for a holder of an evidence of debt (holder) to specify the newspaper used to publish foreclosure notices;
  • Allows an amended combined notice to be omitted in a specified circumstances when the notice is provided by the sheriff or public trustee conducting the foreclosure (officer);
  • Modifies the amount of the deposit required for the fees and costs of the public trustee;
  • Omits a statement notifying borrowers of their ability to file a complaint if they believe a lender or servicer has violated certain requirements from the portions of a combined notice that must be published;
  • Makes changes to the bid form used by holders;
  • Clarifies the amount to be paid to the officer if the holder bids an amount that exceeds the amount due to the holder;
  • Prorates the amount of insurance premiums that may be claimed as costs;
  • Further specifies and modifies the procedures for restarting a foreclosure proceeding when a property is subject to a federal bankruptcy case or if a sale has been enjoined or set aside by a court;
  • Specifies the interest and other amounts that may be charged by the holder of a certificate of purchase when property is redeemed; and
  • Clarifies the procedure for junior subsequent lienors to redeem a property.
    (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

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Status

Introduced
Passed
Became Law

Bill Text