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HB21-1224

Modification To Statutes Governing Foreclosure Of Real Property

Concerning modifications to the provisions governing foreclosure sales of real property.
Session:
2021 Regular Session
Subjects:
Fiscal Policy & Taxes
Local Government
Bill Summary



Under current law, when real property is sold in a foreclosure sale for an amount above the value of the lien on the property, any excess amount (overbid), after paying all junior lienors, is paid to the owner of the property as of the recording of the election to foreclose. The act requires that any overbid is instead paid to the person liable under the related evidence of debt constituting a mortgage loan or deed of trust.

The act also adds to the definition of "qualified holder" a private company that originates, insures, guaranties, or purchases loans on behalf of a holder of evidence of debt that is secured by a deed of trust encumbering a time share estate with a minimum of $5 million in assets or not less than 1,000 loans.

(Note: This summary applies to this bill as enacted.)

Status

Introduced
Passed
Became Law

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Bill Text

COVID-19 Resources
2021 Ballot Information Booklet (Blue Book)
NORTH ENTRANCE IS CURRENTLY CLOSED.  TO ENTER THE CAPITOL, USE THE SOUTH ENTRANCE, UNDER THE STAIRS, AT 14th AVENUE AND SHERMAN STREET.