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2012 Regular Session
At the request of:
Chief Sponsors:
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Bill Title: Relating to foreclosures of residential trust deeds; appropriating money; and declaring an emergency.
Catchline/Summary: Requires beneficiary or beneficiary's agent under residential trust deed to send notice of mediation and enter into mediation with grantor for purpose of agreeing to foreclosure avoidance measure.
Requires beneficiary or beneficiary's agent to send notice to grantor if beneficiary determines that grantor is not eligible for any foreclosure avoidance measure or has not complied with terms of foreclosure avoidance measure. Specifies form and content of notice of mediation, date by which notice must be sent and method of service. Requires grantor entering into mediation to consult with housing counselor. Makes exception. Specifies duties of beneficiary or beneficiary's agent with respect to mediation. Requires beneficiary or beneficiary's agent to record certificate of compliance from mediation service provider in order to proceed with foreclosure of trust deed. Permits grantor that is at risk of default to request mediation with beneficiary or beneficiary's agent. Establishes Foreclosure Avoidance Mediation Fund. Continuously appropriates moneys in fund to Attorney General for purposes of paying expenses of coordinating mediation program and related expenses. Requires trustee to notify certain persons if person postpones trustee's sale. Declares emergency, effective on passage.
Chapter Number: Chapter 112
Fiscal Impact: Fiscal Impact Issued
Revenue Impact: No Revenue Impact
Measure Analysis: Staff Measure Summary / Impact Statements
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Subsequent Referral(s):
Potential Conflicts of Interest/Vote Explanations: Potential Conflicts of Interest/Vote Explanation Documents
Measure History
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