2013 Regular SessionSB 558 A
|At the request of:|
|Chief Sponsors:||Senator Boquist , Senator Beyer , Senator Hass , Senator Rosenbaum|
|Regular Sponsors:||Representative Gallegos , Representative Holvey , Senator Bates , Senator Courtney , Senator Devlin , Senator Edwards , Senator Monnes Anderson , Senator Roblan , Senator Shields|
|Bill Title:||Relating to foreclosures of residential trust deeds; and declaring an emergency.|
|Catchline/Summary:||Requires beneficiary under residential trust deed to request resolution conference with grantor for purposes of negotiating foreclosure avoidance measure, unless beneficiary is eligible to claim exemption from requirement.
Specifies manner in which beneficiary must request resolution conference. Permits grantor to request resolution conference under certain circumstances. Specifies documents that beneficiary and grantor must provide and specifies procedure for and duties of beneficiary and grantor with respect to resolution conference. Requires beneficiary to obtain certificate of compliance after resolution conference in order to foreclose residential trust deed. Specifies conditions under which beneficiary may obtain certificate of compliance. Changes name of Foreclosure Avoidance Mediation Fund to Foreclosure Avoidance Fund and continuously appropriates moneys in fund to Attorney General for purposes of paying <i>service provider to coordinate</i>] <b>expenses of coordinating</b> program to implement provisions of Act and paying related expenses. Requires beneficiary to send notice to grantor if beneficiary determines that grantor is not eligible for foreclosure avoidance measure or has not complied with terms of foreclosure avoidance measure. Becomes operative <i>91</i>] <b>61</b> days after effective date of Act. Declares emergency, effective on passage.
|Fiscal Impact:||Fiscal Impact Issued|
|Revenue Impact:||Has Minimal Revenue Impact|
|Measure Analysis:||Staff Measure Summary / Impact Statements|