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2013 Regular Session
Overview
At the request of:
Chief Sponsors: Senator Beyer, Boquist, Hass, Rosenbaum
Regular Sponsors: Senator Bates, Courtney, Devlin, Edwards, Monnes Anderson, Roblan, Shields,Representative Gallegos, Holvey
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 service provider to coordinate] expenses of coordinating 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 91] 61 days after effective date of Act. Declares emergency, effective on passage.
Chapter Number: Chapter 304
Fiscal Impact: Fiscal Impact Issued
Revenue Impact: Has Minimal Revenue Impact
Measure Analysis: Staff Measure Summary / Impact Statements
Current Location: Chapter Number Assigned
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