Modification To Statutes Governing Foreclosure Of Real Property
| Type | Bill |
|---|---|
| Session | 2021 Regular Session |
| Subjects |
Concerning modifications to the provisions governing foreclosure sales of real property.
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.)
Related Documents & Information
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.003 | The motion passed without objection. | Vote summary |
| Refer House Bill 21-1224, as amended, to the Committee of the Whole and with a recommendation that it be placed on the consent calendar. | The motion passed on a vote of 7-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.002 | The motion passed without objection. | Vote summary |
| Refer House Bill 21-1224, as amended, to the Committee of the Whole. | The motion passed on a vote of 12-0. | Vote summary |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 04/29/2021 | Senate Amendments | REPASS |
63
AYE
0
NO
2
OTHER
|
Vote record |
| 04/29/2021 | Senate Amendments | CONCUR |
61
AYE
2
NO
2
OTHER
|
Vote record |
| 04/08/2021 | Third Reading | BILL |
63
AYE
0
NO
2
OTHER
|
Vote record |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 04/23/2021 | Third Reading | BILL |
32
AYE
0
NO
3
OTHER
|
Vote record |
| Date | Location | Action |
|---|---|---|
| 05/28/2021 | Governor | Governor Signed |
| 05/21/2021 | Governor | Sent to the Governor |
| 05/19/2021 | Senate | Signed by the President of the Senate |
| 05/19/2021 | House | Signed by the Speaker of the House |
| 04/29/2021 | Senate | House Considered Senate Amendments - Result was to Concur - Repass |
| 04/26/2021 | Senate | House Considered Senate Amendments - Result was to Laid Over Daily |
| 04/23/2021 | Senate | Senate Third Reading Passed - No Amendments |
| 04/22/2021 | Senate | Senate Second Reading Passed with Amendments - Committee |
| 04/19/2021 | Senate | Senate Committee on Business, Labor, & Technology Refer Amended - Consent Calendar to Senate Committee of the Whole |
| 04/09/2021 | Senate | Introduced In Senate - Assigned to Business, Labor, & Technology |
| 04/08/2021 | House | House Third Reading Passed - No Amendments |
| 04/07/2021 | House | House Second Reading Passed with Amendments - Committee |
| 04/01/2021 | House | House Committee on Business Affairs & Labor Refer Amended to House Committee of the Whole |
| 03/18/2021 | House | Introduced In House - Assigned to Business Affairs & Labor |
Prime Sponsor
Sponsor
Co-Sponsor
| Effective Date | Chapter # | Title | Documents |
|---|---|---|---|
| 05/28/2021 | 199 | Mod To Statutes Governing Foreclosure Of Real Prop |