Relating to foreclosures of residential trust deeds; appropriating money; 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 under residential trust deed to send notice of mediation and enter into mediation with grantor for purpose of agreeing to foreclosure avoidance measure. Specifies form and content of notice of mediation, date by which notice must be sent and method of service.
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.
Establishes Foreclosure Avoidance Mediation Fund. Continuously appropriates moneys in fund to Attorney General to pay expenses of coordinating mediation program. Requires trustee or beneficiary that records notice of default to pay $100 charge in addition to recording fee unless trustee or beneficiary provides certain affidavit.
Permits grantor that is at risk of default to request mediation with beneficiary or beneficiary's agent.
Requires trustee to notify certain persons if trustee postpones trustee's sale.
Provides that violation of requirement to notify certain persons of postponed trustee's sale and failure to comply with requirements for mediation are unlawful practices that are enforceable under unlawful trade practices law.
Declares emergency, effective on passage.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact:
May Have Revenue Impact, But No Statement Yet Issued
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HB 4140 House Committee On General Government and Consumer Protection
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