Summary of HB10-1249

Sponsors: Labuda/Johnston

Currently, the initial foreclosure sale date for residential property by a public trustee is set between 110 and 125 calendar days after the recording of the notice of election and demand (notice). For a 5-year period, the bill creates a method for an eligible holder of an evidence of debt (holder) to elect to have an expedited sale of residential property, which will occur between 40 and 55 calendar days after the recording of the notice.
In order for the expedited sale to be conducted, a court must issue an order for expedited sale (order), and a copy of the order must be filed with the public trustee. The court shall only issue an order if, among other things:

• The property has been abandoned; or
• The grantor of the deed of trust requests the order for expedited sale. The bill establishes that an affidavit that meets certain criteria is prima facie evidence of abandonment.

If an expedited sale is set, the bill makes the following modifications to a public trustee's process:

• Replaces the original mailing list with an expedited mailing list, which is filed later and includes all persons on an amended mailing list;
• Eliminates notice related to a foreclosure deferment;
• Eliminates the first mailing of the combined notice;
• Requires the second mailing of the combined notice to be sent earlier;
• Establishes a deadline for delivering an amended mailing list;
• Requires a copy of a section of the expedited sale law to be mailed with the combined notice;
• Reduces the publication of the combined notice to 3 times and requires the publication to be completed more than 5 days prior to the sale; and
• Limits a holder's ability to request a continuance of the expedited sale.

The bill also requires an expedited proceeding to be withdrawn in certain circumstances and specifies that an expedited sale shall not apply to a judicial foreclosure.

Status:

02/03/2010 Introduced In House - Assigned to State, Veterans, & Military Affairs
03/04/2010 House Committee on State, Veterans, & Military Affairs Refer Amended to House Committee of the Whole
03/09/2010 House Second Reading Laid Over Daily
03/10/2010 House Second Reading Laid Over to 03/12/2010
03/12/2010 House Second Reading Laid Over Daily
03/15/2010 House Second Reading Passed with Amendments
03/16/2010 House Third Reading Passed
03/18/2010 Introduced In Senate - Assigned to Judiciary
03/22/2010 Senate Committee on Judiciary Refer Amended to Senate Committee of the Whole
03/25/2010 Senate Second Reading Laid Over Daily
03/26/2010 Senate Second Reading Passed with Amendments
03/29/2010 Senate Third Reading Passed
03/31/2010 House Considered Senate Amendments - Result was to Laid Over Daily
04/01/2010 House Considered Senate Amendments - Result was to Concur - Repass
04/16/2010 Signed by the Speaker of the House
04/19/2010 Signed by the President of the Senate
04/19/2010 Sent to the Governor

Fiscal Notes

To View Entire Bill >