SB 183 Repeals provisions regarding nonjudicial foreclosure proceedings and requires all foreclosure proceedings to be handled judicially
Sponsor: Curls
LR Number: 0811S.01I Fiscal Notes
Committee: Judiciary and Civil and Criminal Jurisprudence
Last Action: 1/29/2015 - Second Read and Referred S Judiciary and Civil and Criminal Jurisprudence Committee Journal Page: S221
Title: Calendar Position:
Effective Date: August 28, 2015

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Current Bill Summary

SB 183 - This act repeals provisions of law which provide that a sale made by a mortgagee, secured party, or personal representative with power of sale pursuant to a mortgage or security agreement is valid and binding upon the mortgagor and debtor, and that such sale shall foreclose all right and equity of redemption of the property sold.

The act provides that beginning August 28, 2015, all foreclosure proceedings shall be handled judicially.

This act is substantially similar to HB 526 (2015) and HB 2282 (2014).