SB 716
Repeals provisions regarding nonjudicial foreclosure proceedings and requires all foreclosure proceedings to be handled judicially
Sponsor:
LR Number:
4414S.01I
Last Action:
1/11/2016 - Second Read and Referred S Judiciary and Civil and Criminal Jurisprudence Committee
Journal Page:
S98
Title:
Calendar Position:
Effective Date:
August 28, 2016

Current Bill Summary

SB 716 - 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, 2016, all foreclosure proceedings shall be handled judicially.

This act is substantially similar to SB 183 (2015) and HB 2282 (2014).

JESSI BAKER

Amendments