SB 716 - Curls, Shalonn
Repeals provisions regarding nonjudicial foreclosure proceedings and requires all foreclosure proceedings to be handled judicially
Bill Details
Sponsor
LR Number
4414S.01I
Title
SB 716
House Handler
N/A
Journal Page
Effective Date
August 28, 2016
Current Status
Second Read and Referred S Judiciary and Civil and Criminal Jurisprudence Committee
Quick Links
Amendments
No amendments available
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