Bills · 2011-2012 Regular Session

SB 307

Became law Official bill text Atom feed

foreclosure on abandoned properties.

Introduced, completed
Passes Senate, completed
Passes Assembly, completed
Governor signs, completed
Law, completed

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

Under current law, in most mortgage foreclosure actions involving a home or

other real property, if a homeowner (borrower) fails to pay the money he or she owes

to the issuer of his or her mortgage (lender), a court may enter a judgment of

foreclosure against the borrower and order that the property be sold at public auction

in order to satisfy the debt the borrower owes to the lender. After the court has issued

a judgment of foreclosure, the borrower may stop the sale of the home by paying off,

within a certain period (redemption period), the amount he or she owes to the lender.

Under current law, abandoned properties have a two-month redemption

period, while most other properties have a redemption period of either six or twelve

months, depending on whether the sale of the home will satisfy the debt owed to the

lender.

This bill shortens the redemption period for abandoned properties from two

months to five weeks. The bill also lists some factors for determining whether a

property has been abandoned and allows the court to receive evidence from a

representative of the city, town, village, or county where the property is located as

to whether the property has been abandoned.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Fiscal Estimate From CTS

Votes

Senate: Report introduction and adoption of Senate Amendment 1 recommended by committee on Financial Institutions and Rural Issues, Ayes 5, Noes 0 by committee on Financial Institutions and Rural Issues

Passed 5–0 Jan 5, 2012 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Assembly: Report concurrence recommended by committee on Financial Institutions, Ayes 13, Noes 0

Passed 13–0 Feb 13, 2012 official source full page