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General Assembly Watch: Bills of Interest We’re Monitoring

Your League wants to share the latest on bills we’re monitoring at the General Assembly

HB 822 Mortgage modification; application; limitations on foreclosure.

Introduced by: Robert G. Marshall | all patrons

SUMMARY AS INTRODUCED:

Mortgage modification; application; limitations on foreclosure. Provides that if a borrower has submitted an application to modify the terms of a loan securing a debt on any residential real property that serves as the primary residence of the borrower, a mortgage lender or mortgage servicer may not initiate foreclosure on such property until (i) it has denied the application or (ii) if the modification was granted, the borrower has defaulted under the terms of the modification. A mortgage lender or mortgage servicer shall also notify in writing the borrower of its denial of an application for modification and its reasons therefor within 30 days after receipt.

HB 821 Wrongful foreclosure; civil action.

Introduced by: Robert G. Marshall | all patrons

SUMMARY AS INTRODUCED:

Wrongful foreclosure; civil action. Creates a civil cause of action for the owner of any residential real property against any person who wrongfully asserts that he is, or has the authority to act as, the holder of the obligation secured by a deed of trust or mortgage on such property and who wrongfully initiates any foreclosure proceeding upon the property. The owner is entitled to recover actual damages incurred as a result of the wrongful foreclosure, in addition to reasonable attorney fees and costs.

HB 890 Mortgage foreclosure; right to reinstatement.

Introduced by: Kenneth C. Alexander | all patrons

SUMMARY AS INTRODUCED:

Mortgage foreclosure; right to reinstatement. Provides that the grantor under a first priority deed of trust securing a loan on residential real property may, at any time up to the date of the sale of the property, cure any default, de-accelerate, and reinstate the loan by paying all sums that would have been due in the absence of default, paying other fees and costs incurred by the trustee and beneficiary in connection with the default, and performing any other obligation that the grantor would have been bound to perform in the absence of the default or acceleration. The grantor may exercise the right to cure a default as to a particular loan and reinstate that mortgage only once.

HB 708 Bank-owned real estate.

Introduced by: Terry G. Kilgore | all patrons

SUMMARY AS INTRODUCED:

Bank-owned real estate. Repeals a provision that limits to 10 years the period that banks may hold real estate acquired in satisfaction of a debt previously contracted. The measure allows state banks to hold such property indefinitely without writing down the asset’s value.

HB 690 Financial exploitation of elderly or vulnerable adults; penalty.

Introduced by: Kenneth R. Plum | all patrons

SUMMARY AS INTRODUCED:

Financial exploitation of elderly or vulnerable adults; penalty. Provides that it is a Class 5 felony to knowingly, by deception, intimidation, undue influence, coercion, harassment, duress, or misrepresentation, use, obtain, convert, or take control of an elderly or vulnerable adult%92s property or financial resources with the intent to temporarily or permanently deprive the adult of the use, benefit, or possession of the property or financial resources. If the violation is by a caregiver or person with a fiduciary relationship it is a Class 3 felony. The bill also allows forfeiture of personal property used in connection with the crime.

HB 700 Crimes against incapacitated or elder adults; penalty.

Introduced by: Eileen Filler-Corn | all patrons

SUMMARY AS INTRODUCED:

Crimes against incapacitated or elder adults; penalty. Provides that any person who commits an offense set forth in Chapter 4 (crimes against the person), Chapter 5 (crimes against property), or Chapter 6 (crimes involving fraud) of Title 18.2, knowing or having reason to know that the victim of the offense is an incapacitated or elder adult is guilty of a separate and distinct Class 1 misdemeanor if the underlying offense is a misdemeanor and a separate and distinct Class 6 felony if the underlying offense is a felony. The bill also provides that if the offender is a person responsible for the care of the victim, punishment shall include a mandatory minimum term of confinement of 30 days if the underlying offense is a misdemeanor and a mandatory minimum term of confinement of six months if the underlying offense is a felony.

Tags: Governmental Affairs, League News

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