SB333 (2010) Detail

Relative to foreclosure conveyances and foreclosure consultants.


SB 333 – AS INTRODUCED

2010 SESSION

10-2877

08/05

SENATE BILL 333

AN ACT relative to foreclosure conveyances and foreclosure consultants.

SPONSORS: Sen. Downing, Dist 22

COMMITTEE: Commerce, Labor and Consumer Protection

ANALYSIS

This bill removes the requirement of payment to the homeowner within 90 days of resale of a foreclosed property.

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

10-2877

08/05

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Ten

AN ACT relative to foreclosure conveyances and foreclosure consultants.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 Net Proceeds from Foreclosure. Amend RSA 479-B:5, III(d) to read as follows:

(d) Fail to:

(1) Ensure that title to the property has been reconveyed to the homeowner in a timely manner if this chapter or the terms of a pre-foreclosure conveyance agreement require a reconveyance; or

(2) Sell the property, if allowed under the terms of the conveyance, at a bona fide market sale to an unaffiliated third party[; or

(3) Make payment to the homeowner within 90 days of any resale of the property so that the homeowner receives cash payments or consideration in an amount equal to at least 90 percent of the net proceeds from any resale of the property should a property subject to a pre-foreclosure conveyance be sold within 36 months after entering into a pre-foreclosure conveyance agreement. As used in this subparagraph, the term “net proceeds from any resale” means the resale price minus any necessary funds actually expended by the pre-foreclosure purchaser on the homeowner’s behalf in order to delay or prevent the mortgage default of delinquency, foreclosure, or execution of a tax deed;].

2 Effective Date. This act shall take effect 60 days after its passage.