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Legislative Year: 2021 Change
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Bill Detail: HB21-1224

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Title Modification To Statutes Governing Foreclosure Of Real Property
Status Governor Signed (05/28/2021)
Bill Subjects
  • Fiscal Policy & Taxes
  • Local Government
House Sponsors P. Neville (R)
S. Bird (D)
Senate Sponsors F. Winter (D)
House Committee Business Affairs and Labor
Senate Committee Business, Labor and Technology
Date Introduced 03/18/2021
Summary

Under current law, when real property is sold in a foreclosure sale
for an amount above the value of the lien on the property, any excess
amount (overbid), after paying all junior lienors, is paid to the owner of
the property as of the recording of the election to foreclose. The bill
requires that any overbid is instead paid to the person liable under the
related evidence of debt.

The bill also adds to the definition of qualified holder a private
company that originates, insures, guaranties, or purchases loans on behalf
of an entity that holds time-share evidence of debt and deeds of trust with
a minimum of $5 million in assets or not less than 1,000 loans.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (03/26/2021) (most recent)  
Additional Bill Documents Bill Documents
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