JUDICIAL FORECLOSURE PROCEDURE

Session: 103rd General Assembly
Year: 2024
Bill #: SB2919
Category: Miscellaneous
Position: No position
Mandate?
Revenue Loss?
Authority Preemption?

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Amends the Mortgage Foreclosure Article of the Code of Civil Procedure. Allows a judge, sheriff, or other person to conduct a judicial foreclosure sale online in accordance with the Article. Limits the fee for an online judicial sale for residential real estate to $400, unless a higher fee is approved by the court. Provides that the sheriff or other person conducting the sale may charge an additional fee as a reasonable expense of the sale for costs associated with conducting the sale online. Requires that the purchaser must provide the sale deposit, if applicable, and the balance due to the sheriff or other person conducting the sale at least 24 hours after the end of the sale, unless otherwise set forth by the sheriff or other person conducting the sale, in a designated form. Provides that in every sale of residential real estate conducted online (1) the sale may be held open for bidding for up to 3 days and extended by the person conducting the sale as needed to allow for all active competitive bidding to occur, counted in accordance with the provisions of the Statutes' on Statutes; and (2) bidding shall be open to everyone for the entire duration of the bidding period.



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