|
H.B.
No. 0112 |
Foreclosure
sale proceeds. |
Sponsored
By: Representative(s) Illoway, Buchanan, Lubnau
and Simpson and Senator(s) Hanes, Nicholas and Ross
AN
ACT relating to real property; providing for the distribution of monies upon
mortgage foreclosure sales; making conforming amendment for state farm loans;
specifying applicability of the act; and providing for an effective date.
1/5/2005 Bill Number Assigned
1/11/2005 H Received for Introduction
1/12/2005 H Introduced and Referred to H01
1/24/2005 H01 Recommended Amend and Do Pass
ROLL CALL
Ayes: Representative(s) Bagby, Buchanan, Landon,
Lubnau, Robinson and White
Excused:
Representative(s) Alden, Olsen and Watt
Ayes 6 Nays 0 Excused
3 Absent 0 Conflicts 0
1/24/2005 H Placed on General File
HB0112HS001/ADOPTED
Page 1-line 2 After ";"
insert "amending notice requirements;".
Page 2-line 19 After "is"
insert "entitled to notice, but was".
Page 3-line 10 Delete "within
four (4)".
Page 3-line 11 Delete the line
through ",".
Page 3-line 16 After "."
insert "In no event shall the property be redeemed from a bona fide
purchaser for value who purchased the property without notice of a defect in
the foreclosure.".
Page 5-line 23 Strike "fifty
dollars ($50.00)" insert "five hundred
dollars ($500.00)".
Page 6-line 16 Strike "money"
insert "monies".
Page 7-line 1 Strike first
"such" insert "a";
strike second "such"; strike "as to".
Page 7-line 2 Strike
"seems" insert "deems".
Page 7-line 21 Strike
"such" insert "the".
Page 8-line 5 Delete "thirty (30)" insert "twenty-five (25)".
Page 8-line 12 After "affidavit" insert "of an authorized representative of the foreclosing mortgagee
or lienholder. A person or entity who
acts in reliance upon the affidavit without knowledge that the representations
contained therein are incorrect shall not be liable to any person for so acting
and may assume without inquiry the existence of the facts contained in the
affidavit".
Page 8-line 14 Delete "or" insert "of".
Page 9-line 4 After "provided" insert "in writing".
Page 9-line 19 Strike "nine (9:00)"
insert "ten (10:00)".
Page 10-line 3 After "mortgagee" insert ",".
Page 12-line 1 Delete "number of times the".
Page 12-line 2 After "published" delete balance of line.
Page 12-line 3 Delete entirely.
Page 12-line 4 Delete "four (4) times,".
Page 12-line 5 After "," delete balance of line.
Page 12-line 6 Delete the line
through "sale" insert "and the notice of postponement is published at least once a
week, over two (2) consecutive weeks".
Page 13-line 13 After "proceeds" insert "for disposition to the mortgagor".
Page 14-line 1 Delete the line
through "mortgagee" insert
"agreed upon by all parties in interest, or by
court order,". LANDON,
CHAIRMAN
1/26/2005 H Passed CoW
1/27/2005 H Passed 2nd Reading
1/28/2005 H Passed 3rd Reading
ROLL CALL
Ayes: Representative(s) Alden, Anderson, R.,
Bagby, Barnard, Berger, Brechtel, Brown, Buchanan, Bucholz, Childers, Cohee,
Davison, Diercks, Edwards, Esquibel, Gay, Gilmore, Gingery, Goggles, Hageman,
Hammons, Harshman, Harvey, Hastert, Hinckley, Iekel, Illoway, Jones, Jorgensen,
Landon, Lockhart, Lubnau, Luthi, Martin, McOmie, Meuli, Miller, Morgan, Olsen,
Osborn, Pedersen, Petersen, Philp, Powers, Quarberg, Reese, Robinson, Semlek,
Simpson, Slater, Thompson, Walsh, Warren, Wasserburger, Watt, White and
Zwonitzer.
Excused:
Representative(s) Jackson, Latta and Samuelson.
Ayes 57 Nays 0 Excused
3 Absent 0 Conflicts 0
1/31/2005 S Received for Introduction
2/1/2005 S Introduced and Referred to S01
2/15/2005 S01 Recommended Amend and Do Pass
ROLL CALL
Ayes:
Senator(s) Burns, Decaria, Hanes, Ross and Sessions
Ayes 5 Nays 0 Excused
0 Absent 0 Conflicts 0
2/15/2005 S Placed on General File
HB0112SS001/ADOPTED (TO ENGROSSED COPY)
Page 5-line 23 After
"description." insert "The notice
shall state whether there are liens or encumbrances that will not be discharged
by the sale.".
Page 9-line 3 After "lienholder" delete ", or the".
Page 9-line 4 Delete.
Page 9-line 5 Delete through
"lienholder,".
Page 13-line 1 Strike "other
person".
Page 13-line 2 After stricken
"assigns." insert "foreclosing
mortgagee or lienholder".
Page 14-line 9 Delete "other person" insert "foreclosing mortgagee or lienholder". HANES, CHAIRMAN
HB0112SW001/ADOPTED (TO ENGROSSED COPY)
Page 3–line 16 After
"sale." delete balance of line.
Page 3–lines 17 and 18 Delete.
Page 4–line 4 After "34‑4‑104,"
insert "34‑4‑105(a)(iv), (v) and by creating a new paragraph
(vi),".
Page 5–line 23 Delete the Senate
Standing Committee Amendment (HB0112SS001/AE) to this line and further amend as
follows: after "description."
insert "The notice shall state "The
property being foreclosed upon may be subject to other liens and encumbrances
that will not be extinguished at the sale and any prospective purchaser should
research the status of title at the county real estate records or consult an
attorney before submitting a bid."".
Page 10–before line 1 Insert and renumber:
"34‑4‑105. Publication of notice; contents.
(a) Every such notice shall specify:
(iv) A description of the mortgaged premises, conforming
substantially with that contained in the mortgage; and
(v) The time and place of sale.; and
(vi) A notice that the property being
foreclosed upon may be subject to other liens and encumbrances that will not be
extinguished at the sale and any prospective purchaser should research the
status of title at the county real estate records or consult an attorney before
submitting a bid.".
Page 13–line 1 Delete the Senate
Standing Committee Amendment (HB0112SS001/AE) to this line.
Page 13–line 2 Delete the Senate
Standing Committee Amendment (HB0112SS001/AE) to this line.
Page 13–line 15 After "sale" insert "; and" delete balance of line.
Page 13–lines 16 and
17 Delete.
Page 14–line 9 Delete the Senate
Standing Committee Amendment (HB0112SS001/AE) to this line. NICHOLAS
2/24/2005 S Passed CoW
HB0112S2001/ADOPTED (TO ENGROSSED COPY)
Page 4–line 20 After "weeks
in" strike "the".
Page 4–line 21 Strike "county
newspaper" insert "a legal newspaper of
general circulation".
PECK
2/25/2005 S Passed 2nd Reading
2/28/2005 S Laid Back Without Prejudice
HB0112S3002/ADOPTED (TO ENGROSSED COPY)
Page 5–line 23 Delete the Senate
Standing Committee Amendment (HB0112SS001/AE) and the Nicholas Committee of the
Whole Amendment (HB0112SW001/AE) to this line and further amend as
follows: after "description."
insert "The notice shall state "The
property being foreclosed upon may be subject to other liens and encumbrances
that will not be extinguished at the sale and any prospective purchaser should
research the status of title before submitting a bid."".
Page 10–before line 1 Delete the Nicholas Committee of
the Whole Amendment (HB0112SW001/AE) and the Nicholas Third Reading Amendment
(HB0112S3001/AE) to this line and further amend as follows: insert and renumber:
"34‑4‑105. Publication of notice; contents.
(a) Every such notice shall specify include:
(iv) A description of the mortgaged premises, conforming
substantially with that contained in the mortgage; and
(v) The time and place of sale.; and
(vi) A statement that "The property
being foreclosed upon may be subject to other liens and encumbrances that will
not be extinguished at the sale and any prospective purchaser should research
the status of title before submitting a bid."".
NICHOLAS
3/1/2005 S Passed 3rd Reading
ROLL CALL
Ayes: Senator(s) Anderson, J., Barrasso, Boggs,
Burns, Case, Cooper, Decaria, Hanes, Johnson, Massie, Meier, Mockler, Nicholas,
Peck, Ross, Sessions and Von Flatern.
Nays: Senator(s) Aullman, Coe, Geis, Hawks, Hines,
Jennings, Job, Larson, Northrup, Schiffer, Scott, Townsend and Vasey.
Ayes 17 Nays 13 Excused
0 Absent 0 Conflicts 0
3/1/2005 H Did Concur
ROLL CALL
Ayes: Representative(s) Alden, Anderson, R.,
Bagby, Barnard, Berger, Brown, Buchanan, Bucholz, Childers, Cohee, Davison,
Diercks, Edwards, Esquibel, Gay, Gilmore, Gingery, Hageman, Hammons, Harshman,
Harvey, Hastert, Hinckley, Iekel, Illoway, Jackson, Jones, Landon, Lockhart,
Lubnau, Luthi, Martin, McOmie, Meuli, Miller, Morgan, Olsen, Osborn, Pedersen,
Petersen, Philp, Powers, Quarberg, Robinson, Samuelson, Semlek, Simpson,
Slater, Thompson, Walsh, Warren, Wasserburger, Watt, White and Zwonitzer.
Nays:
Representative(s) Brechtel and Goggles.
Excused:
Representative(s) Jorgensen, Latta and Reese.
Ayes 55 Nays 2 Excused
3 Absent 0 Conflicts 0
3/1/2005 Assigned Number HEA No. 0125
3/2/2005 H Speaker Signed HEA No. 0125
3/2/2005 S President Signed HEA No. 0125
3/10/2005 Governor Signed HEA No. 0125
3/10/2005 Assigned Chapter Number
Chapter No. 0228 Session Laws of Wyoming 2005