1 | Representative Brisé offered the following: |
2 |
|
3 | Amendment to Amendment 533109 (with title amendment) |
4 | Remove lines 114-119 and insert: |
5 | homeowner for foreclosure-related rescue services; |
6 | (b) Solicit, charge, receive, or attempt to collect or |
7 | secure payment, directly or indirectly, for foreclosure-related |
8 | rescue services before completing or performing all services |
9 | contained in the agreement for foreclosure-related rescue |
10 | services; or |
11 | (c) Make a payment to the owner of the residence at risk |
12 | of loss such that the owner has received consideration in an |
13 | amount of at least 82 percent of the fair market value of the |
14 | property within 150 days after the eviction or voluntary |
15 | relinquishment of possession of the dwelling by the owner. The |
16 | equity purchaser shall make a detailed accounting of the basis |
17 | for the payment amount or a detailed accounting of the reasons |
18 | for failure to make a payment, including providing written |
19 | documentation of expenses, within such 150-day period. The |
20 | accounting with documentation attached shall be provided to the |
21 | owner of the residence at risk of loss when payment is made. For |
22 | purposes of this paragraph, the following apply: |
23 | 1. There is a rebuttable presumption that an appraisal by |
24 | a person licensed or certified by an agency of the Federal |
25 | Government or this state to appraise real estate constitutes the |
26 | fair market value of the property. |
27 | 2. The time for determining the fair market value shall be |
28 | determined in the foreclosure conveyance contract at the time of |
29 | the execution of the foreclosure conveyance contract or at |
30 | resale. If the contract states that the fair market value shall |
31 | be determined at the time of resale, the fair market value shall |
32 | be the resale price if the property is sold within 120 days |
33 | after the eviction or voluntary relinquishment of the property |
34 | by the owner. If the contract states that the fair market value |
35 | shall be determined at the time of resale and the resale is not |
36 | completed within 120 days after the eviction or voluntary |
37 | relinquishment of the property by the owner, the fair market |
38 | value shall be determined by an appraisal conducted during such |
39 | 120-day period, and payment, if required, shall be made to the |
40 | owner of the residence at risk of loss. However: |
41 | a. The fair market value shall be recalculated as the |
42 | resale price on resale, and an additional payment amount, if |
43 | appropriate based on the resale price, shall be made to the |
44 | owner of the residence at risk of loss within 15 days after |
45 | resale; and |
46 | b. A detailed accounting of the basis for the payment |
47 | amount or a detailed accounting of the reasons for failure to |
48 | make additional payment shall be made within 15 days after |
49 | resale, including providing written documentation of expenses. |
50 | 3. The accounting shall be a separate document showing the |
51 | fair market value of the property at the time indicated in the |
52 | foreclosure conveyance contract; showing 82 percent of the fair |
53 | market value; specifying individually all consideration actually |
54 | paid; showing amounts and to whom paid; and providing the total |
55 | amount to be paid to the owner of the residence at risk of loss, |
56 | where appropriate. |
57 | 4.a. For purposes of this subsection, the term |
58 | "consideration" means any payment or thing of value provided to |
59 | the owner of the residence at risk of loss, including unpaid |
60 | rent or contract for deed payments owned by the owner of the |
61 | residence at risk of loss prior to the date of eviction or |
62 | voluntary relinquishment of the property, reasonable costs paid |
63 | to third parties necessary to complete the foreclosure |
64 | conveyance transaction, payment of money to satisfy a debt or |
65 | legal obligation of the owner of the residence at risk of loss, |
66 | or the reasonable cost of repairs for damage to the dwelling |
67 | caused by the owner of the residence at risk of loss. |
68 | b. The term "consideration" does not include amounts |
69 | imputed as a down payment or fee to the equity purchaser, or a |
70 | person acting in participation with the equity purchaser, |
71 | incident to a contract for deed, lease, or option to purchase |
72 | entered into as part of the foreclosure conveyance, except for |
73 | reasonable costs paid to third parties necessary to complete the |
74 | foreclosure conveyance. |
75 |
|
76 |
|
77 | ----------------------------------------------------- |
78 | T I T L E A M E N D M E N T |
79 | Remove line(s) 339-341 and insert: |
80 | definitions; specifying certain prohibited activities by |
81 | foreclosure-rescue consultants; providing requirements and |
82 | limitations; providing applicability criteria; providing a |
83 | definition; requiring that all agreements for foreclosure- |
84 | related |