| 1 | Representative Brisé offered the following: |
| 2 |
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| 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 |
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| 76 |
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| 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 |