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Glossary of Legislative Terms

SB 586: Foreclosures

GENERAL BILL by Fasano

Foreclosures; Providing that the purchaser of a foreclosed residential dwelling unit may not take possession until a specified period after notifying a tenant of the intent to take possession; providing that the tenant may terminate a lease upon receiving the notice; providing requirements for landlords following commencement of a foreclosure action; requiring that the landlord hold the security deposit and advance rent in an interest-earning account in specified circumstances; requiring that the landlord disclose in writing to a prospective tenant a foreclosure action and its possible effects on the tenancy; providing an exception to liability for failure to provide notice; requiring the purchaser in a foreclosure sale to credit the tenant for security deposits and advance rents under certain conditions, etc.

Effective Date: 7/1/2012
 Last Action: 3/9/2012 Senate - Died in Judiciary
Bill Text: Web Page | PDF
Senate Committee References:
  1. Judiciary (JU)
  2. Banking and Insurance (BI)
  3. Budget (BC)


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Bill History

Date Chamber Action
10/18/2011 Senate • Filed
11/2/2011 Senate • Referred to Judiciary; Banking and Insurance; Budget -SJ 51
1/10/2012 Senate • Introduced -SJ 51
3/9/2012 Senate • Died in Judiciary