Key Votes
SB 1015 - Homeowner and Homebuyer Protection Act - Key Vote
North Carolina Key Votes
John Blust voted Nay (Passage With Amendment) on this legislation.
Read recent statements John Blust made in this general time period.
Stages
- July 7, 2010 Senate Concurrence Vote Passed
- July 6, 2010 House Bill Passed
- May 13, 2009 Senate Bill Passed
- March 25, 2009 Introduced
Family
Issues
Stage Details
Legislation - Concurrence Vote Passed (Senate) (32-16) - July 7, 2010 (Key vote)
Title: Homeowner and Homebuyer Protection Act
Vote Smart's Synopsis:
Vote to concur with House amendments and pass a bill that creates the Homeowner and Homebuyer Protection Act.
Highlights:
-Prohibits a person or entity other than the transferor from engaging in, promising to engage in, arranging, offering, promoting, soliciting, assisting with, or carrying out a foreclosure rescue transaction for financial gain or with the expectation of financial gain, unless prior to or at the time of transfer, the transferee pays the transferor at least 50 percent of the fair market value of the property, as determined by a licensed appraiser (Sec. 2).
-Specifies that in order to effectuate a foreclosure rescue transaction, there must be a contract in writing, signed and acknowledged by all parties to it, and containing all the terms to which the parties have agreed (Sec. 2).
-Authorizes the purchaser to exercise the right to cancel the option contract and contract for deed until midnight of the 3rd business day following execution of the option contract or delivery of a copy of the option contract with the required minimum disclosures, or whichever occurs last (Secs. 3 & 4).
-Specifies that upon default and forfeiture after proper notice of default and intent to forfeit and failure of the purchaser to substantially "cure" the default, the purchaser's equitable right of redemption shall be extinguished by (Secs. 3 & 4):
- -A mutual termination executed by the parties and recorded in the Office of the Register of Deeds of the county in which the property is located; or
-A final judgment or court order entered by a court of competent jurisdiction that terminates the purchaser's rights to the property and extinguishes the equity of redemption where a certified copy of the order shall be recorded in the Office of the Register of Deeds of the county in which the property is located.
- -The amount paid;
-Remaining amount owed;
-Number of payments remaining;
-Amounts paid to taxing authorities; and
-Amounts paid to insure the property on the purchaser's behalf, if the property has been damaged, and if the property is encumbered by a lien or mortgage.
Legislation - Bill Passed (House) (89-26) - July 6, 2010 (Key vote)
Title: Homeowner and Homebuyer Protection Act
Vote Smart's Synopsis:
Vote to concur with House amendments and pass a bill that creates the Homeowner and Homebuyer Protection Act.
Highlights:
-Prohibits a person or entity other than the transferor from engaging in, promising to engage in, arranging, offering, promoting, soliciting, assisting with, or carrying out a foreclosure rescue transaction for financial gain or with the expectation of financial gain, unless prior to or at the time of transfer, the transferee pays the transferor at least 50 percent of the fair market value of the property, as determined by a licensed appraiser (Sec. 2).
-Specifies that in order to effectuate a foreclosure rescue transaction, there must be a contract in writing, signed and acknowledged by all parties to it, and containing all the terms to which the parties have agreed (Sec. 2).
-Authorizes the purchaser to exercise the right to cancel the option contract and contract for deed until midnight of the 3rd business day following execution of the option contract or delivery of a copy of the option contract with the required minimum disclosures, or whichever occurs last (Secs. 3 & 4).
-Specifies that upon default and forfeiture after proper notice of default and intent to forfeit and failure of the purchaser to substantially "cure" the default, the purchaser's equitable right of redemption shall be extinguished by (Secs. 3 & 4):
- -A mutual termination executed by the parties and recorded in the Office of the Register of Deeds of the county in which the property is located; or
-A final judgment or court order entered by a court of competent jurisdiction that terminates the purchaser's rights to the property and extinguishes the equity of redemption where a certified copy of the order shall be recorded in the Office of the Register of Deeds of the county in which the property is located.
- -The amount paid;
-Remaining amount owed;
-Number of payments remaining;
-Amounts paid to taxing authorities; and
-Amounts paid to insure the property on the purchaser's behalf, if the property has been damaged, and if the property is encumbered by a lien or mortgage.
Legislation - Bill Passed (Senate) (45-0) - May 13, 2009
Note:
NOTE: THIS IS A SECOND READING VOTE TO END DEBATE ON THE BILL AND ADVANCE IT TO THE THIRD READING IN WHICH AN UP-OR-DOWN VOTE FOR PASSAGE WILL OCCUR ONLY IF VOTES CHANGE OR THE THIRD READING OCCURS ON A DIFFERENT LEGISLATIVE DAY.
Legislation - Introduced (Senate) - March 25, 2009
Title: Homeowner and Homebuyer Protection Act
Sponsors
Co-sponsors
- Douglas Earl 'Doug' Berger (NC - D) (Out Of Office)
- Donald Gene 'Don' Davis (NC - D) (Out Of Office)
- Katie G. Dorsett (NC - D) (Out Of Office)
- Joe Sam Queen (NC - D) (Out Of Office)
- Richard Y. Stevens (NC - R) (Out Of Office)
