Bob Rucho voted Nay (Concurrence Vote) on this Legislation.
Title: Homeowner and Homebuyer Protection Act
Title: Homeowner and Homebuyer Protection Act
Vote to concur with House amendments and pass a bill that creates the Homeowner and Homebuyer Protection Act.
-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):
Title: Homeowner and Homebuyer Protection Act
Vote to concur with House amendments and pass a bill that creates the Homeowner and Homebuyer Protection Act.
-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):
Title: Homeowner and Homebuyer Protection Act
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.
Title: Homeowner and Homebuyer Protection Act