HB 15-1142 Summary

• Authorizes public trustees to conduct foreclosure sales through the Internet or other electronic media in addition to traditional in-person sales at courthouses or county offices.

• Caps electronic foreclosure sale fees at $60 maximum for costs of conducting sales by Internet or electronic medium, separate from other allowable foreclosure expenses.

• Requires foreclosure sale notices to include electronic address, location of public computer workstations, and bidding rules when sales are conducted electronically.

• Allows electronic transfer of funds (ACH, wire transfer, etc.) as acceptable payment at foreclosure sales, with public trustees able to specify conditions for such transfers.

• Permits holders of debt to submit maximum bids for electronic sales that are automatically increased in set increments when third parties submit competing bids, and allows bid amendments during electronic sales.