FL H0799

Creates Chapter 52, Florida Statutes, establishing a nonjudicial foreclosure procedure for commercial real property as an optional alternative to judicial foreclosure, available at the creditor's election.

Requires foreclosing creditors to appoint a trustee (an attorney with 5+ years experience or authorized title insurer) and provide obligors with 30-day notice of default and intent to foreclose, including an objection form allowing obligors to require judicial foreclosure.

Allows obligors to redeem property anytime before the trustee issues a certificate of sale by paying amounts owed; obligors may also object within 15 business days to force judicial foreclosure proceedings.

Establishes trustee's authority to conduct public auction sales with at least 30 days' notice after recording notice of sale, with proceeds applied first to sale expenses, then to amounts owed, then to junior interest holders or former owner as surplus.

Provides civil liability for material violations of the procedure by foreclosing creditors and criminal penalties (third-degree felony) for trustees who intentionally violate foreclosure procedures; preserves creditors' right to pursue judicial foreclosure instead.