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ID H0627
Bill
Status
3/2/2012
Primary Sponsor
Ways and Means Committee
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AI Summary
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Amends Idaho Code Section 45-1512 to extend deficiency judgment protections to certain debts, notes, bonds, or other obligations secured by deeds of trust or mortgages on primary residences.
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Applies the protections to obligations that were created on the same day and as part of the same transaction as another debt secured by a deed of trust or mortgage on the same property.
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Limits deficiency judgment protection to obligations owed to or originated by the beneficiary, an affiliate of the beneficiary, or their successors in the foreclosed deed of trust or mortgage.
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Effective July 1, 2012, applying only to actions filed on or after that date, with previous law continuing to apply to actions filed before July 1, 2012.
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Includes a sunset provision making the amendments null and void on July 1, 2015.
Legislative Description
Amends existing law relating to deeds of trust and money judgments to provide that certain provisions of law shall apply to debts, notes, bonds or other obligations relating to certain deeds of trust or mortgages.
DEEDS OF TRUST
Last Action
to Bus
3/5/2012