SB3962 Summary

• Imposes an automatic stay on all pending residential mortgage foreclosure actions filed by lending institutions until the Attorney General completes a review of the lender's practices and procedures.

• Creates the Office for the Monitoring of Residential Real Estate Mortgage Foreclosures within the Attorney General's office, headed by a Mortgage Foreclosure Monitor appointed by the Attorney General.

• Grants the Attorney General authority to subpoena documents, issue reports on lending institutions, make recommendations to the General Assembly, and maintain a public database of findings regarding lender compliance with laws and use of accurate, genuine documents.

• Prohibits new foreclosure filings by any lending institution unless the Attorney General has issued a report finding no just cause to continue the moratorium for that specific lender.

• Tolls all statutory and contractual time requirements during the moratorium review process to prevent lenders from circumventing foreclosure timelines while under review.