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MO HB721

Bill

Official Source

Status

Introduced

3/1/2011

Primary Sponsor

Michael Corcoran

Click for details

Origin

House of Representatives

2011 Regular Session

AI Summary

  • Amends Chapter 443, RSMo by adding Section 443.457 relating to foreclosure sales
  • Requires lending institutions that purchase foreclosed property for less than the amount owed to apply excess proceeds to the owner's deficiency if the property is resold within one year
  • Any sale proceeds exceeding the foreclosure purchase price must first be applied to cure the owner's deficiency or satisfy any existing deficiency judgment
  • Allows the lending institution to retain any surplus amounts remaining after the deficiency is satisfied

Legislative Description

Requires a lending institution purchasing property at a foreclosure sale and selling the property in an amount that exceeds the purchase price to apply excess amount to any deficiencies or judgments

Last Action

Referred: General Laws (H)

4/7/2011

Committee Referrals

General Laws4/7/2011
Financial Institutions3/3/2011

Full Bill Text

No bill text available