MO SB429

Establishes mandatory mediation program for residential foreclosures in charter counties, requiring lenders to send homeowners a notice of right to request mediation along with the foreclosure notice

Homeowners have 20 days to request mediation; if requested, the mediation conference must be held within 61 days and the foreclosure sale is automatically continued for 42 days

Lenders must pay mediation fees totaling $475 ($125 initial fee plus $350 conference fee) and send representatives with full settlement authority who can negotiate loan modifications

Lenders cannot record a foreclosure deed without first obtaining a certificate of compliance from the mediation coordinator, certifying they followed all program requirements

Violations carry fines up to $1,000, but the bill does not create a private right of action and does not prevent lenders from ultimately proceeding with foreclosure