Am. Sub. H.B. No. 3 Summary

• Declares a six-month moratorium on residential mortgage foreclosure proceedings for owner-occupied and tenant-occupied properties, during which borrowers must pay half the original monthly payment amount to avoid foreclosure resumption

• Requires mortgage servicers to register with the Department of Commerce and establishes licensing, bonding, and conduct standards for mortgage servicers, including prohibition on fraudulent documents and requirements for good faith loan modification efforts

• Mandates a $750 filing fee per residential foreclosure complaint to fund a foreclosure prevention program, with distributions to courts, the attorney general, and county boards for counseling, emergency assistance, and property remediation

• Establishes a state foreclosure database to track residential mortgage foreclosure information and loss mitigation efforts, with restricted access for state officials and mortgage servicers

• Requires pre-foreclosure notice to borrowers at least 60 days before filing, detailing amounts due and available resources, and mandates court filing requirements including property appraisal and proof of fee payment before accepting foreclosure complaints