Thursday, March 25, 2004

Legislative update
I checked Lexis yesterday and I noted that the Arizona anti-foreclosure bill passed the House, where it originated, and is now in the Senate having been refered to a couple of committees. This is H.B. 2402. It passed the house with a three year waiting period rather than the original seven years, and it requires that the home be sold for "fair market value." There are lots of questions about how this bill would work in practice and perhaps the Senate committees will get into that.

In California, I see two foreclosure-related bills. One is AB 1527, having to do with "actual notice" before foreclosure, and the other is AB 1682, that would make a number of changes in foreclosure and would require that non-judicial foreclosure be for the assessed value of the property.

In Florida, there are two competing bills. One is SB 2984, emanating from the Jeb Bush-appointed HOA Task Force, and the other is H.B. 1223, from Rep. Robaina, chair of the House Select Committee on Condominium Governance. The Task Force bill would require mediation for election and recall disputes and make other procedural changes. The Robaina bill is the ombudsman proposal. It will be interesting to see how these things play out.

No comments: