Prompt Notification of Short Sales Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Dec 3, 2015)
Prompt Notification of Short Sales Act
This bill requires each servicer of a home mortgage to provide in writing to a mortgagor of a residential mortgage loan specified prompt notifications and decisions regarding the mortgagor's written request for a short sale of the dwelling or residential real property subject to the mortgage, deed of trust, or other security interest securing the mortgage loan.
An aggrieved individual may bring a civil action for equitable relief and a monetary award of $1,000 for any violation of this Act.
This bill shall not apply to certain residential mortgages entered into before its enactment whose mortgage agreements explicitly provide a procedure or terms for a short sale approval.
What just happenedDec 3, 2015
Referred to the House Committee on Financial Services.
Who’s behind it
- Introduced in HouseDec 3, 2015
- Dec 3, 2015IntroReferralH11100
Referred to the House Committee on Financial Services.
Financial Services Committee - Dec 3, 2015IntroReferralIntro-H
Introduced in House
- Dec 3, 2015IntroReferral1000
Introduced in House