BILL · 2015–16 SESSION

SB 5968: Foreclosure proceedings

Clarifying that the owner or holder of a trust deed, or the owner or holder's designee, may initiate foreclosure proceedings.

Summary

  • In order to initiate foreclosure proceedings, the trustee must have proof that the beneficiary is the owner or holder of any promissory note or other obligation secured by the deed of trust. A declaration stating that the beneficiary is the owner or holder of the promissory note constitutes sufficient proof.

From the Senate Bill Report (Orig.) (SB 5968), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · died in committee
  1. IntroducedFeb 13, 2015
  2. Out of committeestopped here
  3. Passed Senate
  4. Passed House
  5. Governor
  6. Law
Prime sponsor
Steve Hobbs (D-44)
Introduced
February 13, 2015 in the Senate
Last action
March 10, 2016

AN ACT Relating to clarification that the owner or holder of a trust deed, or the owner or holder's designee, may initiate foreclosure proceedings;

Sponsors

Prime sponsor: Steve Hobbs (D-44)

4 co-sponsors (2 Democrats, 2 Republicans)

Votes

No recorded floor votes. This measure never reached a floor vote.

History

  1. By resolution, reintroduced and retained in present status.
  2. By resolution, reintroduced and retained in present status.
  3. By resolution, reintroduced and retained in present status.
  4. By resolution, reintroduced and retained in present status.
  5. By resolution, reintroduced and retained in present status.
  6. First reading, referred to Financial Institutions & Insurance.

SB 5968 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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