2011 Senate Bill 690

Impose new requirement on foreclosing delinquent mortgages

Introduced in the Senate

Sept. 20, 2011

Introduced by Sen. Tupac Hunter (D-5)

To revise a 2009 law that forces mortgage lenders to attempt to negotiate revisions in the terms of loans held by delinquent borrowers before they can proceed to a “foreclosure by advertisement” (instead of the more costly judicial foreclosure process). The bill would mandate that lenders produce and submit a specific “workout” plan for delinquent borrowers.

Referred to the Committee on Banking and Financial Institutions