EXPLANATION:
C
APITALS INDICATE MATTER ADDED TO EXISTING LAW
.
[
Brackets
]
indicate matter deleted from existing law.Underlining indicates amendments to bill.Strike out indicates matter stricken from the bill by amendment or deleted from the law byamendment.
*sb0786*
SENATE BILL 786
N1 2lr2788CF HB 1288By:
Senators Muse and Ramirez
Introduced and read first time: February 3, 2012 Assigned to: Judicial Proceedings and Budget and TaxationCommittee Report: Favorable with amendmentsSenate action: AdoptedRead second time: April 1, 2012CHAPTER ______ AN ACT concerning1
Foreclosure Prevention and Neighborhood Stabilization Act of 2012
2
Real Property
–
Foreclosures and Mediation
3
FOR the purpose of requiring a secured party to file a certain request for foreclosure4
mediation; repealing a certain provision of law providing for a waiver of a5
certain filing fee; repealing a certain provision of law requiring a copy of a6
certain request to be mailed to a
certain person; requiring the court to stay7
foreclosure proceedings until the conclusion of foreclosure mediation under8
certain circumstances; repealing a certain provision authorizing the secured9
party to file a motion to strike a certain request; authorizing the mortgagor or10
grantor to waive the right to participate in foreclosure mediation in a certain11
manner; requiring the court to appoint a mediator with certain qualifications;12
requiring the parties to split the cost of foreclosure mediation; requiring a13
certain mediator to be paid a certain fee; authorizing the court to extend the14
time for completing the foreclosure mediation under certain circumstances;15
limiting the period for which an extension may be granted under certain16
circumstances; requiring a
certain notice including certain information to be17
sent to certain parties; requiring certain parties to provide certain information18
and documents; requiring certain parties to be present at the foreclosure19
mediation; authorizing a foreclosure mediation to be conducted in a certain20
manner; authorizing the mediator to schedule more than one mediation session;21
requiring the mediator to address certain issues during the foreclosure22
mediation; requiring certain parties to negotiate in good faith; authorizing a23
mediator to take certain actions if the mediator determines that any party is not24
2
SENATE BILL 786
acting in good faith; requiring the Department of Housing and Community1
Development to establish and maintain a Foreclosed Property Registry;2
requiring a certain person to register certain residential property with the3
registry; requiring the registration to include certain information; requiring a4
certain person to notify the registry of a certain purchase at a foreclosure sale;5
establishing a penalty for a violation of certain provisions of this Act;6
establishing a certain tax credit for the purchase of residential property in a7
certain community; defining a certain term; altering a certain definition;8
making conforming changes; and generally relating to foreclosure mediation, a9
registry for foreclosed property, and tax credits for homes in foreclosure10
hotspots establishing a certain prefile mediation process between a secured11
party and a mortgagor or grantor before the commencement of a certain12
foreclosure action under certain circumstances; providing that a certain13
mortgagor or grantor is not entitled to participate in a certain postfile mediation14
except under certain circumstances; establishing certain procedures and notices15
for participation in a certain prefile mediation; altering certain procedures16
relating to foreclosure and postfile mediation; providing that certain provisions17
of law applicable to foreclosures and certain mediation processes do not apply to18
certain foreclosure actions on certain property if a certain certificate is issued19
under certain circumstances; requiring a county or municipal corporation to20
issue to a secured party a certificate of vacancy or certificate of property unfit21
for human habitation for certain residential properties under certain22
circumstances; authorizing a record owner or occupant of residential property to23
challenge a certain certificate under certain circumstances; authorizing a county24
or municipal corporation to charge a certain fee to issue a certain certificate;25
requiring and authorizing the Commissioner of Financial Regulation to adopt26
certain regulations; defining certain terms; making conforming changes;27
allowing a subtraction modification under the Maryland income tax for income28
resulting from a foreclosure settlement negotiated by the Attorney General;29
providing for the validity, under certain circumstances, of a certain order to30
docket or complaint to foreclose served on a mortgagor or grantor before the31
effective date of certain regulations; requiring the Commissioner of Financial32
Regulation to develop a certain description of a certain procedure and a certain33
form to be served under a certain provision of law; providing for the application34
of certain provisions of this Act; and generally relating to mortgage foreclosures35
and mediation.36BY repealing and reenacting, with amendments,37 Article
–
Real Property38Section 7
–
105.139 Annotated Code of Maryland40(2010 Replacement Volume and 2011 Supplement)41BY adding to42 Article
–
Real Property43Section 14
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126(d) 7
–
105.1144
Annotated Code of Maryland45
SENATE BILL 786
3
(2010 Replacement Volume and 2011 Supplement)1BY repealing and reenacting, without amendments,2
Article
–
Tax
–
General3Section 10
–
208(a)4
Annotated Code of Maryland5
(2010 Replacement Volume and 2011 Supplement)6
BY adding to7 Article
–
Tax
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Property8Section 9
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110 10
–
208(r)9
Annotated Code of Maryland10(2007 Replacement Volume and 2011 Supplement)11SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF12MARYLAND, That the Laws of Maryland read as follows:13
Article
–
Real Property
147
–
105.1.15(a) (1) In this section the following words have the meanings indicated.16
(2)
“
Final loss mitigation affidavit
”
means an affidavit that:17
(i) Is made by a person authorized to act on behalf of a secured18
party of a mortgage or deed of trust on owner
–
occupied residential property that is the19
subject of a foreclosure action;20
(ii) Certifies the completion of the final determination of loss21
mitigation analysis in connection with the mortgage or deed of trust; and22
(iii) If denied, provides an explanation for the denial of a loan23
modification or other loss mitigation.24
(3)
“
Foreclosure mediation
”
means a conference at which the parties in25
a foreclosure action, their attorneys, additional representatives of the parties, or a26
combination of those persons appear before an impartial individual to discuss the27
positions of the parties in an attempt to reach agreement on a loss mitigation program28
for the mortgagor or grantor.29
(4)
“
Housing counseling services
”
means assistance provided to30
mortgagors or grantors by nonprofit and governmental entities that are identified on a31
list maintained by the Department of Housing and Community Development.32
(5)
“
Loss mitigation analysis
”
means an evaluation of the facts and33
circumstances of a loan secured by owner
–
occupied residential property to determine:34
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