SB 3962

Abstract

Amends the Code of Civil Procedure. Provides for a moratorium stay on all pending residential real estate mortgage foreclosures filed by lending institutions, subject to a review by the Attorney General of the practices and procedures of each lending institution to determine whether the lending institution properly uses genuine, accurate, properly executed, and appropriate documents that are properly processed, include full and accurate accountings, and are in full compliance with applicable federal and State laws and regulations. Provides definitions. Creates within the Office of the Attorney General, the Office for the Monitoring of Residential Real Estate Mortgage Foreclosures headed up by the Mortgage Foreclosure Monitor, appointed by the Attorney General. Provides that the Attorney General will have the power to: administer this program; issue reports about lending institutions; make recommendations to the General Assembly; obtain necessary documents, subpoena documents, and engage in related activities. Provides that any delay caused by this process shall toll any statutory or contractual time requirements. Effective immediately.