Prompt Notification of Short Sales Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Feb 14, 2013)
Prompt Notification of Short Sales Act - 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 a written request of the mortgagor for a short sale of the dwelling or residential real property that is subject to the mortgage, deed of trust, or other security interest securing the mortgage loan.
Authorizes an aggrieved individual to bring a civil action for equitable relief and a monetary award of $1,000 for any violation of this Act.
Declares this Act inapplicable 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 happenedFeb 14, 2013
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Who’s behind it
- Introduced in SenateFeb 14, 2013
- Feb 14, 2013IntroReferral
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Feb 14, 2013IntroReferral10000
Introduced in Senate