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The process for moving your League’s amendment as part of legislation to have an option to expedite foreclosures remains in a holding pattern. This past week once again featured multiple meetings between your League and legislators, interested parties and members of the Judicial Branch in search of finding language that would be acceptable to most involved. With an amendment with new language now drafted, your League waits for the Judiciary Committee to schedule a work session to consider the amendment, and all indications point to the work session being held on Monday or Tuesday, May 18 or 19, in Augusta.
“We continue to spend significant time and resources on this legislation, and are pleased that our efforts have gotten us this far. We still have much work to do to encourage the Committee to have a favorable vote on our amendment, and then we go to work to seek enough votes in the House to get it passed. Your League has a comprehensive strategy in place that will likely include a general ‘Call To Action’ to all legislators asking for their support. We are still working to determine the timing of that Call To Action,” explained your League’s President John Murphy.
Murphy said that your League remains “engaged with all interested parties, and will continue to pursue a solution to an issue that credit unions have consistently provided feedback to us as being a big problem for a number of years. Our amendment would provide much needed relief to credit unions and to those consumers seeking an expedited foreclosure process.”
Resources:
Revised overview with the latest changes to your League's Foreclosure Amendment