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The League is pleased to announce the language drafted for LD 1963, “An Act To Preserve the Value of Abandoned Properties by Allowing Entry by Mortgagees,” is now acceptable to all interested parties. Over the last several weeks, the Governmental Affairs team has been working with the bill’s opponents to address their concerns and reach a compromise.
LD 1963 was drafted to provide credit unions and other mortgage holders an opportunity to prevent devaluation of a property after a homeowner abandons it during a foreclosure
Introduced at the request of credit unions, the bill mitigates some of the liability of entering a property for the purpose of securing or fixing a major issue.
While consumer rights advocates were initially opposed to the bill, the League worked with them to include appropriate protections for all parties involved and improve the foreclosure process. The amended language was presented to the Judiciary Committee and was voted “Ought to Pass as Amended.”