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House Co-Sponsorship Memoranda
House of Representatives
Session of 2021 - 2022
Regular Session
MEMORANDUM
| Posted: | August 9, 2021 12:50 PM |
|---|---|
| From: | Representative F. Todd Polinchock |
| To: | All House members |
| Subject: | Private Selling Officers (PSO) for Foreclosures |
| Shortly, I will be introducing legislation that will allow for plaintiffs in a foreclosure proceeding to opt for a Private Selling Officer (PSO) to conduct the sale of the asset. As demonstrated in other judicial and non-judicial foreclosure states, a PSO-like model allowing third parties to market and conduct sales has proven successful in expanding public participation, increasing exposure and effective marketing of assets for sale, resulting in more third party purchases at foreclosure sale and promoting local investment in properties. During the COVID-19 Emergency Declaration, several counties attempted to conduct these types of sales without proper statutory authority to do so nor appropriate safeguards in place. My legislation would authorize Private Selling Officers only if licensed as both a real estate agent, broker or brokerage and an auctioneer or auction house, limit the amount and types of fees that could be charged by a PSO, and clearly lays out the process for conducting a foreclosure sale either in person or online. It is important to note, this legislation would NOT expedite or change the foreclosure process in any way until the point of proceeding with a sale. All the safeguards and methods of loss mitigation and dispute resolution in matters of foreclosure will remain intact. This legislation simply modernizes the sale process once all other avenues have been exhausted, modernization that has been proven to improve neighborhood and housing market stabilization by return homes to owner occupants in both less time and at a higher rate. Please join me in co-sponsoring this legislation. |
Introduced as HB1896