PRINTER'S NO. 1223
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
921
Session of
2021
INTRODUCED BY DiSANTO, FONTANA, SCAVELLO AND STEFANO,
NOVEMBER 9, 2021
REFERRED TO BANKING AND INSURANCE, NOVEMBER 9, 2021
AN ACT
Amending Title 68 (Real and Personal Property) of the
Pennsylvania Consolidated Statutes, in real estate
foreclosure, further providing for definitions, for effect of
certification of vacancy and abandonment, for post-sheriff's
sale possessory action, effect of certification of vacancy
and abandonment in action for possession and disposition of
abandoned personal property for applicability, and providing
for private selling officer sales and for conduct of online
sheriff sales.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The definition of "purchaser" in section 2303 of
Title 68 of the Pennsylvania Consolidated Statutes is amended to
read:
§ 2303. Definitions.
The following words and phrases when used in this chapter
shall have the meanings given to them in this section unless the
context clearly indicates otherwise:
* * *
"Purchaser." Any of the following:
(1) a person that acquires equitable title to a
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
mortgaged property at a [sheriff's] public sale conducted
pursuant to a foreclosure or similar action and has paid
settlement funds and delivered required documentation to the
sheriff or private selling officer as defined in section 2313
(relating to definitions) to obtain a [sheriff's] deed or the
owner of a property under a recorded [sheriff's] deed to the
property or the person's designee;
(2) the owner of a mortgaged property under a recorded
sheriff's deed or private selling officer deed to the
mortgaged property; or
(3) a person that takes title to a mortgaged property
pursuant to a deed in lieu of foreclosure.
* * *
Section 2. Sections 2306(c) heading and (1), 2307 heading
and (b) introductory paragraph and 2312 of Title 68 are amended
to read:
§ 2306. Effect of certification of vacancy and abandonment.
* * *
(c) Scheduling of [sheriff's] foreclosure sale.--
(1) If a mortgaged property is certified as vacant and
abandoned, upon the request of a creditor or purchaser, the
sheriff or private selling officer, on receipt of an
accelerated sale fee of $500, shall schedule a sale of the
mortgaged property to be conducted no later than 60 days
following the filing of the writ of execution and the
[sheriff's] deed must be recorded no later than 30 days
following the sale. A private selling officer sale shall be
conducted in accordance with Subchapter C (relating to
private selling officer sales).
* * *
20210SB0921PN1223 - 2 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
§ 2307. [Post-sheriff's] Post-foreclosure sale possessory
action, effect of certification of vacancy and
abandonment in action for possession and disposition
of abandoned personal property.
* * *
(b) Removal of personal property by purchaser.--If the
former owner fails to remove personal property from mortgaged
property certified as vacant and abandoned after delivery of a
[sheriff's] deed or a deed in lieu of foreclosure, concurrent
with the filing of an action for possession or at any time after
the action is filed, the purchaser may remove the remaining
personal property of the former owner in the following manner:
* * *
§ 2312. Applicability.
This subchapter shall apply to the extent provided under
sections 2310 (relating to sheriff's commission) [and], 2311
(relating to limitation on creditor's attorney fees), 2318
(relating to private selling officer commission) and 2320
(relating to conduct of online sheriff sales) and shall not be
limited to mortgaged properties certified as vacant and
abandoned under Subchapter A (relating to vacant and abandoned
property).
Section 3. Chapter 23 is amended by adding subchapters to
read:
SUBCHAPTER C
PRIVATE SELLING OFFICER SALES
Sec.
2313. Definitions.
2314. Private selling officer appointment.
2315. Conduct of sale.
20210SB0921PN1223 - 3 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
2316. Registration to bid on property sale.
2317. Duties of purchaser.
2318. Private selling officer commission.
§ 2313. Definitions.
The following words and phrases when used in this subchapter
shall have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Bidder." A person who participates in a sale of mortgaged
property at a public sale conducted according to a foreclosure
or similar action by placing a bid through a private selling
officer.
"Private selling officer." A person or entity licensed in
this Commonwealth as both an auctioneer in accordance with the
act of December 22, 1983 (P.L.327, No.85), known as the
Auctioneer Licensing and Trading Assistant Registration Act, and
as a real estate broker, brokerage or salesperson in accordance
with Chapter 5 of the act of February 19, 1980 (P.L.15, No.9),
known as the Real Estate Licensing and Registration Act.
"Purchaser." Any of the following:
(1) a person that acquires equitable title to a
mortgaged property at a public sale conducted according to a
foreclosure or similar action and has paid settlement funds
and delivered required documentation to the private selling
officer to obtain a deed or the owner of a property under a
recorded deed to the property or the person's designee;
(2) the owner of a mortgaged property under a recorded
deed to the mortgaged property; or
(3) a person that takes title to a mortgaged property
according to a deed in lieu of foreclosure.
"Sale." A public foreclosure auction of a mortgaged premises
20210SB0921PN1223 - 4 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
under this chapter, whether online or in person.
"SOC2 report." A report generated from an audit conducted by
an authorized certified public accountant organization that
evaluates an information system relevant to security,
availability, processing integrity, confidentiality and privacy
in regards to common controls specified in Statement on
Standards for Attestation Engagements No. 18 as produced and
published by the American Institute of Certified Public
Accountants Auditing Standards Board.
§ 2314. Private selling officer appointment.
(a) Praecipe to be filed.--A creditor may file a praecipe
with the court for an order authorizing a specified private
selling officer to conduct the sale of a mortgaged premises
under this chapter. The appointment of a private selling officer
shall be available for all sales and not limited to vacant or
abandoned property. The praecipe appointing the private selling
officer shall include the name, address and email address of the
private selling officer to be appointed.
(b) Denial of appointment.--The court may not deny the use
of the private selling officer specified within the praecipe
without good and reasonable cause.
§ 2315. Conduct of sale.
A private selling officer authorized to conduct a foreclosure
sale of real estate may do so in accordance with the following
provisions and requirements:
(1) The private selling officer may conduct the sale of
the real estate online, at a physical location in the county
as permitted by law, or both, at the discretion of the
private selling officer. The praecipe for appointment of the
private selling officer must state the manner in which the
20210SB0921PN1223 - 5 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
sale will be conducted.
(2) The private selling officer must take reasonable
steps to market the public auction of the real estate. If the
auction occurs online, the auction shall be open for
competitive bidding for a minimum of two hours.
(3) An officer, employee or independent contractor of
the private selling officer shall be prohibited from
participating in the sale as a purchaser, provided, however,
that the private selling officer may enter bids on behalf of
a bidder.
(4) The following apply:
(i) A creditor that obtains an appointment of a
specified private selling officer to sell the real estate
at a public auction under this section may instruct the
private selling officer to stay, continue, postpone or
adjourn the sale of the real estate one or more times,
provided, however, that all rescheduled sale dates must
occur within 130 days of the initial sale date as
provided in Pa.R.C.P. No.3129.3 (relating to postponement
of sale, new notice, failure of plaintiff to attend
sale).
(ii) Upon receiving the instruction, the private
selling officer shall stay, continue, postpone or adjourn
the sale of the real estate by making a public
announcement. If the sale is at a physical location, the
public announcement shall be made at the sale and include
the date, time and place of the rescheduled sale of the
real estate. If the sale is online, the public
announcement shall be made on the auction website and
include the date of the rescheduled sale of real estate.
20210SB0921PN1223 - 6 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Each public announcement shall be deemed to meet the
requirements in Pa.R.C.P. No.3129.3.
(iii) If the sale of the real estate is stayed,
continued, postponed or adjourned as described in
subparagraph (i), all prior bids made on the real estate
shall be void.
(5) If the auction occurs online, the following shall
apply:
(i) The private selling officer shall provide a
method by which a bidder may receive feedback during the
bidding process to indicate where the bidder's current
bid is in relation to the highest bid.
(ii) All bidders who register to participate in the
online sale must have their identity verified through an
ID verification process.
(iii) Notwithstanding any other provision of law to
the contrary, the private selling officer may not charge
a fee for members of the public to view properties for
sale online or to place a bid on a property for sale
online. The private selling officer, in its discretion,
may require the deposit as provided in section 2317(c)(1)
(relating to duties of purchaser) to be paid prior to
bidding on a property.
(6) All bid information and participant financial data
is deemed property of the private selling officer.
(7) A private selling officer that sells real estate
under this chapter that is advertised under Pa.R.C.P.
No.3129.2 (relating to notice of sale, handbills, written
notice and publication) may advertise a subsequent sale by a
method that the private selling officer finds suitable, which
20210SB0921PN1223 - 7 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
may include online advertisement instead of print. The
advertisement of a subsequent sale shall be deemed to meet
the notice requirement in Pa.R.C.P. No.3129.2.
(8) Notwithstanding any other provision of law to the
contrary, no fee, including a buyer's premium, may be charged
to a purchaser at the sale of real estate in addition to the
winning bid amount.
(9) The private selling officer who conducts a sale
under this section may do any of the following:
(i) Hire a title insurance agent licensed under
section 722 of the act of May 17, 1921 (P.L.682, No.284),
known as The Insurance Company Law of 1921, or a title
insurance company authorized to do business under Article
VII of The Insurance Company Law of 1921 to assist the
private selling officer in performing administrative
services.
(ii) Execute to the purchaser, or to the purchaser's
legal representatives, a deed of conveyance of the real
estate sold.
(iii) Record on behalf of the purchaser the deed
conveying title to the real estate sold, notwithstanding
that the deed may not actually have been delivered to the
purchaser prior to its recording.
(10) By placing a bid at a sale conducted according to
this section, a purchaser appoints the private selling
officer who conducts the sale as agent of the purchaser for
the sole purpose of accepting delivery of the deed.
(11) The fee charged by the title agent or title
insurance company for services provided under paragraph (9)
(i) and (iii) shall be assessed as costs in the case and
20210SB0921PN1223 - 8 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
shall be reasonable. Fees less than or equal to $500 shall be
presumed to be reasonable. Fees exceeding $500 shall be paid
only if authorized by a court order.
(12) An online platform utilized by the private selling
officer to conduct a sale online shall maintain satisfactory
internal controls and shall obtain an annual SOC2 report to
ensure the platform meets certain performance and security
requirements, with the ability to test and report on the
design effectiveness (Type I) and operating effectiveness
(Type II) of the platform's controls. Upon the request of the
court, evidence of satisfactory internal controls specified
in this section shall be provided.
§ 2316. Registration to bid on property sale.
(a) Registration form.--A private selling officer may
require persons seeking to bid to complete a registration form
that includes information relevant to the objective of enabling
the private selling officer to identify the bidder, contact the
bidder and complete the sale of the property. If the property is
sold online, the private selling officer shall require persons
seeking to bid to register online with the website as a
condition of being authorized to bid.
(b) Attorneys.--If an attorney or a law firm that represents
the plaintiff or a party to the action bids on property in a
representative capacity, the attorney or law firm:
(1) may submit the bid directly to the private selling
officer to be bid during the auction; or
(2) may register as the representative of the plaintiff
or party, either as an individual or entity.
(c) Individuals.--If the person registering to bid is an
individual, the information required under subsection (a) shall
20210SB0921PN1223 - 9 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
include the individual's name, email address, telephone number,
name of entity being represented, if applicable, and, if
applicable, additional information required for identity
verification in accordance with section 2315(5)(ii) (relating to
conduct of sale).
§ 2317. Duties of purchaser.
(a) Submission of information to private selling officer.--
The purchaser of lands and tenements taken in execution shall
submit to the private selling officer who makes the sale the
following information:
(1) If the purchaser is an individual, the individual's
name, mailing address, which may not be a post office box,
email address and other information requested by the private
selling officer in order to comply with section 2316
(relating to registration to bid on property sale).
(2) If the purchaser is an entity, the entity's legal
name, trade name if different from its legal name, state and
date of formation, mailing address, the name of an individual
contact person for the entity and an email address and
telephone number for that individual.
(b) Attorneys.--An attorney or a law firm that represents a
purchaser may submit the information required under subsection
(a)(1) in a representative capacity, either as an individual or
entity.
(c) Deposit.--
(1) The purchaser at the sale shall pay a 20% deposit
immediately upon the conclusion of the sale or within the
time period designated in writing by the private selling
officer, whichever is longer, in the event that the deposit
was not required prior to bidding. The form of the receipt of
20210SB0921PN1223 - 10 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
funds is at the discretion of the private selling officer
conducting the sale. The remaining balance shall be due to
the private selling officer within a reasonable time period
imposed by the private selling officer, which time period may
not exceed 30 days.
(2) If the purchaser fails to pay the required deposit,
the purchaser shall be in default and the private selling
officer shall immediately void the sale and proceed further
with the resale of the premises without the necessity of
adjourning the sale, without renotification of other parties
to the foreclosure and without the republication of sales
notice. Upon resale, the defaulting bidder shall be liable to
the creditor for any additional costs incurred by the default
including any difference between the amount bid by the
defaulting bidder and the amount generated for the creditor
at the resale.
(d) Penalty.--
(1) The court, upon notice and motion of the private
selling officer who makes the sale or of an interested party,
may impose a penalty on the purchaser of lands and tenements
who fails to pay within 30 days of the confirmation of the
sale the balance due on the purchase price of the lands and
tenements by:
(i) forfeiting the sale of the lands and tenements
and returning any deposit paid in connection with the
sale of the lands and tenements;
(ii) forfeiting any deposit paid in connection with
the sale of the lands and tenements, as for contempt; or
(iii) such other manner as the court considers
appropriate.
20210SB0921PN1223 - 11 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
(2) Upon motion, the court may order the return of any
remaining portion of the deposit of the purchaser, less the
costs of a subsequent sale and any other remedy the court
considers appropriate.
(3) An order for contempt for failure of the purchaser
to pay voids the confirmation of sale and transfer.
§ 2318. Private selling officer commission.
(a) Amount permitted.--The fee charged by the private
selling officer and all costs incurred by the private selling
officer shall be assessed as costs in the case not to exceed
$500. To the extent the fees and costs described in this section
exceed $500, the excess amount may not be included in the
calculation of any deficiency judgment, but rather may be paid
by the creditor or from the creditor's portion of the proceeds
of the sale, if approved by the creditor.
(b) Itemized report of expenses.--The private selling
officer shall file with the court that issued the order of sale
an itemized report of all expenses of a sale conducted under
this subchapter and all fees charged by the private selling
officer which shall be assessed as costs in the case, including
for marketing the real estate or conducting the sale of the real
estate, and any fee charged by the title agent or title
insurance company for administrative services, if applicable,
and title, escrow and closing services as permitted by this
subchapter.
(c) Prothonotary and recorder fees.--The purchaser shall pay
fees of the recorder chargeable by the prothonotary or the
recorder relating to consummation of real estate executions,
including, but not limited to, the recording of the deed to the
recorder of the county in which the property is situated.
20210SB0921PN1223 - 12 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
SUBCHAPTER D
CONDUCT OF ONLINE SHERIFF SALES
Sec.
2319. Definitions.
2320. Conduct of online sheriff sales.
2321. Registration to bid on property sale.
2322. Duties of purchaser.
§ 2319. Definitions.
The following words and phrases when used in this subchapter
shall have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Bidder." A person who participates in a sale of mortgaged
property at a public sale conducted pursuant to a foreclosure or
similar action by placing a bid through the sheriff or private
selling officer.
"Online auction platform." An online auction website that
meets the requirements of this subchapter and is operated by a
person or entity licensed in this Commonwealth as both an
auctioneer in accordance with the act of December 22, 1983
(P.L.327, No.85), known as the Auctioneer Licensing and Trading
Assistant Registration Act, and as a real estate broker,
brokerage or salesperson in accordance with Chapter 5 of the act
of February 19, 1980 (P.L.15, No.9), known as the Real Estate
Licensing and Registration Act.
"Purchaser." Any of the following:
(1) a person that acquires equitable title to a
mortgaged property at a public sale conducted pursuant to a
foreclosure or similar action and has paid settlement funds
and delivered required documentation to the private selling
officer to obtain a deed or the owner of a property under a
20210SB0921PN1223 - 13 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
recorded deed to the property or the person's designee;
(2) the owner of a mortgaged property under a recorded
deed to the mortgaged property; or
(3) a person that takes title to a mortgaged property
pursuant to a deed in lieu of foreclosure.
"Sale." A public foreclosure auction of a mortgaged premises
under this chapter, whether online or in person.
"SOC2 report." A report generated from an audit conducted by
an authorized certified public accountant organization that
evaluates an information system relevant to security,
availability, processing integrity, confidentiality and privacy
in regards to common controls specified in Statement on
Standards for Attestation Engagements No. 18 as produced and
published by the American Institute of Certified Public
Accountants Auditing Standards Board.
§ 2320. Conduct of online sheriff sales.
A sheriff authorized to conduct a foreclosure sale of real
estate online may do so, in accordance with the following
provisions and requirements:
(1) The sheriff may elect to conduct the sale of the
real estate online, at a physical location in the county as
permitted by law, or both, at the discretion of the sheriff.
The praecipe must state the manner in which the sale will be
conducted.
(2) The sheriff must conduct the online sale on a
qualifying online auction platform that is adequately
accessible and marketed to the public. The online auction
shall be open for competitive bidding for a minimum of two
hours.
(3) An officer, employee or independent contractor of
20210SB0921PN1223 - 14 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
the online auction platform shall be prohibited from
participating in the sale as a purchaser.
(4) The following apply:
(i) Upon adequate instruction, the sheriff may stay,
continue, postpone or adjourn the sale of the real estate
one or more times, provided, however, that all
rescheduled sale dates shall be within 130 days of the
initial sale date as provided in Pa.R.C.P. No.3129.3
(relating to postponement of sale, new notice and failure
of plaintiff to attend sale).
(ii) Upon receiving this instruction, the sheriff
shall stay, continue, postpone or adjourn the sale of the
real estate by making a public announcement. If the sale
is at a physical location, the announcement shall be made
at the sale and shall include the date, time and place of
the rescheduled sale of the real estate. If the sale is
online, the announcement shall be made on the online
auction platform and shall include the date of the
rescheduled sale of real estate. Each public announcement
shall be deemed to meet the requirements in Pa.R.C.P.
No.3129.3.
(iii) If the sale of the real estate is stayed,
continued, postponed or adjourned as described in
subparagraph (i), all prior bids made on the real estate
shall be void.
(5) If the auction occurs online, the following shall
apply:
(i) The online auction platform utilized by the
sheriff shall provide a method by which a bidder receives
feedback during the bidding process to know where the
20210SB0921PN1223 - 15 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
bidder's current bid is in relation to the highest bid.
(ii) All bidders who register to participate in the
online sale must have their identity verified through an
ID verification process through the online auction
platform.
(iii) Notwithstanding any other provision of law to
the contrary, neither the sheriff nor the online auction
platform may charge a fee for members of the public to
view properties for sale online or place a bid on a
property for sale online. The sheriff, in the sheriff's
discretion, may require the deposit as provided in
section 2322(c)(1) (relating to duties of purchaser) to
be paid prior to bidding on a property.
(6) A sheriff who sells real estate under this chapter
that is advertised under Pa.R.C.P. No.3129.2 (relating to
notice of sale, handbills, written notice and publication)
may advertise a subsequent sale by a method the sheriff finds
suitable, which may include online advertisement instead of
print. The advertisement of a subsequent sale shall be deemed
to meet the notice requirements in Pa.R.C.P. No.3129.2.
(7) Notwithstanding any other provision of law to the
contrary, no fee, including a buyer's premium, may be charged
to a bidder or purchaser at the sale of real estate in
addition to the winning bid amount.
(8) A fee charged by the online auction platform on file
shall be assessed as costs in the case and shall be
reasonable. Fees less than or equal to $500 shall be presumed
to be reasonable. Fees exceeding $500 shall be paid only if
authorized by a court order.
(9) An online auction platform utilized to conduct a
20210SB0921PN1223 - 16 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
sale online shall maintain satisfactory internal controls and
shall obtain an annual SOC2 report to ensure the platform
meets certain performance and security requirements, with the
ability to test and report on the design effectiveness (Type
I) and operating effectiveness (Type II) of the platform's
controls. Upon the request of the court, evidence of
satisfactory internal controls specified in this section
shall be provided.
§ 2321. Registration to bid on property sale.
(a) Registration form.--The sheriff may require a
registration form that shall include information relevant to the
objective of enabling the sheriff to identify the bidder,
contact the bidder and complete the sale of the property. If
property is sold online, the sheriff shall require persons
seeking to bid to register online through the online auction
platform as a condition of being authorized to bid.
(b) Attorneys.--If an attorney or a law firm that represents
the plaintiff or a party to the action bids on property in a
representative capacity, the attorney or law firm:
(1) may submit the bid directly to the sheriff to be bid
during the auction; or
(2) may register as the representative of the plaintiff
or party, either as an individual or entity.
(c) Individuals.--If the person registering to bid is an
individual, the information required under subsection (a) shall
include the individual's name, email address, telephone number,
name of entity being represented, if applicable, and, if
applicable, additional information required for identity
verification in accordance with this subchapter.
§ 2322. Duties of purchaser.
20210SB0921PN1223 - 17 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
(a) Submission of information to sheriff.--The purchaser at
sale shall submit to the sheriff who makes the sale the
following information:
(1) If the purchaser is an individual, the information
shall include the individual's name, mailing address, which
may not be a post office box, email address and other
information requested by the sheriff in order to comply with
section 2321 (relating to registration to bid on property
sale).
(2) If the purchaser is an entity, the information shall
include the entity's legal name, trade name, if different
from its legal name, state and date of formation, mailing
address, the name of an individual contact person for the
entity and an email address and telephone number for that
individual.
(b) Attorneys.--An attorney or a law firm that represents a
purchaser may submit the information required under subsection
(a)(1) in a representative capacity, either as an individual or
entity.
(c) Deposit.--
(1) The purchaser at the sale shall pay a 20% deposit
immediately upon the conclusion of the sale or within the
time period designated in writing by the sheriff, whichever
is longer, in the event that the deposit was not required
prior to bidding. The form of the receipt of funds is at the
discretion of the sheriff conducting the sale. The remaining
balance shall be due to the sheriff within a reasonable time
period imposed by the sheriff, which time period may not
exceed 30 days.
(2) If the purchaser fails to pay the required deposit,
20210SB0921PN1223 - 18 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
the purchaser shall be in default and the sheriff shall
immediately void the sale and proceed further with the resale
of the premises without the necessity of adjourning the sale,
without renotification of other parties to the foreclosure
and without the republication of sales notice. Upon resale,
the defaulting bidder shall be liable to the creditor for any
additional costs incurred by the default, including any
difference between the amount bid by the defaulting bidder
and the amount generated for the creditor at the resale.
(d) Penalty.--
(1) The court, upon notice and motion of the sheriff who
makes the sale or of an interested party, may impose a
penalty on the purchaser of lands and tenements who fails to
pay within 30 days of the confirmation of the sale the
balance due on the purchase price of the lands and tenements
by:
(i) forfeiting the sale of the lands and tenements
and returning any deposit paid in connection with the
sale of the lands and tenements;
(ii) forfeiting any deposit paid in connection with
the sale of the lands and tenements, as for contempt; or
(iii) such other manner the court considers
appropriate.
(2) Upon motion, the court may order the return of any
remaining portion of the deposit of the purchaser, less the
costs of a subsequent sale and any other remedy the court
considers appropriate.
(3) An order for contempt for failure of the purchaser
to pay voids the confirmation of sale and transfer.
Section 4. This act shall take effect in 60 days.
20210SB0921PN1223 - 19 -
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30