On May 20, 2011 Nevada Governor Brian Sandoval approved Assembly Bill 284 to be signed into law. AB 284 will help restore transparency and integrity to the foreclosure process. As previously reported, some of the changes enacted by AB284 are as follows:
- Defines who can act as a foreclosure trustee in the state of Nevada;
- Defines a standard of care for such trustee;
- Requires that all assignments or trust deeds affecting real property be recorded in the County Recorder’s office where the property is situated;
- Requires a foreclosing trustee to file an sworn Affidavit with the Notice of Default;
- Requires the Affidavit of Authority which details the arrearages, associated costs, and names the beneficiary (often called investor) of the deed of trust;
- Increases criminal penalties where “robo-signing” conduct occurs ; and
- Creates a NEW private right of action for borrowers, which includes attorneys fees and a mandatory fine when a foreclosure has not proceeded properly.
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