AB284 Passes Senate

On May 11, 2011 the Nevada Senate passed Assembly Bill AB 284 with 20 Yeas and 1 Nay (see voting details below).  AB 284, as we have reported:

  • 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.

The only remaining condition for this bill to become a law is Governor Sandoval’s signature. Tisha Black Chernine, managing partner a of Black & LoBello, expects the Bill to be in front of the Governor within the next week. Stay tuned……..

Shirley Breeden Yea
Greg Brower Yea
Barbara Cegavske Yea
Allison Copening Yea
Mo Denis Yea
Don Gustavson Nay
Elizabeth Halseth Yea
Joe Hardy Yea
Steven Horsford Yea
Ben Kieckhefer Yea
Ruben Kihuen Yea
John Lee Yea
Sheila Leslie Yea
Mark Manendo Yea
Mike McGinness Yea
David Parks Yea
Dean Rhoads Yea
Michael Roberson Yea
Michael Schneider Yea
James Settelmeyer Yea
Valerie Wiener Yea

Tisha Black Chernine, Esq.

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2 Responses to “AB284 Passes Senate”

  1. mario sanders says:

    is ab284 intended to serve current foreclosures in nevada-meaning if i request this info from the lender is he required to present it to me and show the chain of title?

  2. blacklobellolaw says:

    Hello Mario,
    AB 284 will become law July 1, 2011. Your lender is required pursuant to Federal Regulations to provide certain information related to the investor/owner of your residential home loan and the payment application history. However, you must request this information. AB 284 will require foreclosing parties to supply an affidavit giving you the chain of beneficial ownership and other information when the Notice of Default is recorded (i.e. the foreclosure process is commenced). Again, this will not apply to borrowers receiving Notice of Default before July 1, 2010. Thanks for your question.

    Tisha Black Chernine, Esq.

    Disclaimer: The information contained in this answer is designed to enable you to learn more about the services that Black & LoBello offers to its clients. This information does not, and is not intended to, constitute legal advice, nor is it intended as a source of advertising or solicitation. Your use of this information does not create or constitute an attorney-client relationship. You should not consider this answer to be an invitation for an attorney-client relationship. Further, you should not rely on the information provided within this answer without first obtaining separate legal advice You should seek the assistance of an attorney to provide you legal advice based on the specific facts and circumstances of your particular situation.

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