SB2349ham002 94TH GENERAL ASSEMBLY

Rep. Marlow H. Colvin

Filed: 3/28/2006

09400SB2349ham002 LRB094 18521 LCT 57829 a

AMENDMENT TO SENATE BILL 2349

AMENDMENT NO. ______. Amend Senate Bill 2349, AS AMENDED, with reference to page and line numbers of House Amendment No. 1, on page 3, line 21, after "conveyance.", by inserting the following:

"Distressed property purchaser" does not mean any person who acquires distressed property at a short sale or any person acting in participation with any person who acquires distressed property at a short sale, if that person does not promise to convey an interest in fee back to the owner or does not give the owner an option to purchase the property at a later date."; and

on page 13, by replacing lines 4 through 8 with the following:

"(2) fail to make a payment to the owner of the distressed property at the time the title is conveyed so that the owner of the distressed property has received consideration in an amount of at least 82% of the property's fair market value, or, in the alternative, fail to pay the owner of the distressed property no more than the costs necessary to extinguish all of the existing obligations on the distressed property, as set forth in subdivision (b)(10) of Section 45, provided that the owner's costs to repurchase the distressed property pursuant to the terms of the distressed property conveyance contract do not exceed 125% of the distressed property purchaser's costs to purchase the property. If an owner is unable to repurchase the property pursuant to the terms of the distressed property conveyance contract, the distressed property purchaser shall not fail to make a payment to the owner of the distressed property so that the owner of the distressed property has received consideration in an amount of at least 82% of the property's fair market value at the time of conveyance or at the expiration of the owner's option to repurchase.".